Tech giant Sony recently confirmed that it is pulling the plug off of the Sony PlayStation TV microconsole after just two years of marketing. Sony said that it will no longer ship the PlayStation TV to the European region and in the United States.

Following the announcement, a Sony spokesperson told CNet, "PS TV shipments were terminated at the end of 2015 in SCEA [Sony Computer Entertainment America] and SCEE [Sony Computer Entertainment Europe]. Shipment is still continuing in SCEAsia (as of the end of February 2016), and we have nothing to announce regarding the timing of termination."

Sony released the PlayStation TV in the US market sometime in 2014. The microconsole aims to integrate the functions of an entertainment box on several separate rooms. It also allow gamers to play and stream all PlayStation 4 titles to any TV as long as they are connected to the home network.

Despite its interesting features, the PlayStation TV did not sell well in the U.S. The main issue about the microconsole stems from its lagged Wi-Fi connection. It also has limited support for High Definition contents.

Since the release of PlayStation TV, competitors like Apple TV, Amazon Fire TV and Nvidia Shield went on to overshadow the microconsole from Sony by releasing reliable service and better contents.

 Many tech analysts believe that Sony formally close the PlayStation TV brand in the months to follow. The microconsole can only play limited number of Vita games, PlayStation 1 titles and through Remote Play. As a media hub, the PlayStation TV is a mediocre device when compared to some of its competitors.

According to Engadget, Sony tried to make the PlayStation TV more appealing to consumers by heavily slashing its price tag months after it was released. Despite this desperate marketing move, the Sony PlayStation TV failed to capitalize in the market.

Some market analysts believe that closing the Sony PlayStation TV brand is part of the company's effort to recover from recent financial troubles. It is no longer a secret that Sony is experiencing some serious monetary problem and it is only logical to pull the plug off a product that is not bringing in money into the coffers.