Sony Corp. said it plans to shutter its PlayStation Vue streaming television service early next year due to intensifying competition, as technology and media companies inundate consumers with video options.

The service, which launched in 2015 and lets users stream and record live programming through PlayStation 4 consoles and devices from Roku Inc., Apple Inc. and others, will be discontinued in late January, the company said Tuesday. Going forward, Sony said it would focus on its core gaming business.

“Unfortunately, the highly competitive Pay TV industry, with expensive content and network deals, has been slower to change than we expected,” the company said in a statement.

When PlayStation Vue made its debut, Sony faced minimal competition in providing consumers an opportunity to view live television and cable channels without having a subscription to a cable or satellite TV provider. Sling TV, now part of Dish Network Corp., in January 2015 became the first streaming service with major live networks.

But today there are more than a dozen television-streaming services on the market such as Hulu, YouTube TV, FuboTV and others. More streaming services are also slated to run out in the months to come from the likes of Apple, Walt Disney Co. and AT&T Inc.’s WarnerMedia. Not all offer live television, but the wider array of services has meant that consumers are faced with more options for online video entertainment than ever before.