The disappointing news continues to come for Sony and its PlayStation 3 console family. CNNMoney’s Silicon Alley Insider even catalogued the PS3 “a sinking ship”, as its sales declined 19 percent compared to what its performance from last year. Even if it looks like a melodramatic story, it’s clear that the PS3 needs a price cut soon, and a really substantial one. The console stands on the brink of falling behind Microsoft’s Xbox 360 by an insurmountable margin.

It seems like there are three main reasons for the downfall of the PS3: the higher price tag, no one caring that the console plays Blu-Ray and the lack of system selling software, the games. However, the biggest problem of them all seems the price tag, as customers would leave the other two issues alone if the console were to be cheaper. Netflix announced at the beginning of December that it had seen a dramatic rise in Blu-ray renters, in spite of the extra fee they added for the format. Sony also said that Blu-ray sales are growing at a rate of 200 to 300 percent over last year’s figures. Anyway, it’s clear that Sony can no longer afford to have $400 PS3s sitting on shelves much longer.

Sony’s console was seen as one of future technology when it was launched in the US back in 2006, just in time for the holiday season. Many predicted that PS3 might sell slower at first, and that’s because of its higher price, but it would still be selling strong once Microsoft’s technology began to look dated. It remains to be seen if the console will regain its customers and have a rise in its sales once again.