PlayStation 3 Movie Downloads Arrive This Summer

Sony Computer Entertainment CEO Kaz Hirai revealed that a new movie download service will hit the PlayStation 3 in North America sometime this summer, according to an Associated Press report.

Hirai added that more details would be available next month, most likely at Sony's E3 Media and Business Summit conference. The service is also slated to launch in Japan and Europe at later dates.

Competitor Microsoft currently operates a similar service on the Xbox 360 with its Xbox Live Marketplace Video Store, launched in late 2006.

Hirai stated that Sony intends to cut costs and strengthen its lineup of network services to achieve profitability in its current fiscal year. The company recently posted a $3.31B loss over 2007 to 2008, owing to an imbalance between the PlayStation 3's retail price and manufacturing cost.