Jul 26, 2016 08:43 AM EDT By Don Don Navidad, UniversityHerald Reporter

The multinational technology company - Microsoft, has cut down the price of "Xbox One" console to $249. The new price of the device marked the third price cut in less than two months.

The price cut of "Xbox One" was made ahead the launching of the new "Xbox One S" on August 2. "Xbox One," which is now $249, will include bundles with games such as "Tomb Raider," "Gears of War," "Forza Motorsport 6," and "Quantum Break," according to The Verge.

Aside from the game bundles, a person will also be able to take advantage of the special $249 price. The purchaser will get an Xbox One console with 500GB hard drive as well as one controller, BGR reported.

Retailers like the multinational consumer electronics corporation - Best Buy and Amazon, will be selling Microsoft's console at the new price point immediately. Microsoft asserted that the $249 price cut will be available while supplies last.

The aggressive "Xbox One" pricing of the tech company follows a sales gap between its console and Sony's PS4. Sony has sold more than 40 million PlayStation 4, but, as Microsoft hasn't provided sales figures, it's unclear exactly how many "Xbox Ones" have been sold.

However, Microsoft's device's new price point is roughly half of the $499 price when the gadget launched in 2013. Even though it's a great deal from Microsoft, but analysis shows that consoles usually don't drop half of the value of their launch price until their fourth or fifth year on the market, based on the report of Arstechnica.

On the other hand, as the "Xbox One S" will be released on August 2 for $399, a person will get a console that's 40 percent smaller that is packed with a new controller, a vertical stand, a 2TB hard drive and support for 4K Ultra HD video as well as HDR.

Here's a glimpse of the "Xbox One S" here:

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