That’s right folks. According to the Hollywood Reporter (and to the dismay of those who bought theirs at the original launch price) consumers could be seeing a $50 price cut for the 20GB Xbox 360 model within the coming weeks. This latest slash in price will bring this particular bundle to the new low price of……$299. Yeah.

Most notably, this move comes slightly short of this years E3 which takes place July 15-17 in Los Angeles, California.  Strategic much? Apparently, the source of this claim was from a sneaky “major retailer” who wished to remain anonymous. Now, I’m not sure how reliable the Hollywood Reporter is, but according to the fabulous individuals over at Kotaku, they are a source to be trusted.

What does this mean for Microsoft? It could either mean a lot or it could mean nothing at all. To be honest, with another price cut I’m sure those who were on the fence about buying a 360 may finally fall on to greener pastures. That is, they will finally invest in…well…a great investment.

I personally love my 360. Other than my computer (and my fiance of course), my 360 is my BFFFFF. I wouldn’t know what to do without it. I’d probably actually have, you know, a real life.

You can read the original article here on the Hollywood Reporter.