UPDATE: Sony pins hopes on PlayStation 4 as affordable home entertainment hub, watch the live video launch tonight
Sony's launch event for the new PlayStation is being held in the US from 11pm tonight (UK time) and you can watch the live video feed right here.
The Sony PlayStation 4 could cost as little as £270 at launch, according to reports, as Sony hopes to make the PS4 the "nerve centre" for all your home multimedia needs.
Set to be announced on Wednesday February 20th, the PlayStation 4 is a key product for Sony, who recently refocused its future around mobile products, digital imaging and gaming machines.
Accordingly, the PS4 is set to major on connectivity with other devices and new mobile playing options, with the new flagship Xperia Z phone no doubt set to feature in the PlayStation launch.
Like the PlayStation 3, which was one of the first Blu-ray players as well as a games console, the PS4 will be billed as a home entertainment device much more than just a gaming machine.
4K Ultra HD capability is also likely to figure somewhere in the PS4's specification, while a newly-designed touchscreen controller is also likely.
Rumours suggest the PS4 is expected to employ an 8-core AMD64 Bulldozer CPU – comprising 4 dual-cores, 8GB of RAM, 2.2GB video memory and a 160GB HDD.
Reports from Japan suggest the the Playstation 4 could cost around 40,000 yen, which could in turn mean a sub-£300 price tag for the UK.
Despite renewing its focus on the games business, the company has struggled. Sony's operating profit in the gaming division during the October-December quarter, which included the Christmas shopping season, fell 86% to 4.6 billion yen.
Particularly bad were sales of the PS Vita, the handheld game console launched in December 2011 as the successor to Sony's PlayStation Portable. As a result, industry executives are wary of predicting a PS4-related sales bonanza.
A Sony PlayStation launch event is scheduled for Wednesday February 20th.