PlayStation 4
PlayStation 4 gets a price cut.Facebook

Sony has announced the much anticipated price cut to its next-generation video gaming console, PlayStation 4. It now costs $349.99 in the US, a reduction of $50.

Sony made the announcement via PlayStation 4 blog and the cut is for North America. Canadians will now be paying $429.99 CAD. The new price will be valid from 9 October, 2015.

"Our goal at PlayStation has always been to provide the best gameplay experiences at the best value, and we feel this new compelling price will open the doors to even more gamers that have yet to purchase a system," the blog says.

Sony noted that it is pushing gamers to start early on their holiday wishlists. Apart from this, it has also announced the introduction of new bundles with biggest games.

Below are the bundles it advertised will be coming to PS4 during the holiday season:

Uncharted: The Nathan Drake Collection PS4 Bundle will cost $349.99 instead of $399.99. This will be available from 9 October.

Limited Edition Call of Duty: Black Ops III 1TB PS4 Bundle will cost $429.99 instead of $449.99. This will be available from 6 November.

Limited Edition Disney Infinity 3.0: Star Wars PS4 Bundle will cost $399.99 instead of $449.99. This will be available from 13 November.

Limited Edition Star Wars Battlefront PS4 Bundle will cost $399.99 instead of $449.99. This will be available from 17 October.

Star Wars Battlefront PS4 Bundle will cost $349.99 instead of $399.99. This will be available from 17 October.

 NHL 16 PS4 Bundle will cost $429.99 instead of $499.99. This is available in Canada only.

Sony's price cut matches the previous cut made by its rival, Xbox One. The current change is same as that of Xbox One.

Some reports have suggested that players wanting to buy the new console will have to wait until Christmas or Black Friday for a better deal.