Sony set to announce new PlayStation: reports

The much-anticipated announcement will come at a “PlayStation Meeting” set for Feb. 20 in New York, the Asahi Shimbun newspaper and Kyodo news agency reported. Sony declined comment on the reports.

The firm last week sent out invitations to a mystery event in New York, but declined to give details, sparking rumors the world would get its first look at the newest console, seven years after the PlayStation 3 was launched.

Hammered by four years of big losses, particularly in its television business, Sony is hoping the multibillion-dollar games market will help it return to the black.

Both Sony and Xbox maker Microsoft have been expected to unveil successors to their competing consoles, which have been evolving into home entertainment hubs for films, television, music, social networking and more.

However, the once-mighty gaming firms are struggling to retain market share as they fend off a challenge from cheap — or sometimes free — downloadable games for smartphones and tablets.

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