Sony halves price of its PlayStation Now subscription service as cloud gaming battle heats up

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Sony is halving the price of its PlayStation Now video game subscription service and adding new titles to the platform, the company announced Tuesday.

A monthly subscription to the cloud gaming service will now cost $9.99, the firm's gaming unit Sony Interactive Entertainment said, down from a previous monthly price of $19.99. An annual subscription meanwhile now costs $59.99, down from $99.99.

The company is also adding a host of new games to PlayStation Now, including "Grand Theft Auto V," "God of War," "Infamous Second Son" and "Uncharted 4: A Thief's End." Those new titles will be available from now until January 2, 2020, Sony said.

"Following PlayStation Now's expansion earlier this year, we have coverage for more than 70 percent of our global PS4 user base, making it the ideal time to revamp the service with a more compelling price and stronger content offering," Jim Ryan, president and CEO of Sony Interactive Entertainment, said in a statement.

"We have accumulated a wealth of knowledge in cloud gaming since PlayStation Now's launch in 2014. That, coupled with our 25-year legacy in the games business and strong partnerships we've forged with publishers, positions us to continue leading and innovating in this field as the gaming industry evolves."

Different to Sony's online gaming subscription service PlayStation Plus, PlayStation Now lets users play a library of games from its old and current consoles on the PlayStation 4 or PC.

The announcement comes as entertainment giants battle to lure in consumers with slick new streaming services. In gaming, that's seen Google unveil a new game streaming platform called Stadia, while Microsoft has shown off its own subscription service, Project xCloud.

Elsewhere in the media industry, players from Apple to Disney are also releasing new TV subscription services, encroaching on an area where the likes of Netflix and Amazon have long held dominance.

The move is also significant for Sony given the gaming giant's PlayStation 4 console is nearing the end of its lifecycle. The company first brought out the PlayStation 4 in November 2013, and industry watchers have been keenly watching for any hints as to what its next major device will look like.

Microsoft earlier this year moved to upstage Sony by revealing details about its upcoming console, known as "Project Scarlett." The company claims its new Xbox device will show up to 120 frames per second — twice that of an average TV — and will include a solid-state drive to improve performance.

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