Sony's ultimate goal is to make it so all PlayStation 4 games will be playable on the Vita (Jung-nam Nam/Creative Commons).

“Today marks a moment of truth and a bold step forward for PlayStation as a company,” said Andrew House, president and Group CEO of Sony Computer Entertainment. “Today we will give you a glimpse into the future of play.”

The new console will focus on streaming games across a network of devices and tapping into social gaming with video clip share buttons, the ability to take over someone else’s controller when they need assistance and faster downloading times, executives said. 

Mark Cerny, the lead system architect for the PlayStation 4, said the console system’s OnLive network will allow players to start playing the first part of a game before it’s done downloading, CNET reported.

Sony incorporated cloud-gaming firm Gaikai to allow friends to virtually look over another user’s shoulder and interact with them as they play, and post comments on their screens.

"What we’re creating is the fastest, most powerful network for gaming the world," said David Perry, CEO and founder of Gaikai. “Our vision is to create the first social gaming network with meaning."

Sony bought Gaikai from Perry last year.

Perry also revealed Remote Play, NBC News reported, a feature allowing gamers to take their gaming to Sony’s smaller game screen - the handheld Vita. Perry said their ultimate goal is to make it so all PlayStation 4 games will be playable on the Vita.

The PlayStation 3 went on sale in 2006 and, according to BBC News, has sold 75 million units. 

According to The New York Times, the price has yet to be announced and the console will go on sale before the end of the year.

Reach Executive Producer Agnus Dei Farrant here.