(CNN) -- The eyes of the gaming world are on Sony, which on Wednesday is expected to unveil the PlayStation 4, the latest version of its popular gaming console. It's been more than six years since the company launched its PlayStation 3. That's an eon in the warp-speed tech industry, and the company faces a drastically altered landscape as it enters a new round of battles with its top competitors: Microsoft's Xbox and Nintendo's Wii (and, now, the Wii U). Long gone are the days when gamers had to pop into their local game shop for the latest titles. PC gaming, Web streaming and smartphone and tablet games have all sapped the popularity of the venerable living-room console. In this new era of mobile, connected gaming, experts say faster processors and flashier specs won't be enough for the next generation.
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The eyes of the gaming world this week are on Sony, expected to unveil PlayStation 4
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Rumors about Wednesday's launch focus on an online gaming feature, social sharing
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New console would compete with Nintendo's Wii U, Microsoft's Xbox 360
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Consoles also now compete with PC gaming, mobile games and Web streaming
That's been enough to keep the console neck and neck with Microsoft (which is rumored to be developing its own next-generation console, the Xbox 720) but trailing @placeholder, which has parlayed its wide appeal with family and casual gamers into the top spot since hitting the market in 2006.
Of course, like Nintendo and especially @placeholder, Sony wants to continue branding its console as an entertainment hub for the living room, not just a gaming toy.