The Wall Street Journal writes today that Sony is planning to go head-to-head with Apple's movie and television download iTunes service, readying its own internet enabled video store. The report indicates that Sony will capitalize on the technology built into the PLAYSTATION 3, PSP and Bravia televisions to carve out a slice of the video download market. Sony won't, however, put its focus on music sales, nothing short of admitting defeat to iTunes prowess with digital music downloads.

You may recall that the Financial Times issued a similar report on Sony's intention to shoulder its way into the digital video download space last December. Looks like Stringer and company are taking their sweet time with whatever digital distribution platform they have planned. Given that the company made a Big Deal at Games Convention over its Sky and PlayTV features for the PSP and PS3, a worldwide video download service seems closer to reality than ever.

Say, maybe some of that nearly $3 billion in cash resulting from an IPO on its insurance division will help fund such a venture.

Sony to Challenge Apple In TV, Movie Downloads [Wall Street Journal]

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