Following an Xbox 360 price cut in North America earlier this month, Microsoft has lowered the European price of its gaming console amid intense competition in the industry.

Starting August 24, the Xbox 360 20GB model will be available for 349.99 Euros, a price cut of 50 Euros. Meanwhile, the core model will now cost 20 Euros less, bringing down the price to 279.99 Euros. The Xbox 360 Elite model with a 120GB hard drive will be available for 449 Euros.

Rival games console developer Sony cut the U.S. price of its PlayStation 3 console in July, fueling expectations of a European price drop. The company has stated it currently has no such plans, however. Meanwhile, the Xbox 360 continues enjoying a healthy share of the European market. These price cuts aim at expanding the appeal of the Xbox 360 to a broader audience while boosting sales during the holiday season.