The announcement comes just days after Sony released a teaser video across their website network inviting gamers to “see the future.”
Internet rumours are driving expectations about the features of the new home gaming console: improved graphics, a smoother graphics engine, more memory, and a sleek design are probably a given.
Other rumours include an overhaul of the controller, with the addition of a PS Vita-type touchpad and a share button to connect with social media.
The PlayStation announcement “comes as the console video game industry has entered a tailspin,” wrote the Wall Street Journal, citing a report that says sales last year in the US fell 22 per cent compared with 2011.
The popularity of gaming on smartphones, with titles that are both inexpensive and high in quality, has also taken a bite out of console sales – and the PlayStation 3 more than most.
The PlayStation 4 system is expected to be released this year, and it will face head to head competition with the next generation of Microsoft’s Xbox gaming console, informally known as the Xbox 720.
There’s no word yet on the the list of game titles to launch with the new console.