PlayStation TV will be released in the US as well as in Canada in Europe this fall.

The tiny streaming box will cost $99 by itself, but will be sold at $139 for a bundle that includes a controller, an 8 GB data card, an HDMI cable, and a copy of "The Lego Movie" game.

The new device will also rival systems including Apple TV, Roku, and Google Chromecast - all of which let users stream content from other devices to their home TV.

PlayStation TV was launched last year as PS Vita TV in Japan, will let users play games on a TV that is not connected to a console. Sony's device also streams TV shows and films.

According to Mashable: "The device itself shares nearly identical specs as the PS Vita, which means a quad-core processor, 1GB of internal memory and supported output of 720p/1080i."

"It also supports Bluetooth 2.1, 802.11n Wi-Fi and Ethernet. Although most streaming boxes support 1080p video output, the PlayStation TV matches up in nearly every other spec."

The timely release of PlayStation TV follows that of Microsoft's Xbox One which is described as an "'all-in-one entertainment system for a new generation."

Sony unveiled the new hardware during the opening day of the E3 video game convention in Los Angeles.

"The PlayStation TV has the potential to be a truly solid living room companion, especially if you're interested in games," said an article in Mashable.

It further added: "Although other set-top boxes - notably Amazon's Fire TV - have game libraries - they aren't as focused or as vast as what is available for the PSP, PS Vita and PSNow. As a result, the PlayStation TV has an opportunity to sell itself as an inexpensive game console that plays "real" games (as opposed to games designed for mobile devices and touch screens with ad hoc controller support) that can also play content."

Are you excited for the PlayStation TV launch? Will you buy it?

Stay tuned to Kpopstarz for more tech news and updates on the PlayStation TV.