$50 Xbox 360 Price Cut Rumored

Anonymous sources say Microsoft will drop the price of its console on August 8, but Microsoft suits are staying tight lipped.

The console price-drop rumor mill has fired up again. We saw this less than a month ago with a speculative price cut on the Playstation 3, then a Sony denial, then a price cut nonetheless – and now we’re seeing the beginnings of it again with the Xbox 360.

News of the cut first cropped up, oddly enough, in an article from the Hollywood Reporter. According to unknown sources appearing in that article (hence that “rumor” thing), Microsoft will cut the price of the Xbox by $50 on August 8. The cut is supposedly timed to coincide with what is usually a slow sales period in console sales, as well as the release of Madden 08.

Just as with the weeks-old Sony scenario, Microsoft officials are denying the rumors. “We have no announcements to make on pricing at this time,” a Microsoft spokesperson told the Reporter. “While price matters, content is king. And no other system is offering all the games people want to play this holiday at a better price than Xbox 360.”

With August 8 quickly rolling around, gamers won’t have to keep their fingers crossed long to see whether this one pans out. In all likelihood, an announcement from Microsoft or further leaks from inside sources will probably make the situation clearer well before then.