Sony has confirmed that the price of the PlayStation 2 console in the U.S. will be cut to $99.99, following days of speculation concerning a forthcoming announcement. Although Internet speculation revolved largely around hopes of a PlayStation 3 price cut, Sony has revealed that it is the PlayStation 2 which will receive the new price tag. Previously priced at $129.99, the new price scheme will come into effect on Wednesday, April 1st. The PlayStation 2 was first launched in 2000 and has so far sold more than 136 million units worldwide, with a software library of almost 1,900 titles, and more than 250 PS2 titles achieving "Greatest Hits" status - currently pegged as sales of 400,000 or more. Although some publishers have now abandoned the format, a number of family-friendly games still debut on PS2, and Sony still plans further first party releases this year, including MLB 09: The Show and MotorStorm: Arctic Edge. “PlayStation 2 set the industry standard for worldwide mass market adoption and is a clear embodiment of our commitment to platforms that deliver 10-year product lifecycles,” says Jack Tretton, president and CEO of Sony Computer Entertainment America. ”It's a tribute to outstanding technology, great consumer value and unprecedented development support that we've now been able to do twice what no one else has ever accomplished. “Demand for PlayStation 2 remains strong throughout the world, and the new $99 price point will bring in new consumers who will discover how PlayStation platforms are an outstanding choice for their gaming and home entertainment needs,” he added. “Just as PlayStation 2 is delivering on a 10-year lifecycle and helped expand and solidify the DVD format for home entertainment along the way, we believe PlayStation 3 offers the same promise by helping secure the Blu-ray format and delivering unprecedented value as the total home entertainment solution for the next decade,” continued Tretton. [UPDATE: Sony Computer Entertainment Europe has confirmed that the continental European price of the PlayStation 2 will be reduced from 130 Euros ($172) to 99 Euros ($131). However, talking to consumer site Eurogamer, Sony commented that, at present: "There no plans to reduce the price of PS2 in the UK."]