PS fanatics rejoice with the news of the PS4 now capable of taking in old PlayStation games. All thanks to the PS Now, that is!

The PS Now is Sony's cloud-based service that allows for PS3 game streaming to the PS4 game console. The company has acquired Gaikai a couple of years ago and is now using the Gaikai streaming service to their advantage.

"PS Now will deliver a variety of popular PlayStation®3 (PS3TM) game titles*1 first on PlayStation®4 (PS4TM) and PS3 systems, followed by the PlayStation®Vita (PS Vita) system," the document read.

"In addition to PlayStation platforms, most 2014 U.S. models of Sony's BRAVIA® TV*2 lineup will support PS Now," it continued.

Gamers who have already purchased disc-based titles and even titles purchased online will not necessarily have access to the said games via PS Now.

"According to Sony, gamers who own disc or digital-based games will not have access to those games via PS Now free of charge," says Erik Kain, who has personally contacted the company with regards to the matter.

It seems that Sony nor PS Now is able to keep track of purchase history and thus, cannot give gamers free access to titles that have already been purchased.

PS Now will also enable game streaming to TVs, as mentioned above, and smartphones. The company did say that the service will somehow "expand beyond PlayStation platforms and Sony devices, allowing users to stream PlayStation games on numerous other Internet-connected devices."

Sony's cloud-based service will not be for free, though. The PS Now offers gamers several options including rental by title or a subscription service that allows gamers to "explore and play many games available across a wide variety of genres."

No titles have been released as of date though the company did mention that CES attendees get to tinker with PS3 titles such as "BEYOND: Two Souls, God of War: Ascension, The Last of Us and Puppeteer from SCE Worldwide Studios."

PS Now will hit US PlayStation platform owners by summer of this year.