Another day, another PSP price cut--in Europe

Sony has cut the price of its PlayStation Portable in Europe, the company announced today.

Starting today, European customers who opt for a PSP will find it available for 129.99 euros, down from 169.99 euros. Sony was also quick to point out that some of its "top titles" are available to customers in Europe for as little as 9.99 euros. Its "platinum" catalog of titles, including God of War: Ghost of Sparta, retails for 19.99 euros.

Sony's European PSP price drop follows two recent cuts from the company in the U.S. In October, Sony announced that it had cut the price of its PSP Go from $249 to $199. In February, it followed that up by announcing that it dropped the price of its PSP from $169.99 to $129.99.

Although Sony has kept a brave face on PSP sales--the company pointed out in February that it had sold over 67 million units worldwide since the device's launch in 2005--it hasn't been able to compete against better-selling alternatives, like Nintendo's DS.

In February, Wedbush analyst Michael Pachter said in a research note to investors that Sony sold just 80,000 PSP units in January, down 20 percent from January 2010. That followed a string of poor sales that Sony ostensibly wants to address with price cuts.

But it's not just sales. Bob McKenzie, senior vice president of merchandising and marketing for GameStop, said last year that the number of games released for the PSP last year was a "disappointment."

Luckily for Sony, the PSP won't be the only portable it offers for too much longer.

In January, the company unveiled its upcoming gaming device, code-named the Next Generation Portable (NGP). That platform will include 3G connectivity, dual thumbsticks, and a touch screen. Sony said the graphical capabilities of the NGP should also be vastly improved over its predecessor. It expects to launch the NGP toward the end of 2011.