Jack Tretton, the president and CEO of Sony Computer Entertainment America, has stated that price doesn't determine the success of a product, instead, what it offers does.
Speaking to Fast Company, Tretton said: "It's not to say the price of the platform isn't a consideration, but I don't think price makes or kills a platform.
"Something that's lousy, that's very inexpensive, is not going to be successful, and something that's pricey will ultimately find its audience if there's enough value there."
Many believe that the PS3 launched at a price that was way too high, but it has still managed to overtake the Xbox 360's market share despite launching a year later, and never being cheaper.
Source: Fast Company