Sony’s PlayStation 5 Console To Cost $499

Sony’s PlayStation 5 finally has a release date and price tag.

The next-generation video game console will hit stores Nov. 12 — two days after the Xbox Series X’s release — and will retail for $499. The all-digital edition of the gaming system, which doesn’t feature a disk drive and can only play downloaded software, will retail for $399.

The PlayStation 5 is the most hotly-anticipated upcoming gaming console, and will take on Microsoft’s new Xbox in the all-important holiday sales season.

Sony reportedly was forced to lower its pricing after Microsoft earlier this month announced that the Xbox Series X would retail for $499, while the all-digital Xbox Series S would sell for just $299.

The Japanese gaming giant said that the PlayStation 5 will be able to play an “overwhelming majority” of PlayStation 4 games — meaning that the system will launch with a massive library of popular and affordable titles. The Xbox Series X will also have backwards compatibility.

The PlayStation 5 will have an ultra-fast hard drive which Sony says will all but eliminate in-game load times, and will have state-of-the-art processors that will deliver lifelike graphics.

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