As promised, Sony is taking games old and new to the cloud with PlayStation Now , a new online streaming platform unveiled at CES 2014. Users will be able rent games — or pay a subscription fee to play a "range of titles" — for their PlayStation 4, PS3, PS Vita, tablets, smartphones, and even Sony Bravia TVs as soon as this Summer.
This means that both new titles and classic hits will be available for all PlayStation gaming machines and a variety of other platforms, which is good news for fans who want to play retro games on the latest consoles. Unlike the Xbox One, which is not backwards compatible, PS4 owners will get to play older PlayStation games on their machines. Two games confirmed for the platform are The Last of Us and Beyond: Two Souls.
Like streaming music from Spotify or watching movies from Netflix, you'll be able to play video games across multiple devices with PlayStation now. The Internet-enabled 2014 BRAVIA TV lineup will also be compatible with the new game streaming service.
Source: Sony 
The platform will be accessible through your Sony Entertainment Network account, which will store your games and progress across all devices. The Beta program for PlayStation Now begins in January and will roll out to all US customers this Summer.