Sony’s PlayStation 4 is finally getting its price cut.

The electronics giant announced it will trim the price of the video game console from $399.99 to $349.99 in the U.S. beginning October 9. It’s the first time Sony has slashed the price of PS4 in the U.S. since it launched November 2013.

“Our goal at PlayStation has always been to offer the best place to play at a compelling value to gamers,” said Shawn Layden, president and CEO of Sony Computer Entertainment America in a statement Thursday. “We’re continuing to deliver on that commitment with this new price for PS4, making the console even more accessible to a broader audience this holiday.”

Sony jumped out to an early lead on console sales thanks to a lower initial price of $399, compared to rival Xbox One and its $499 price point. That prompted Microsoft to aggressively cut the price of Xbox One to $349 and ditch its motion sensor Kinect as an additional accessory.

In August, PS4 was the top-selling console in North America, the company revealed following the release of August sales figures by NPD Group. The company hopes to maintain momentum with several key bundles launching this holiday, including action game Star Wars: Battlefront and first-person shooter Call of Duty: Black Ops III. Meanwhile, Microsoft launches the next chapter in the Halo series this month, and action title Rise of the Tomb Raider in November. Microsoft also rolls out on Xbox One backward compatibility — the ability for owners to play games from the older Xbox 360 on their new console.

Follow Brett Molina on Twitter: @brettmolina23.

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