Virgin used to be a big name in games back during the 16-bit console and CD-ROM era. Richard Branson reportedly wants to open up a new front in the industry for his company, though, and the details are being locked and loaded for an expected E3 presentation. In addition to describing the service, which is expected to pilot a new format for online competition on major consoles and PC, Virgin will be collecting partnerships with publishers and content owners.

The new system will be "online-only and again challenge-based, possibly built on a technology acquisition," according to the report on MCV.

Whatever the specifics are, you can bet if Branson himself shows up to E3, he'll be there to go big or go home. And the time it takes to cross an ocean and a continent is long enough that even as one of the richest men in the world, you can bet he'll opt for the prior choice.

Virgin itself has been silent on the subject, but Industry Gamers claims to have corroborated the MCV report with an anonymous source. If the mystery project expands across platforms and publishers, it's likely that quite a few other high-profile names are aware of it, too, and under NDA for the time being.

Do you think gaming could use a new competition system, as described in the MCV report? Do you think Virgin is the right company to set it up? Share your opinions in the comment section below.

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