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SNE $14.94 cl<> Sony Corp. is planning to unveil its next-generation home videogame console during a February event, showing off the highly-anticipated successor to its current PlayStation 3 system.

The Japanese electronics giant Thursday unveiled plans for a special PlayStation-themed event set for Feb. 20, teasing fans to "see the future" at the event. People familiar with the matter have said the new device will make its debut there, beating Microsoft Corp. to the punch in announcing its own next-generation game machine. Sony's device will be released later this year, these people said, and will spar against Microsoft's own machine, which is also expected to be released by the holidays.

Sony's updated console's arrival comes as the console videogame industry has entered a tailspin. Sales of new videogames, consoles and accessories at U.S. retail shops fell 22% in December when compared with the same time a year prior, according to surveys by industry watcher NPD Group.