Though analysts have firmly been expecting Sony to follow Microsoft's lead by cutting the price of its PS3 hardware in the lead up to the Christmas holidays, it looks like Sony won't be budging.

Speaking to the Financial Times, SCEA President Kaz Hirai said he believes that the PS3 still offers great value for money with its built-in Blu Ray drive:

"The answer is yes, if you're asking, 'Are these the prices we're going with this Christmas" Hirai told the newspaper. "When you really compare apples to apples, then I think we have a very good value proposition."

According to President and CEO of Sony Computer Entertainment of America, Jack Tretton, Sony has no reason to cut the price of the PS3 as its well on target to achieving its fiscal year target of 10 million units sold before March 2009.

"We are tracking at 100 percent up over last year ... about 30 percent ahead of where we should be. So sales could slow down and we will still hit our number," said Tretton in an interview with Reuters a few weeks ago.

Despite his comment that there could potentially be slower sales in the lead up to Christmas, Tretton has also gone on record to say that he firmly expects PS3 and PSP shortages over the holiday period.

Tretton also echoed Hirai's comments by saying that he believes that people want value for their money and the PS3 offers that.

“I'd say we are able to meet somewhere between 80-90 percent demand, based on how things are trending. I think people are going to question every dollar that they spend, but they are going to look for value in return.”

Source :: The Financial Times