Attendees walk past the Sony Playstation booth during the E3 gaming conference on June 5, 2012 in Los Angeles, California. - 

Sony is holding a big event in New York on Wednesday and the company is expected to unveil its newest PlayStation video gaming system. We may learn some of the long-awaited details and specs of the device. Some analysts are hoping to find out the price and release date, as well.

Sony hasn't released a new PlayStation in more than five years and the same goes for Microsoft's XBox. Mobile gaming has grown in popularity. And then combine those two factors with the consumer spending slowdown of the Great Recession.

"My research suggest that the number of game consoles sold in 2012 worldwide declined over 20 percent," says Lewis Ward, a gaming analyst at IDC.  
Ward expects sales will pick up again in 2014. In the meantime, mobile games like Angry Birds and Minecraft will continue to gain popularity.

Michael Pachter, a gaming analyst at Wedbush, says while gaming on consoles is declining, consoles are moving into the realm of "smart TV"  -- the next big battleground in tech.    

"Right now the consoles allow you to stream Netflix, access a storefront that'll let you watch a TV show on demand," he says.

Pachter says don't be surprised if the new PlayStation offers Sony movies and music along with games.