The PS5 and Xbox Series X have yet to be officially priced by Sony and Microsoft, respectively. However, this may be rectified in the next three months or so.

VentureBeat's Jeff Grubb tweeted that prices for both companies' next-generation consoles will not be revealed until August. He cites the pricing habits of other major hardware manufacturers and the reality of pre-orders as reasons for this prediction. Since Mr. Grubb was also the one who predicted that the PS5 would be announced on June 4, it is likely that he has received some information through confidential sources.

Price competition is likely to be fierce this generation. At the launch of the previous generation, Microsoft made the huge mistake of selling the $499 Xbox One for $100 more than the PS4, but unpopular moves such as focusing on non-gaming features of the Xbox and introducing a DRM check system that requires the console to be online at all times also coincided with the introduction of a DRM check system that required the console to be online at all times.

This time, it is widely viewed that Microsoft has learned its lesson. Previous rumors suggested that Microsoft may undercut the PS5 in terms of price, and the official announcement focused on the gaming potential of the Series X and its specs over the PS5.

There are also rumors of Project Lockheart, also known as the Xbox Series S. This would be a cheaper version of the Series X that would offer a solid upgrade over the Xbox One but with less power. Assuming Sony does not have a "Lite" version of the PS5 tucked under its sleeve, this could be another dangerous weapon for Microsoft in its plan to convert PlayStation players into Xbox fans.

Expect big news announcements about both consoles in the coming weeks; Xbox recently revealed some of the first Xbox Series X gameplay from third-party partners, while Sony is preparing a first-party showcase. Once these announcements are complete, both consoles will actually be available in November.