Sony recently announced its initiative for a corporate-wide strategy looking to "roll out video services across key Sony products" with a time line set until March 2011. The news that really got the fans talking involves this summer’s launch of the PlayStation Network, which will allow movie downloads at fair prices.

The downside for the new feature is that even though it provides high definition movies, there is no purchase option, Sony limiting its offer only for rentals, just as Xbox’s users have on Live Marketplace. High Definition XBLM film rentals are available for $5.99 and Standard-definition (SD) rentals run for $3.99.

The PlayStation Network will also feature an interactive news service, where users will be able to surf a virtual globe for photos, all sorts of info and also real time headlines.

Other details such as the presence of television shows or standard-definition videos have not yet been announced, and more information including the official release date for Europe and Japan and the complete set of pricing is expected to be offered at the E3 Media & Business Summit which is scheduled for next month in Los Angeles between 15 and 17 of July.

The company’s officials have high expectations for the new PS3’s video service which is believed to bring a significant boost in the company’s revenues. Other plans for increasing the profits include the cost reduction of the PS3 consoles which is expected to attract a large number of clients, new game releases and also the enlargement of the customer base promoting the benefits of Blu-ray Discs.

Taking into consideration that Sony had a hard time with its income, losing more than $3 billion since the release of its PlayStation 3 console, the company hopes to turn the stakes around and bounce back with a profitable 2008 fiscal year. If the business plan indeed turns out to be a success, the company will probably invest in the development of a new set of features in order to fully take advantage of the momentum.

So far, the figures point out that they’re on the right track, as PlayStation Portable console sales were up by 146 percent during the last fiscal year and the PlayStation 3 console sales also up with 200 percent. This means that the new features might bring that little extra needed to distance themselves from the competition.

Michael Gartenberg, vice president and research director at JupiterResearch, which is a well known research and analysis company, was quoted by the TechNewsWorld covering Sony’s market struggle: "What Sony has found in this generation was a Microsoft that was much stronger than it had been the last time around. It came to market a year ahead (with the Xbox 360) and didn't squander that year. At the same time, it's facing a revitalized Nintendo, which was the last thing everybody was expecting. All of this is putting tremendous pressure on Sony."

The comment refers to the harsh competition that Sony is facing at the moment, as Xbox and Apple TV already offer a similar feature for streaming HD movies. Once the complete set of options will be presented we will surely have a clearer image of the market’s best offer.