Sony's (SNE) very big video bet a bit late

Sony (NYSE: SNE) hopes to flank Apple (NASDAQ: AAPL) by making a big push into the movie download business [subscription required] onto its new Walkman and Playstation products. In doing so, the Japanese company is basically admitting that it missed the boat on digital music.

According to The Wall Street Journal, the big Japanese company will use its "technology-packed PlayStation 3 and PlayStation Portable videogame machines, along with its Bravia high-definition televisions, to develop products and services to let users download television shows and movies." The risk in the plan is that so many companies have already begun businesses that attack the same market. Apple has video download features on it iPod, but it has been in disputes with content owners over pricing. The Microsoft (NASDAQ: MSFT) Xbox has video capabilities and Amazon.com (NASDAQ: AMZN) and several other companies have introduced video download services of their own.

Sony does have the opportunity to cut deals with content owners that are more attractive than the ones that Apple has negotiated, which may be the company's one advantage. Apple's low pricing for video content has miffed companies so much that NBC has taken its shows off the iTunes download service.

If Sony can combine its video devices with a set of content deals which the industry views as favorable, it may be able to partially overcome being late to the game.

Douglas A. McIntyre is a partner at 24/7 Wall St.