Sony is keeping up with the fast approaching Yuletide season as it recently announced that their PlayStation Now subscription has been slashed to further streamline their gaming services to reach new horizons.

Grace Chen stated that starting today, the company's cloud based gaming subscription service will be offered at a more reasonable and “compelling price” as compared to other similar efforts.

While the Vice President of PlayStation Network didn't drop names, Endgadget took the liberty of doing so. It said that Sony has been facing some tough competitions from the likes of Xbox's Game Pass, Apple Arcade and the soon to be launched Google Stadia.

Sony can still pull off some strings, starting with the price hack. The new monthly subscription will now cost $9.99 instead of the previous $19.99. Those who want to go quarterly, on the other hand, will only have to pay $24.99 rather than $49.99, and going on a full year will come in at and affordable $59.99 instead of $99.99.

The promo will be available to PlayStation Now subscribers from the United States, Canada, Europe, United Kingdom and Japan.

Current PlayStation Now subscribers will see the new pricing reflected on their next billing cycle, the blog added.

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PlayStation Now will now feature PS4 games. Getty

In addition to the audacious price drop, Sony also threw in more games to add to their library. PlayStation Now currently houses more than 800 PS2, PS3 and PS4 titles, and the announcement pulled in some of most critically acclaimed games on the PlayStation 4.

Included in the first wave are God of War, Grand Theft Auto V, inFAMOUS Second Son and Unchartered 4: A Thief's End.

The aforementioned games will be available from October 1, 2019 until January 2, 2020. That's three months of new games. Plus, Sony will be adding more “marquee games” for a limited period each month. These titles will go alongside “evergreen” games that will always be available to any subscriber who wishes to play it.

“ We've been in the cloud gaming business since 2014, and we have had many key learnings along the way to ensure we deliver a service that meets the needs of gamers,” the blog continued.

Sony is also offering a seven-day free trial for new subscribers.

Click here for more information about the PlayStation Now.