In a segment about the PlayStation 4 on CNBC, Sony Computer Entertainment America president and CEO Jack Tretton was asked about the business model of game consoles and whether that's changed in the past few years.

"I think people are willing to pay if they see the value there," said Tretton. "And I think there's more choice than ever before for consumers. We're going to welcome free-to-play models, games from $0.99 up to those $60 games. But if you really see where the heat is for the true gamer it's on the console and it's still that big-form experience that typically runs upwards of $50 million to develop and we'll justify that $60 price point..."

Continuing, Tretton believes that "people migrate up the food chain" from mobile games to the types of larger titles you'd see on PlayStation 4. "Conversely, if you're somebody who considers themself a true gamer and wants to play the most powerful devices and the most deep and rich in gaming experiences, you're not going to find yourself migrating down the food chain other than to maybe kill some time or to complement that core gaming experience."

Expect Sony's PS4 This Holiday Season: Sony Exec [CNBC]