Life ain't easy in the ghetto. THQ announced today that they are canceling the PS3 version of Saints Row and diverting those funds into a sequel for Xbox 360 and PS3. The sequel is scheduled for a 2008 release.

THQ CEO Brian Farrell told NextGen, "We've done great things for our brands by putting them in the right time frame ... The most important thing for the Saints Row franchise is to have a simultaneous shipment into a larger installed base next year. That's what we're looking for with Saints Row 2."

Saints Row ended up becoming a sleeper hit with 1.4 million units shipped for Xbox 360. The game recently became a platinum hit for the console and costs $29.99. Saints Row surprisingly elevated the GTA-style sandbox game. In the wake of GTA IV's release later this year it'll be interesting to see if Saints Row II can top it in 2008.

See also: Saints Row the musical

This article was originally published on Joystiq.

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