Electronics giant Sony Corp, has on February 20, 2013, spoken about its first video game console in seven years. The new console will allow users to stream and play video games which are hosted on servers. With the launch, the company hopes to stem user losses in front of Microsoft’s Xbox.


The recent launch will also help Sony get back to the top of the video-game hardware industry. At the event in New York, the company revealed that the PlayStation 4 console will succeed the PlayStation 3. The game was unveiled along with the game developers Ubisoft and Activision Blizzard.

The entertainment company said that the console will be made available for the 2013 holiday season. However, Sony is yet to unveil the official pricing of the console, which will be competing against Microsoft’s Xbox console. The new Xbox is expected to be launched later in 2013.

The controller on the new console is known as the ‘DualShock 4’ and will have a touch pad. Sony purchased the US cloud-based gaming company Gaikai for $380 million in the month of July 2012. The 8 GB version of PlayStation 4 has been under development for the last five years. The new device can instantly stream game content from the console to Sony’s handheld PlayStation Vita through a feature known as ‘Remote Play’.