More than four years after its release, the Nintendo Switch has finally seen a price cut.

The news comes from Nintendo Life, which has learned that Nintendo has reduced the Switch's suggested retail price (MSRP) from €329.99 to €269.99. In US dollars, that's a price cut from $389 to $319.

While a $70 price cut is not insignificant, the European price was already much higher than the Nintendo Switch's current US MSRP of $299. The UK price has fallen as well, from £279.99 to £259.99 and from $387 to $359.

The price cuts are currently taking place in the Nintendo U.K. store. At this time, the price of the Nintendo Switch Lite has not been reduced.

Nintendo's last major best-selling console was the Wii, which was released in 2006 for $249; in 2011, the Wii was $149, $100 off its original price.

For comparison, the PS4, one of the best-selling consoles of all time, saw its first price cut just two years into its life cycle, from $399 in 2013 to $349 in 2015. The following year, a slimmer model was introduced, bringing the MSRP down to $299.

Needless to say, Nintendo is in no rush to cut the price of the Nintendo Switch. At this point, the Switch has sold 89 million units, a staggering milestone for a system that has been on the market for only four years.

However, NIntendo's profits related to the Switch are down in 2021 compared to the same point in 2020. Granted, the global pandemic has led many people to discover a new desire for gaming indoors.

At this point, it is not known if Nintendo will lower the price of the Switch in the U.S., even if the OLED model of the Nintendo Switch goes on sale next month for $350.

"It's customary for them to lower prices globally, so it's likely that the U.S. will follow suit," Wedbush Securities analyst Michael Pachter said in an email inquiry with Tom's Guide.

Considering that the Switch sold 28.8 million units in 2020, up 37% from 2019, suggests that Nintendo has little incentive to cut prices. Note that these sales figures also include Switch Lite.

The price cut could indicate that Nintendo wants to keep the units flowing in order to get somewhat closer to its 2020 sales numbers.

"I thought the price staying at the launch price suggested strong demand, but it may be starting to soften a bit," Pachter said.

At the moment, the Nintendo Switch OLED will retail for €364.99 in Europe; the pricing structure between OLED, standard, and Lite switches will be €364, €269, and €239.

This is an odd pricing scheme, especially considering that the panels on the OLED model are not much more expensive than the LCD screens on the other two models, since Samsung has a contract with Nintendo for hard OLED displays.

However, Pachter feels that by next year, at least in the U.S., the Switch family could have a neat pricing structure of $300, $250, and $200.