Recently, Sony revealed some information on its highly-anticipated PS4 gaming console, which the Japanese company intends to release in time for Christmas this year. More news suggests that PS4 games will be priced in the $0.99 to $60 range.

SCEA president and CEO Jack Tretton believes that the "true gamer" still favors consoles and "big-form" experiences. A high price point of $60 will justify "hours and hours of gameplay on a daily basis for months and years to come."

"People are willing to pay if they see the value there and I think there's more choice than ever before for consumers. We're going to welcome free-to-play models, games from $0.99 up to those $60 games," said Tretton.

Sony confirmed on Feb. 20 that the successor to PS3 will be released in Q4 of this year. PS3, launched in November 2006, has carved a place in the hearts of many gamers and the successor, PS4, is one of the most-anticipated gaming consoles of 2013.

Several games have been announced for the PS4, among them Activision and Bungie's Destiny, Blizzard's nine-month-old "Diablo III," "Ubisoft's Watch Dogs," and the next games in the "infamous" and "Killzone" series.

Recent reports suggest that all 12 Sony studios are focused on making PS4 games.

"Is it fair to say that all of the first party studios are working on PS4 games?" said Shuhei Yoshida, president of Sony's Worldwide Studios.

It has been a long wait, as Sony will release the successor of the PS3 after a long gap. Even now, gamers will have to wait for another two quarters before they can lay their hands on the next-generation gaming console from Sony.