Nintendo's video game console is now much cheaper as the Japan-based company revealed a Wii U price cut.

With the imminent release of next-generation consoles from competitors like Sony PlayStation 4 and Microsoft Xbox One, Nintendo has announced a Wii U price cut. Alongside the announcement for Wii U price cut, the game console manufacturer also unveiled a new handled gaming platform as it tries to increase its sales before Sony Computer Entertainment and Microsoft Corporation release their respecting next-gen gaming products.

Starting September 20, the $50 Wii U price cut will make the Nintendo game console available for only $299.99 according to a statement from Nintendo, as reported by Business Week. However, Japan will not get a Wii U price cut, with the device still selling for a suggested price of 30 thousand Yen or $307.

According to USA Today, the $299.99 Deluxe version of the Nintendo console, originally priced at $349.99, will include the black Wii U equipped with 32 gigabytes of storage, the tablet-style Gamepad controller as well as a copy of Nintendo Land. Furthermore, it was also announced that the basic bundle of Wii U, which included an 8-GB hard drive, and without a game, will no longer be manufactured.

Furthermore, aside from the Wii U price cut set for US, Nintendo also introduced an entry level game platform, the Nintendo 2DS portable, which will be on sale starting October 12 for only $129.99. The Nintendo of America President, Reggie Fils-Aime said, "We need to have a strong entry price point proposition for consumers. There are consumers out there where the base 3DS ... might be a little out of reach."

The Wii U price cut is Nintendo's move to compete in the market, as an analyst from Wedbush Securities in Los Angeles, Michael Pachter, said in an email, "They needed to cut the Wii U price to stay competitive. But it probably won't help much over the long term."