Sony has announced that it will launch PlayStation Vue - a live TV streaming service - sometime in the first quarter of this year.

The news for the PlayStation Vue service comes from Sony President Kaz Hirai during the company's turn to speak at the 2015 Consumer Electronic Show (CES) press conference. The CES is the largest annual tech event in the world where hundreds of companies unveil upcoming tech products or services.

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The new cloud-based TV service is similar to Netflix in the aspect of being able to stream on-demand TV content, but PlayStation Vue also allows users to stream live TV without the need of a cable or satellite subscription.

Additionally, there's no need to schedule recordings of live programming, as the service also keeps track of episodes from popular shows that would be available to stream up to three days after it aired.

Sony has gained partnerships with several networks including "CBS, Discovery Communications, Fox, NBCUniversal, Scripps Networks Interactive, and Viacom," entertainment company IGN reports. There were talks about Sony seeking to make deals with Disney and Time Warner as well, but the company is reportedly in discussions with other partners.

Sony initially broke word of the PlayStation Vue when the company launched the service for an invite-only beta preview in November with 75 channels. PlayStation Vue presumably received positive feedback for Sony to want to officially launch the service in the first quarter of 2015.

PlayStation Vue will be available for both PlayStation 4 and PlayStation 3 users, and although the official pricing for the service has yet to be announced, we do know that Sony will be utilizing a month-to-month price structure. 

Tagssony, PlayStation Vue, PS3, PS4, online streaming, Consumer Electronics Show, live TV