Sony Computer Entertainment launched the much awaited cloud-based TV streaming service called PlayStation Vue on Wednesday, March 18.

According to KdramaStars, the Japanese tech firm announced the new TV service in November 2014. It is expected that the launch of the latest cloud-based TV streaming system, which converts the PlayStation gaming console into a multipurpose entertainment device, would pose stiff competition for Netflix as well as the cable companies.

In fact, Sony PlayStation Vue will offer TV enthusiasts a new means to watch their favorite shows, as now they will not be required to pay expensive cable costs. On the other hand, they can now opt from the three different channel packages having different price ranges.

The Examiner reported that Sony had a soft launch for Vue on Wednesday, making it accessible for download only in New York, Chicago and Philadelphia. However, an FAQ on Sony's official website claims the new service will be available in other cities soon. It stated that, as of now, Vue can be put to test by users only in the three major markets.

Meanwhile, LA Times reported that Vue will present popular networks like CNN, CBS, Fox, Cartoon Network, Comedy Central, NBC, TBS, Food Network, in addition to Discovery Communications channels, including Animal Planet.

With the launch of PlayStation Vue, Sony is expecting to target budget-conscious adults, gamers and others who reside in the 10 million homes in the United States and still do not have a pay-TV subscription. In addition, currently the Japanese tech company is also working on an app to make the new service available to Apple iPad users.

The users can avail a seven-day free trial, after which they can consider availing a basic "Access" Vue, priced at $49.99 per month along with offers over 50 premium channels. The "Core" package comes for $59.99 a month and it includes the Comcast Sports Net and Golf Channel, but no ESPN.

Users can access the "Elite" package for $69.99 a month. "Elite" comes with more cartoons, movies and sports and also offers VH1, MTV and the CMT Pure Country channel.