UNDATED (CNN) -- Sony is opening a new front in the gaming wars. It unveiled the long-awaited Playstation 4 in New York on Wednesday.

The console has a new controller with a touchpad and "share" button, so users can broadcast their live gameplay to friends.

The company needs to become a trailblazer once again if it hopes to compete with Playstation's rivals -- the Xbox and Wii (prono: wee).

Sony, which hasn't turned a profit since 2008, is hoping to change its fortunes.

The last fiscal year was the worst in the company's history -- partly due to the aftermath of Japan's devastating tsunami, but also because of a weak product lineup.