July 23, 2007 - Sony Computer Entertainment Europe president David Reeves has said that a European PlayStation 3 price cut - similar to the $100 drop announced in America - would "annoy a lot of people", justifying the European Value Pack, which comes bundled with two games and two controllers.
Speaking on the semi-official PlayStation blog Three Speech, Reeves explained that the summer period just isn't the right time to start slashing costs: "The sales rate goes up for a couple of weeks, because there's not much demand out there, and then the sales rate comes down again until you get to the end of September/the beginning of October and it all starts to heat up".
He added that the US price drop was more acceptable as the PS3 has been on sale there for more than six months. However, Reeves would not speculate as to whether Europe might receive a reduction in a similar time frame.
"We have a plan and we're going to stick to it," he said. "We are confident but not arrogant about reaching a very, very good installed base on PS3, and having the same momentum that we had with the PS2. We're not putting our heads in the sand - we know it's not selling that well, but we know that it's selling according to the targets."
As Reeves put it, "I see this more as kind of like a tsunami. It starts out small and gathers speed and eventually, after four or five years, it will start to take you over." That being the case, Reeves noted that this Christmas isn't critical for Sony, with the company looking ahead to Christmas 2008 for the PS3 to really take off.