Sony is reportedly gearing up to launch an online portal for digital entertainment. The new store, named Sony Online Service, will sell music, movies, and books along with other downloadable applications for mobile gadgets. The company's new service will enter into a competitive market, with Apple's iTunes and many other digital content providers.

The Sony Online Service will bring much needed change to the company's portfolio. Chairman and CEO Howard Stringer has sought after a software strategy since taking over in mid-2006, and analysts believe the company has been too focused on hardware, saying "it has to focus on networked products [and] delivering digital entertainment to consumers."

Sony hasn't disclosed any hard details, but the Sony Online Service is supposedly going to be based on the PlayStation Network. The service is also expected to allow users to upload content, such as videos or images, and Sony may let third-party developers create apps for the store.