Yesterday we brought you the news on Barnes & Noble’s upcoming tablet, the Nook Tablet, which will retail for $249. It only makes sense that the previous generation Nook Color, which currently retails for the same price, will see a price drop. B&N is planning to cut the Nook Color’s price by $50 to $199. It will also be getting a software update, version 1.4, with Hulu Plus and additional music streaming services from Rhapsody, MOG and Grooveshark with free trials — Pandora is already included with the NC.

We are still doubtful that it will have much success even at the discounted price, since the Amazon Kindle Fire will also retail for $199, while the more capable Nook Tablet is only $50 more. You can check out our Nook Tablet vs. Kindle Fire and the original Nook Color vs. Kindle Fire comparisons. In any case, it’s good news for existing Nook Color owners who will be getting more from their e-Reader/tablet soon. Even better, you can grab yourself a Nook Color for free, just by entering our simple giveaway.
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