<P> The Price Is Right is an American television game show created by Bob Stewart, Mark Goodson and Bill Todman . The show revolves around contestants competing by identifying accurate pricing of merchandise to win cash and prizes . Contestants are selected from the studio audience when the announcer states the show's famous catchphrase, "Come on down!" </P> <P> The program premiered on September 4, 1972, on CBS . Bob Barker was the series' longest - running host from its 1972 debut until his retirement in June 2007, when Drew Carey took over . Barker was accompanied by a series of announcers, beginning with Johnny Olson, followed by Rod Roddy and then Rich Fields . In April 2011, George Gray became the announcer . The show has used several models, most notably Anitra Ford, Janice Pennington, Dian Parkinson, Holly Hallstrom and Kathleen Bradley . While retaining some elements of the original version of the show, the 1972 version has added many new distinctive gameplay elements . </P> <P> The Price Is Right has aired over 8,000 episodes since its debut and is one of the longest - running network series in United States television history . In a 2007 article, TV Guide named The Price Is Right the "greatest game show of all time ." The show's 47th season premiered on September 17, 2018 . </P> <P> The gameplay of the show consists of four distinct competition elements, in which nine preliminary contestants (or six, depending on the episode's running time) are eventually narrowed to two finalists who compete in the game's final element, the "Showcase". </P>

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