The music hardware giant, Sony Corporation has announced that, it will be launching an all new online music store, called Sony Online Service, that will be one stop store for music, videos and other multimedia entertainment files. The Sony Online Service is being viewed as a stark competitor to the Apple iTunes, that has so far led the domain of online music stores.

The all new service from Sony was announced at Sony’s management strategy meeting in Tokyo, Japan and the service is expected to have some similarities to iTunes, that has been taken as the platform on which Sony Online Service has been designed.

Sony plans to the integrate its on PlayStation network, a services that provides the PlayStation gamers with an online environment where they can play the multi player modes of their favorite titles. The PlayStation network is currently comprised of more than 33 million users world wide.

According to a report published by Sony Corporation,

“Sony will try to differentiate its service from iTunes. One example: Users will be able to upload videos shot on camcorders, save photos taken with digital cameras, and post other digital content to their personal online accounts. That’s how Google’s suite of Net-based services (such as YouTube video-sharing and Picasso photo site) works. At some point down the road, Sony would consider letting independent software developers create applications for the service, much the way Apple does for its iPhone.”

Sony has long been facing financial crunch especially in its two most prominent divisions, TVs and video games. Due to the global economic downturn and the high prices of Sony electronic appliances, the company has witnessing a substantial loss in its revenue and profits. The all new online strategy developed by Sony management is the only shot that, the company can pin its hopes on for a recovery.

Via Electric Pig.