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1TB playstation 4Sony is gearing up for the holiday season with a price cut to the PlayStation 4, the first across-the-board price cut since its 2013 launch. It’s now $50 cheaper, at $349.99 — just 99 cents more than the Xbox One’s $349 base price.

The PlayStation 4 leads the current console generation in sales globally, although the Xbox One has benefited more recently from a permanent price cut. This new PlayStation price cut, which also appears to be permanent, now eliminates the Xbox One’s price advantage.

Both consoles are getting a handful of exclusives this holiday season, with Xbox players being treated to a new Halo game and PlayStation owners getting access a new Uncharted. Both games will be part of holiday season bundles, which often package full games with exclusive consoles and controllers. Here’s the new pricing for PlayStation 4 bundles:

playstation bundles 2015

Microsoft is already embarking on a journey to improve the Xbox after initial consumer disappointment when the console launched two years ago. After ditching the requirements for a Kinect and un-resellable games, the company is working on a whole new home screen experience for the Xbox this holiday season, along with a new pro controller and backward compatibility for a ton Xbox 360 games.

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