As Microsoft and Sony position their next-generation consoles as total entertainment devices for the living room, both companies know that live television is an important part of that initiative. Though individual apps have allowed live events such as concerts and UFC pay-per-views to be viewed on consoles, live TV is still an area cable boxes dominate.

Sony is hoping to change that, however, and today released a “Live Events Viewer” app for the PlayStation 3. The app will appear after a PlayStation Store update scheduled for later today. The Live Events Viewer will need to be downloaded by PlayStation owners, and can be found in the Apps section in the PlayStation Store.

Sony is promising that live concerts, sporting events, and “other entertainment events” will be offered through the Live Events Viewer app. Some live events will be streamed free, while others will be offered on a pay-per-view basis. In addition to live content, Sony stated the app will also have on-demand offerings such as concerts, “races,” and wrestling. The app will get weekly updates.

As its first live promotion for the Live Events Viewer app, Sony is encouraging PlayStation 3 owners to purchase the app’s first big “sporting” event – the WWE‘s SummerSlam. The wrestling pay-per-view will be held this coming Sunday and costs $45. A WWE press conference for the event was held today at the Beverly Hills Hotel: