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WATCH LIVE: Sony Announces PlayStation 4

This afternoon, Sony is expected to announce its new platform console, PlayStation 4.

The system, which will likely be referred to as “PS4,” will reportedly let users stream games online, and is rumored to feature an online TV service that could compete with cable services. Microsoft is expected to announce its follow-up to Xbox 360 later this year, signaling an industry-wide jump to the next generation of gaming consoles.

Sony will look to recapture the market after PS3 saw a decline in popularity compared with PlayStation 2, the highest-selling gaming console of all time.

Watch the announcement below via UStream. The event starts at 5:00 p.m. EST:

Live broadcast by Ustream

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