Confirmed: Nintendo will drop Wii price to $200

It's definitely price-cut season in the console world. As the Associated Press reports, Nintendo has followed in the footsteps of Sony and Microsoft, confirming that the Wii's price will drop by $50 next Sunday.

This price cut will bring the Wii down to $200, a safe distance away from the vanilla Xbox 360 that's still selling for $250. Once stocks of that console run out, shoppers will be left picking between the Wii and Xbox 360 Arcade at $200 or the PlayStation 3 Slim and Xbox 360 Elite at $300. (Only the pricier consoles come with hard drives, and the 360 Arcade package also lacks a few other goodies.)

Thanks to the new pricing scheme, Microsoft, Nintendo, and Sony should all be in prime positions for this year's recession-tinged holiday shopping rush. A Nintendo executive told the AP, "Our research shows there are 50 million Americans thinking about becoming gamers, and this more affordable price point and our vast array of new software mean many of them can now make the leap."

The AP says Nintendo is also about to release two major new titles for the console: Wii Fit Plus, which will hit stores on October 3, and New Super Mario Bros Wii, which will follow on November 15. Nintendo reportedly expects a whopping 170 third-party games to launch by the end of the year, too.

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