Sony Announces PlayStation4

After seven years, Sony announced plans to replace the PlayStation3 with a new model at an invite-only event held in New York Wednesday.

While the electronics company gave many details about the functionality of the new console, they did not actually show the PlayStation4 or reveal how much it will cost, saying only that it will be ready for sale in time for the holiday season, according to the Wall Street Journal.

New features of the PS4 include improved graphics performance, social media integration, a touchscreen controller and customization options.

Leading third-party publishers including Ubisoft and Activision have already pledged their support for the new system and announced plans for exclusive games.

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