Expected by the end of 2013 in the U.S. and Europe, the PS4 will be priced at $399. The cost will be 349 pounds in the U.K. and 399 euros in parts of Europe.
The company also announced that there is no need to be connected online every 24 hours, as is the case with Microsoft’s Xbox One, and that players can lend and share games.
“When a gamer buys a PS4 disc. They have the rights to use that disc,” Jack Tretton, SCEA chief executive, said. “They can sell it to another person, lend it to a friend, or keep it forever.”
In addition, the PlayStation Cloud Service, managed by Gaikai, that will first allow the PS3 and PS4 to stream PS3 games, will be launched in 2014.