Microsoft will soon cut the price of its best-selling Xbox 360 model, according to a published report. The company will reduce the retail price for the 20-GB Xbox 360 Pro by $50, to $299 “in the coming weeks,” according the Hollywood Reporter. The magazine’s report cited anonymous sources in the retail industry. Microsoft officials did not immediately return a call from InformationWeek seeking comment. Microsoft is looking to maintain recent Xbox sales’ momentum in the face of stiff competition from Sony’s PlayStation 3 and Nintendo’s Wii unit. The 40-GB PlayStation 3 sells for $399, while the Nintendo Wii sells for $250.

In its most recent quarter, Microsoft reported that Xbox 360 total console sales surpassed 19 million during the period, up 74% from the previous year. Recent releases of hot-selling game titles, including Halo 3″and Grand Theft Auto IV, have helped spur Xbox 360 sales. Halo 3, an Xbox 360 exclusive, smashed numerous gaming industry sales records when it debuted late last year — including most launch-day sales. Among the upcoming titles that Microsoft is counting to further grow Xbox 360 sales is Rock Band 2, which is slated for release in September. The game lets players perform popular songs by using an array of virtual instruments.

__________________