Xbox 360 platform holder Microsoft has told MCV that it’s not surprised by Sony’s PS2 price drop announced today, saying that the console is now at the end of its lifecycle.

“This move from Sony at the end of the PS2’s life cycle is not unexpected,” Microsoft’s regional VP of the EMEA Interactive Entertainment Business Chris Lewis told MCV.

“We believe, however, that the future lies in the growth of current generation consoles and Xbox 360, as the fastest growing games console last year, with sales up over 80 per cent, will continue to drive the market.

"Xbox 360 has clearly demonstrated that the combination of the right price, blockbuster games as well as the market-leading broad connected entertainment content available through Xbox Live will continue to resonate with the ever growing needs of today’s consumers.”