The SCEE president explained, "We are aware that consumers are watching their euros and pounds more carefully than before," but later added, "it would not be fair to say [the PS3 price cut] is a reaction to current market conditions."
As part of the same interview, House went onto explain the impending release of "additional social networking features into the platform". The write-up mentions a possible tie-up with Facebook.
We're not inherently interested in social networking features being on the XMB, but we'd probably use them if they were there.
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