Last week, we told you about a Wall Street Journal report that indicated PlayStation 4 will stream games , at least in the form of PlayStation 3 titles. Today, the Wall Street Journal has more to say about that, as well as PS4’s pronounced interactivity with social networks.

Since the acquisition [of Gaikai in July of 2012 for $380 million], Sony has been investing heavily to prepare Gaikai’s technology to enhance its new console, the people familiar with Sony’s plans said. Sony has been preparing the technology to be used to allow users to play current PlayStation 3 games on the device, making a broader array of titles available at the outset, these people said. The new device is also expected to play new games stored on optical discs.

The new PlayStation also will allow players to share achievements on social networks through smoother links to Facebook or Twitter, while also enabling aspects such as sharing footage of game play online through YouTube, people familiar with Sony’s plans said. Sony’s new console may also allow users to compete against others using different hardware, such as smartphones and other portable devices, those people said.

Microsoft, while it has tested cloud gaming, is putting greater emphasis on software that allows the Xbox to interact with mobile devices like Apple’s iPad. The company is also planning to create new interactive TV content to be played on its consoles, after opening up a new production studio in Southern California.

In terms of Gaikai, WSJ says this:This is in line with what we heard about a few days ago, except it basically confirms what we had already assumed: the major purchase of Gaikai was executed specifically to “enhance” the PlayStation 4 (or whatever Sony’s next PlayStation will be called).But there’s more interesting news. Wall Street Journal’s sources indicate that PS4 will interact heavily with social services, and will allow direct video upload to YouTube, straight from the console. You may even be able to "compete" with players on other hardware, though what that specifically means remains to be seen.Interestingly, WSJ notes that Microsoft -- Sony’s competitor in the next-gen console gaming space -- is taking a different tact.The expected reveal of PlayStation 4 will occur on Wednesday, February 20th in New York City. IGN will be in attendance, and you can watch our full PS4 reveal live stream to get in on the action before, during and after the event.

Colin Moriarty is an IGN PlayStation editor. You can follow him on Twitter and IGN and learn just how sad the life of a New York Islanders and New York Jets fan can be.