CES 2014 is underway, and while most of the focus is on gadgets and top tier tech, Sony made a doozy of an announcement today. PlayStation Now is a term you’re going to want to get familiar with as it’s the name of Sony’s upcoming cloud-based gaming service.

Remember when Sony bought Gaikai way back in 2012? That purchase is about to pay off with PlayStation Now as gamers will soon be able to stream titles from the cloud straight to their console. If you’re thinking it’s a PlayStation 4 exclusive, you thought wrong. PlayStation Now will stream PlayStation, Ps2, and Ps3 games on your PlayStation 4, Ps3, and PS Vita along with several of Sony’s 2014 Bravia TV sets. The service will also stream to tablets and smartphones although no specific devices were mentioned.

As cool as PlayStation Now seems every service comes with a price tag and PlayStation Now is no different. While no pricing has been announced, we do know the service will let users rent streaming games or buy a subscription which would allow them to check out several different titles per month ala Gamefly. PlayStation Now covers almost everything except one of the most important things… your PSN games. At this time, you will not receive credit for any games you own or have purchased via PSN. Not a deal breaker, but it is disappointing unless Sony decides to implement PSN games at a later date.

As you can imagine, this is just the start of things and more devices will have PlayStation Now compatibility as things progress. The service is scheduled to start a closed beta later this month, and a full rollout is expected this summer. PlayStation Now will be available for Ps4 users first, with other systems set to follow.