BEIJING, April 21 (Xinhuanet)-- Sony is dropping the price of its PlayStation 2 (PS2) video game console to 129 dollars from 149 dollars in the U.S. in an attempt to boost sales before the company launches the PS3 in November.

The PS3 is expected to be launched in early November.

    Sony, the world's second-largest consumer electronics maker, expects the price move to fuel consumer demand.

    The PS2 is the world's leading game console, having sold over 101 million units globally since its launch in March 2000, compared with 24 million Microsoft Xbox units and 21 million Nintendo GameCube units. In the U.S., the console has a market share of over 55 percent, according to research firm NPD Group.

    The fact that Sony only cut 20 dollars off the previous retail price demonstrates the company's confidence that the PS2 will live on long after the PS3 is released, as the PS1 did when the PS2 launched.

    "While we continue to innovate and design groundbreaking new products, we remain dedicated to our long-term vision for the PlayStation 2 platform," said Kaz Hirai, president and chief executive, Sony Computer Entertainment America.

    The price cut comes a month after the Japanese-based company announced that it was postponing the launch of the PS3 until early November due to technical hitches.

    Sony has dominated the games console market for many years, but in recent times has faced fierce competition from both Microsoft and Nintendo.

    The PS3 will compete with Microsoft's Xbox 360, which went on sale last December in Europe, and Nintendo's Revolution, which is due for release in the fourth quarter of this year. Enditem

    (Agencies)