Sony's European president David Reeves talked PS3 price cuts and sales performance in an interview with the company sanctioned Three Speech blog on Friday.

"We're actually not doing too badly - we're not selling as well as Wii or DS - but seasonality-wise, compared to, say, PS2 at the same time we launched it in 2001, we're actually doing quite well on a regional level," he added.

Reeves went on to say that in the next 18 months, PS3 owners will receive several "spectacular" games. "These [titles] are going to come out and people will say: 'I have never seen anything like that before,'" he said.