After several teasers and mini-events, Sony has finally revealed the price of its much-anticipated PlayStation 5.
It costs $499, putting it head to head with its rival, Microsoft's Xbox Series X, which likewise is going for $499.
The PS5 will be released on November 12 in the United States, Japan, Canada, Mexico, Australia, New Zealand and South Korea. For other countries, it's coming out on November 19. In a footnote, Sony said that China's launch date is still "under exploration."
The Xbox Series X is coming out on November 10, beating the PS5 to market by two full days. Microsoft is also selling a cheaper Series S for $299.
Carolina Milanesi, a tech analyst at research firm Creative Strategies, said the difference in rival devices' release dates won't make much of a difference in sales.
"I think people are pretty much set on which camp they are in. Most people are upgrading from an existing console," she said. "It feels like the smartphone or PC market. You are either an Android or an iPhone user."
Sony has a "digital edition" of the PS5, which does away with the console's disc drive, and shaves $100 off the price tag, bringing it to $399.
Design-wise, the PS5 is a sleek white console with a black trim. It's tall and appears to be thinner than the Xbox Series X. A media remote control ($30), a camera ($60) and headset ($100) will be offered as accessories. Sony has already opened up pre-orders to select customers who can apply for an invite on its site.
Ampere Analysis games research director Piers Harding-Rolls predicts Sony will outsell Microsoft again, reaching 67 million PS5 consoles sold by the end of 2024, compared to an estimated 44 million for the Series X. His estimates are based on previous sales data and taking Sony and Microsoft marketing strategies into account.
Sony has been counting on big exclusive games to attract fans to a new generation of console gaming, while Microsoft's appeal comes from the affordability of the Xbox Game Pass monthly subscription to provide access to loads of games. The Game Pass costs $1 for the first month and then $5-15 per month, depending on the plan.
On Wednesday, Sony teased new upcoming games, including a 2021 sequel to 2018's Game of the Year "God of War" and a new "Final Fantasy XVI," which has generated some buzz on social media.
"Sony is following the same strategy that delivered a resounding success during the PS4 generation," Harding-Rolls wrote in an analysis.
As we get closer to November, the competition between the two companies is heating up.
Sony also revealed a PlayStation Plus Collection subscription service on Wednesday, which gives access to blockbuster hits from recent years, and which sounds like it could compete with the Xbox Game Pass. The service will be available to subscribers of the PlayStation Plus service at no further cost. The subscription charges $9.99 for a single month, $25 for 3 months or $60 for 12 months.