Sony: PS3 price cut not a reaction to bad sales

Sony’s still basking in the good press earned over its $299 price cut. Nevertheless, the platform holder wants to silence the wagging tongues of cynicism, stressing that the price cut did not come about as a reaction to slow PS3 sales.

“We are aware that consumers are watching their euros and pounds more carefully than before and it may make a price reduction have potentially even more impact,” says SCEE president Andrew House. “But it would not be fair to say this is a reaction to current market conditions.”

House also had nice things to say about the PlayStation Network, and how it factors into Sony’s mythical ten-year plan: “The goal is to move from a traditional short, toy-based life cycle to a longer, consumer electronics life cycle. The network allows us to give customers a better sense of value and continuous improvement.”

What do you think the motivation was behind the price cut? Slow sales, the constant pressure from publishers, or something else entirely? Play the role of an analyst and take a wild guess.