Sony has cut the price of the PlayStation 3 to €199 in Europe.
The 12GB Super Slim PlayStation 3 will also see similar price cuts across America, with Sony reducing the price tag to $199.
SCE president and CEO Andrew House confirmed the cut during Sony's Gamescom presentation, along with detailing a series of price cuts to next-gen titles.
Sony confirmed consumers who purchase titles such as Call of Duty: Ghosts, Watch Dogs and Battlefield 4 on PS3, will for a limited time be eligable for a "significantly reduced price" on the game's next-gen editions.
House said: "It's a great way to reward PS3 gamers."
The CEO didn't reveal the level of discount players can expect on the blockbuster titles, but it's certainly a move designed to ease the transition between console generations for consumers.