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A price cut for the PlayStation 3 has been rumored for quite some time now. So when is it going to happen? According to Sony Computer Entertainment Europe president Andrew House, it'll happen when the platform holder is good and ready.

"Not to harp on about it, but the PlayStation 3 has a ten-year life cycle and there are issues of cost and profitability," House told the Market for Computer and Video Games.

"We will make that move on price when all those factors are aligned."

He readily acknowledged that sales would increase if PS3 were to be cheaper, but he also said that there is an "inherent marketing challenge" to a price cut.

"In Europe I think people do see the value of the machine, the Blu-Ray and network services and take that all into consideration instead of just focusing on price. But we will look at price and will address it when the time is right."

And that time will probably be right before the upcoming holiday season.