God of War III could truly be a killer app for the PlayStation 3, as one analyst's data indicates that one in three potential buyers of the game don't own the console yet.

Speaking to Gamasutra, OTX analyst Nick Williams suggests that a price drop is in order before God of War III hits retails store shelves, as data indicates a substantial number of potential purchasers who have yet to invest in the newer console.

The launch of God of War III in late 2009/early 2010 will mark a pivotal moment for Sony. But in order to ensure that this game is a hardware sales driver, the cost of the base-level PS3 will need to be in the same ballpark as the Xbox 360 and Wii. According to our latest consumer tracking study, only two in three people who plan to purchase God of War III currently own a PS3."

If their numbers hold true, it could either mean a substantial jump in PlayStation 3 sales towards the end of the year, or less than expected sales of God of War III if too many players still can't scrounge up the cash.

Analyst: 1/3rd Of God Of War III Purchasers Don't Have PS3 Yet [Gamasutra]