Microsoft has released a statement revealing an $80 price cut for its Arcade and Elite Xbox 360 models in Europe, as well as a $100 price cut for its standard Xbox 360 model in the same region.

European Interactive vice president Chris Lewis said on Microsoft’s behalf, "Xbox 360 is now mass market in Europe. We have reached and surpassed several key milestones that form part of our long term strategic plan to achieve critical mass in Europe; and our portfolio now offers the kind of mainstream entertainment experiences that secure wider appeal for Xbox 360. These factors allow us to execute on our strategy to widen the market for Xbox 360, as planned. History shows that £159.99 is the price point where a console’s audience begins to expand, and with these new ERPs in place we’re ready to bring more consumers into the Xbox 360 world."

While the Xbox 360 home gaming console continues to struggle to find its way out of third place in Japan, and has an evaporating lead here in America, this news is surely a source of encouragement for the company in its global efforts. The cause for the Xbox brand is not yet lost, it would seem.