Electronics manufacturer Microsoft will temporarily slash the cost of its Xbox One consoles by $50 starting Sunday, and will keep the reduced cost of the platform until the end of the year to boost sales.

Microsoft said in a statement that the model of Xbox One that comes bundled with the Kinect motion camera will go for $499, instead of the full-blown price of $499. Without the motion camera, the Xbox One will retail for $349, down from its earlier price tag of $399.

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Other areas may also have particular promotional offers, including possible discounts, said Microsoft. The company has already implemented similar promotions in the United Kingdom.

The cut in retail price would not only affect the bundled consoles with accessories and stand-alone packages as the platform that comes with games included in the box will also receive the discount.

The changes to the cost of the most basic Xbox One will be prices 13 percent lower than rival Sony's same-generation console, the PlayStation 4. The PS4, which hit retailers' shelves just a days before the Xbox One in November of the previous year, has sales that outsold Microsoft's console in the United States for nine consecutive months in 2014, according to industry watcher NPD Group.

The slashed price comes at an essential time, according to CNET's Nick Statt, as the holiday season comes in. In addition, majority of the video game industry's highest profile games are made available to the public during the last quarter of the year, including sequels from best-selling game franchises such as the action adventure titles like "Assassin's Creed," as well as first person military-style shooters like "Battlefield" and "Call of Duty."

While Microsoft has focused more on making the prices of their products more affordable to gain traction in the market, Sony has issued deals to make sure gamers with PlayStation 4 consoles would receive special access to features and storylines of popular games, a tactic which makes Sony's platform more appealing, according to CNET.

TagsXbox One, Kinect, Xbox One Price, Microsoft Xbox one, sony playstation 4, playstation 4, Xbox, playstation, Assassin's Creed, battlefield, Call of Duty