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By Vijaykumar Meti | February 1, 2013 3:48 AM PST

Sony Corp is hosting its first major PlayStation meeting this month to highlight the future of the game platform. If reports about the much-awaited announcement are true, then the Japanese consumer electronics giant will unveil the successor to its most-successful PlayStation 3 (PS3) gaming console.

Apparently, Sony has unveiled a teaser campaign for the upcoming Feb. 20 event scheduled to be held in New York. "We will be talking about the Playstation business," spokesman Masaki Tsukakoshi said Friday.

According to Wall Street Journal, the company will ship the console for sale later this year. The report also states that both PlayStation 4 and Microsoft's next gaming console (probably the Xbox 720) will be confronting each other during the holiday season.

Implying that PS3 is not timed out from the market, Sony CEO Kazuo Hirai told during the Consumer Electronics Show (CES) 2013: "It's a ten-year life cycle. There is no reason to go away from that." This validates that PS3 will be a feasible platform till 2015.

Another rumor floating around is that Sony may actually wait it out so as to enable the Redmond-giant, Microsoft, to first release its next-generation gaming console. Recently, Phillipe Cardone, CEO of PlayStation France, said Sony would probably be the last company to announce a new game console. While on the other side, Cedric Delmas, managing director of Microsoft France, said "the Xbox 360's cycle is not over at all."

Back in November 2012, a report published by VG247, states that, developers are getting their hands on the new version of PS4 kit (codenamed: Orbis). The Orbis is said to be based on the AMD A10 APU series. (APU stands for Accelerated Processing Unit, which is a combination of a GPU and CPU). One of the biggest changes made in the console is said to be the interface.

The last time the company held a PlayStation event in January 2011, it introduced a prototype of handheld gaming console called PlayStation Vita. Prior to that, in 2005, a PlayStation gathering demonstrated the PS3 concept and in a 1999 meeting the company revealed designs for the PS2.

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