The first-ever PlayStation 5 price cut is live in Europe and the UK

These discounts could also be indicative of Sony clearing its stock of the launch model in anticipation of the rumored PS5 Slim model.

According to multiple leaks, the PS5 Slim, which is more of a redesign than anything else, will arrive before the year ends with a potential announcement in September. The tech giant hasn't confirmed these reports yet, but its chief rival, Microsoft, referenced the rumors in the recent FTC v. Microsoft hearing.

The potential PS5 Slim, which would maintain the same price point as the Digital Edition of the PS5, could offer consumers the choice to add a disc drive later. This is speculated as part of Sony's push for digital games as the primary platform for sales, leading to larger profits for the company. This aligns with the industry's overall shift towards a more digital-centric model to help reduce manufacturing costs. But, some hope that this means Sony will continue selling physical editions if only as part of the more expensive variants with collectibles.

Amid the speculations and price drops, one thing is clear: if you've been waiting for an opportunity to get your hands on the PS5, this is your moment. With the PS5's demand still high and supply finally catching up, coupled with the substantial price cuts, it's likely that stocks could run out fast.

Nevertheless, the PlayStation Summer Sale is in full swing, allowing you to make the leap to the current console generation. Discounts on PS5 bundles, accessories, and games make this the perfect time to have a current-gen console. Considering the PS5's power and versatility, especially the option to use physical disc copies of games with the disc console, this is an opportunity that gaming enthusiasts shouldn't miss.

Regardless of the truth, the price cut, following last year's price hike, is a win for consumers, who can now acquire the PS5 at a substantial discount.

So, if you live in the said territories, don't let this chance slip. With Marvel's Spider-Man 2 and Final Fantasy 7 Rebirth both coming out in the next six months, you'll have at least two AAA titles to look forward to with Final Fantasy 16 keeping you busy in the interim.