Sony's PlayStation 4 has beat out Microsoft's Xbox One in terms of popularity and console sales since its launch. But Microsoft has announced it'll be lowering the Xbox One's price, putting it below the PS4 for the first time starting Nov. 2. 

In an effort to increase its sales and capitalize on the upcoming holiday season, Microsoft will set the Xbox One console price at $350, $50 less than the PS4. The new price will go into effect on Nov. 2 - just two days before the highly anticipated "Call of Duty: Advanced Warfare" release. 

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According to an estimate by Ars Technica, the PlayStation 4 has sold over 40 percent more consoles than Microsoft's Xbox One. Ars Technica came across this estimate when analyzing data from all reported console sales, previous sales figures, as well as information from both Microsoft and Sony executives. 

The reasoning for Xbox One's failure to compete with the PS4 was largely impacted by the initial $499 price tag that came with it - mostly because of the Kinect 2.0 Microsoft tried forcing on consumers.  The PS4 was priced at $399 and appealed to many more gamers. 

Microsoft then began offering Xbox One consoles without the Kinect device to match PS4's $399 price tag. However, with rumors of Xbox One not being able to handle as high of resolution, Microsoft still find themselves having difficulty competing. 

Additionally, Microsoft also plans to amp up Xbox One console sales by attracting "Halo" enthusiasts with the upcoming release of a remastered collection of multiple previous "Halo" titles. The remastered collection is reportedly rendered in glorious 1080p. 

In related news, Nintendo will also be hoping to get back into the gaming competition with their Wii U consoles by releasing a brand new Super Smash Brothers on Nov. 21. If Nintendo's holiday season fails to compete again, they'll likely need to go back to the drawing board and create a console that gamers actually want to buy.

TagsXbox One, playstation 4, Holiday season, Nintendo Wii U, halo, new-gen console price, sony