PS3 movie lovers have been waiting a long time for Video On Demand (VOD) content to be available, and now Sony have rewarded their patience with the announcement that VOD services will be available from November this year.

Speaking at the GamesCom in Cologne, the newly appointed President and CEO of Sony Computer Entertainment Europe Andrew House, informed the packed conference yesterday that “PlayStation is becoming the home of entertainment from games to music channels, from creative platforms to virtual pets. The addition of the PlayStation Network video delivery service for PS3 and PSP provides a simple way for PlayStation owners to access movie content and enjoy the latest blockbuster whenever and wherever they choose.”

Although the service will only offer movies initially, it is expected to expand to include local content over time.

Sony also put the all the rumours regarding a slimmer and cheaper design to bed by making it official. Available from September at £249.50, the new 120 GB PS3 is about two-thirds the size of the original console, with a reduced power consumption of two-thirds.

Recently, there has been increasingly growing speculation that a new streamlined and cheaper PlayStation 3 will soon be available.

Sony, who are due to make an announcement at this years Gamescom conference in Cologne tomorrow, have so far dismissed talks of a reduction in price as just rumours and speculation.

However, one wonders if the fact that retailers have been struggling to replenish their stocks of the current PlayStation 3 console is an indication that a slimline version is on its way.

Rumours are also surrounding the Xbox too, US technology sites recently revealed a shake up of the company’s pricing structure and Microsoft may lower the price of the Xbox 360 – it is thought the Elite console with 120GB hard drive will be reduced by £60 to £170.

Whether these are only rumours or true will be revealed very soon!

What are your thoughts on the current costs for the Nintendo Wii, PlayStation 3 and Xbox 360?