Ahead of the industry's highest profile event, Sony announced a new 80GB model of its PlayStation 3, hitting store shelves this August. The new PlayStation 3 model will be available in North America for $599 and will include a retail-copy of the online-enabled racing game MotorStorm. But the biggest announcement is that the existing 60GB high-end PlayStation 3 officially has had $100 slashed off of its price effective immediately for North America at the $499 price point.

Sony's main focus at the E3 Media and Business Summit will be the detailing of their strategy to increase the number of PlayStation 3 consoles in the market place. Dropping the price to $499 will definitely help in that cause. Expect Sony to announce a much broader and higher quality software line-up in the months to come and also plan on Sony to start pushing their PlayStation Network download service with those new 80GB drives needing content to fill their increased capacity.

Full press release included after the jump.

Sony Computer Entertainment America Introduces New 80GB PLAYSTATION(R)3 (PS3(TM)); Announces New Price on Current 60GB Model

Sony Computer Entertainment America Introduces New 80GB PLAYSTATION(R)3 (PS3(TM)). 80GB System Designed for Today's Connected Gamer, 60GB Price Now $499

FOSTER CITY, Calif., July 9 /PRNewswire/ -- Sony Computer Entertainment America (SCEA), Inc. today announced a new 80GB model of its PLAYSTATION(R)3 (PS3(TM)) computer entertainment system. Beginning in August, the new PS3 model will be available in North America for a suggested retail price of $599/$659 CND and will be sold with the popular online-enabled racing game MotorStorm(TM). In conjunction with this news, the company also announced that effective immediately, the current 60GB PS3 model will be available in North America for $499/$549 CND, or $100 below the original launch price.

By featuring an expanded hard disk drive (HDD), the new 80GB PS3 is designed to appeal to the online gaming and entertainment enthusiast, providing ample storage space to download more games and other entertainment content from PLAYSTATION(R)Network. There are currently more than 60 playable games and game-related downloads available through PLAYSTATION(R)Store, with expanded entertainment content coming soon. The new model features the million-selling game MotorStorm in the box, allowing up to 12 players to play online at one time, hitting the dirt in this visually-arresting, fast-paced racing title.

Throughout the holidays and this fiscal year, more than 120 new first and third-party software titles will be available for North American PS3 users to enjoy, in addition to the more than 40 software titles currently available. Key upcoming first-party titles include Folklore(TM), Heavenly Sword(TM), LAIR, NBA '08, Ratchet & Clank(R) Future: Tools of Destruction(TM), SingStar(TM), SOCOM: U.S. Navy SEALs Confrontation, THE EYE OF JUDGMENT(TM), Uncharted: Drake's Fortune and Warhawk(TM).

Numerous third-party titles, including several exclusives, will also be available such as Devil May Cry(R)IV, Dynasty Warriors(R):GUNDAM(R), Grand Theft Auto IV, Harry Potter and the Order of the Phoenix, Hellboy, Metal Gear Solid 4 Guns of the Patriots, Ninja Gaiden Sigma(R), SEGA Rally(R) Revo, Stranglehold(TM), The Darkness, TimeShift(TM), Tom Clancy's Rainbow Six Vegas and Tom Clancy's Ghost Recon Advanced Warfighter(TM) 2.

Additional games and services will also be available for PS3 system owners through the PLAYSTATION Network including PlayStation Home, a state-of-the-art 3D online community that serves as a meeting place for PS3 users around the world, as well as numerous downloadable games including the highly-anticipated title PAIN.

"As we move into the next phase of PS3, it's important that we continue to evaluate our product line, offering consumers the technology and features that meet their growing needs for new forms of media and the way in which it is delivered," said Jack Tretton, president and CEO of SCEA. "The introduction of the 80GB PS3, the new pricing for the current 60GB model, the availability of more than 100 new software titles this fiscal year and, finally, the expansion of services for PLAYSTATION Network, will provide even more options for users and will help bring new consumers into the PS3 fold."

Both the 80GB and 60GB PS3 models come standard with Cell Broadband Engine(TM) (Cell/B.E.), Blu-ray Disc(TM) (BD) player, built-in HDD, 1080p high-definition output, Wi-Fi connectivity and SIXAXIS(TM) wireless controller.

About Sony Computer Entertainment America Inc.
Sony Computer Entertainment America Inc. continues to redefine the entertainment lifestyle with its PlayStation(R) and PS one(R) game console, the PlayStation(R)2 computer entertainment system, the PSP(R) (PlayStation(R)Portable) mobile entertainment system, the ground-breaking PLAYSTATION(R)3 (PS3(TM)) computer entertainment system and its online and network services the PLAYSTATION(R)Network and PLAYSTATION(R)Store.

Recognized as the undisputed industry leader, Sony Computer
Entertainment America Inc. markets the PlayStation family of products and develops, publishes, markets and distributes software for the PS one game console, the PlayStation 2 computer entertainment system and the PSP system for the North American market. Based in Foster City, Calif. Sony Computer Entertainment America Inc. serves as headquarters for all North American operations and is a wholly owned subsidiary of Sony Computer Entertainment Inc.

Visit us on the Web at http://www.us.playstation.com "PlayStation", "PLAYSTATION", "PSP," "PS one" are registered trademarks and "PS3", "Cell Broadband Engine" and "SIXAXIS" are trademarks of Sony Computer Entertainment Inc.