The holiday season is just around the corner and so are the gaming console wars. Sony and Microsoft are under pressure to make their current consoles, the Playstation 3 and the Xbox 360, competitive with Nintendo's new console.

Nintendo announced its new console will hit stores in November with prices from $300 to $350. To compete, video game experts predict Sony will lower the price of its system by about $50 this holiday season. It's also predicted Microsoft won't lower the price of the Xbox 360 but will offer specials on consoles that are bundles with other games.