Microsoft kicked off what it calls the greatest holiday lineup in video game history by announcing it will reduce the price of the Xbox 360 by US$50 beginning this week.

Soon to follow, Electronic Arts will release its blockbuster Madden NFL 08. Madden NFL Football, one of the most important mass-appeal franchises in video games, was the top-selling game of 2006 and is the top-selling franchise of the past 10 years.

“The fact that we have been able to keep our launch price longer than any other console while retaining our... position demonstrates that consumers believe in the value of Xbox 360,” said Mitch Koch, corporate vice president, Global Retail Sales and Marketing Group, Entertainment and Devices Division at Microsoft.

In anticipation of this year’s largest blockbuster game launch, the Xbox 360 Halo 3 Special Edition Console will hit store shelves in September. Featuring a green-and-gold finish, the console will include a matching Xbox 360 Wireless Controller, Xbox 360 20GB hard drive, Xbox 360 Headset, an Xbox 360 Play and Charge Kit, and more.