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Xbox-One-With-controllerMicrosoft on Tuesday dropped the price of its Xbox One console by $50 to $299.

The console, which retailed at $499 when it debuted in November 2013, has sold for $349 since January 2015. Microsoft, along with retailers like Amazon, Walmart, and Best Buy, cut the price of all Xbox One bundle packages — from the Gears of War: Ultimate Edition 500 GB bundle to the Xbox One Elite Bundle — by another $50 on Tuesday.

Microsoft’s official retail site notes that the discount is only for a “limited time.” The latest price cut comes just weeks before the annual E3 video game conference in Los Angeles, where Microsoft is reportedly set to unveil new Xbox streaming devices, as well as two new Xbox One consoles — a cheaper version set to hit store shelves later this year, and a more powerful version for next year.

Microsoft also announced last month that it will stop production of the Xbox 360.

Sony, meanwhile, still sells its PlayStation 4 for $349. The PS4, sold in 124 countries worldwide, has outpaced Microsoft’s Xbox One for console sales since both devices debuted in November 2013 — last week it announced 40 million total PS4 device sales worldwide. Sony is also working on an improved version of the PS4.

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