NEW YORK, US: Sony Corp said it cut the price of its older video game console, the PlayStation 2, by 23 per cent to $99.99, effective April 1.

The price cut could sustain the life of the PS2, which has sold more than 136 million units since its debut in 2000, making it the world's popular gaming system, Sony said on Tuesday.

The news follows recent rumors on video gaming websites and blogs about the possibility that Sony might cut the price of the PlayStation 3, its more powerful console. The PS3's least expensive model sells for about $400.

Sony dominated the global video game industry for a decade starting in the mid-1990s, but sales of the PS3 have lagged behind those of Nintendo Co Ltd's Wii console and Microsoft Corp's Xbox 360.