New York - Sony on Monday announced plans to release a cheaper Blu-ray player early this summer, the Associated Press reported.

The $599 BDP-S300 will have the same features as the already available $999 BDP-S1, Randy Waynick, senior vice president of home products at Sony Electronics, told AP.

Rival Toshiba currently offers an HD DVD player model for $499.

Sony's Waynick added that 80% of those who have purchased a PlayStation 3 -- which contains a Blu-ray player -- have also bought Blu-ray movies, and that Blu-ray movie titles have outsold HD DVD titles by three to one this year, according to Nielsen VideoScan data.

Meanwhile, Sony Electronics president told AP that prices for Blu-ray players are expected to fall below $500 by the holiday shopping season.

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http://tinyurl.com/2bdvxf (AP)