Can New Consoles Revive the Ailing Gaming Industry

Later today, Sony is expected to finally announce the release date of its new gaming console, the PlayStation 4. Sony will hold a press conference at the world's largest video game expo Gamescom, which annually draws hundreds of thousands of gamers to Cologne, Germany.

Ever since both Sony and Microsoft officially unveiled their new consoles at this year's E3, video game enthusiasts around the world have been waiting for information on when they can get their hands on the new hardware. But it's not only the consumers that can't wait for the new consoles to arrive. The video game industry is in desperate need of a momentum shift, as both hardware and software sales have continuously plummeted over the past few years. Between July 2010 and July 2013 video game hardware and software sales in the U.S. dropped 68 and 48 percent, respectively, a testament not only to the increasing shift to digital gaming content but also to the lack of excitement the current generation of consoles is able to spark after seven years on the market.

Nintendo's Wii U has thus far failed miserably to put the spark back in the gaming industry. Now it's time for Sony and Microsoft to bring out the big guns.