Sony has already cut the price of the PSP in the US and this week introduced lower prices across the European territories of €169.99.
The cut is effective from the end of April and will be rolled out to all territories by the end of May.
In addition, five new Platinum game titles - Ridge Racer 2, Tekken, Killzone, Loco Roco and Moto GP - will be launched at the lower price of €19.99.
"The combined reductions will unleash PSP, making it a 'must have' portable system for all entertainment enthusiasts, allowing them to enjoy the breadth and depth of entertainment opportunities available from PSP," said Stephane Hareau, PSP marketing manager for Europe.
Microsoft seizes control of phishing sites linked with Russian state hackers
Fitness trackers over-estimate the number of steps their users take, analysis of 67 research reports suggests
Everything we think we know about the imminent Apple iPhone 9, iPhone 11 and iPhone 11 Plus launches
All the latest rumours about Apple iPhone Displays, CPUs, launch dates and even prices
Nvidia brings Turing microarchitecture into the high-end gaming segment