Simon Dawson/Bloomberg

If you've been waiting to make the jump to the new generation of video game consoles, one choice just got cheaper. Sony announced today that they are lowering the MSRP of the PlayStation 4 to $349.99. 

The new price will go into effect on Oct. 9.

The $50 drop was rumored and leaked by various retailers, including Target, following a similar drop in Japan recently.

The $349.99 price also brings the PS4 in line with the most basic model of Microsoft's Xbox One, though many bundles for that console also include a game, which could still give the Xbox an edge for some buyers.

Sony Computer Entertainment America president and CEO Shawn Layden said of the drop, "Our goal at PlayStation has always been to offer the best place to play at a compelling value to gamers. 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."

Along with the impending holiday season, the price drop comes right before many highly-anticipated games coming before the end of the year, including Star Wars: Battlefront and Call of Duty: Black Ops 3.

What's Happening on GuideLive