Sony will lower the price of its flagship PlayStation 4 system to $349.99, according to an announcement made today on the U.S. PlayStation Blog.

The $50 price cut, which goes into effect on October 9th, will also reduce the prices of Sony’s array of PlayStation 4 bundles currently at retail.

Rumors of a drop in the PlayStation 4 price began circulating over the weekend when a sharp-eyed bargain hunter, Wario64, noticed that retail giant Target was listing the console for $350 on its website. The story quickly spread over to Neogaf, where it picked up steam, cluing other news organizations into Sony’s plans.

The PlayStation 4 price drop announcement comes just a few weeks ahead of the Paris Games Week conferences on October 28th – November 1, where Sony is expected to reveal several upcoming projects.

Sony included a helpful chart detailing all the bundles available and their new pricing, which you can view below.

With today’s announcement of the PlayStation 4 price drop, we can officially consider the holiday shopping season open.