Speaking at an event in New York, and in front of millions across the internet, Andrew House, the group chief executive of Sony Computer Entertainment, said:
"Today marks a moment of truth and a bold step forward for PlayStation as a company.
"Today we'll show how we are strengthening the PlayStation ecosystem.
"Today we will give you a glimpse into the future of play."
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She told reporters: "I don't think it's fully sunk in how really bad that could have been, I know it's not the right decision."