Sony CEO, Howard Stringer, confirmed that Playstation 3 game console which was supposed to be in the shops later this spring, will not now be around until the end of the year.

Sony's new PlayStation 3 was widely expected to be introduced this spring, but will be delayed as the company fine-tunes the chips that are crucial to the success of the console's Blu-ray function.

The PlayStation 3 is vital to Sony's plans because it plays Blu-ray discs as well as videogames.

Sony will roll out the PS3 by year end, in time for the holidays. If PS3 "delivers what everyone thinks it will, the game is up," Stringer said in an interview with technology Magazine Variety.