At the end of last month, Sony launched a direct pre-order opportunity for fans towards the highly anticipated PlayStation 5. What we didn’t know at the time was the price, launch date or specs for the new flagship gaming console. Yesterday, during a special PS5 event, the company unveiled a bunch of that info and gave us a look at some top notch gameplay. We’ve broken down the five most important takeaways for you below.

Launch Price and Date

Sony finally announced the launch date and price of the PS5. The PlayStation 5 releases for $499.99 while the PlayStation 5 Digital Edition drops for $399.99. There were leaked prices on the internet before the announcement that suggested this price range and now they’ve been confirmed. Both consoles officially release on November 12 in the United States, Canada, Mexico, Australia, New Zealand and South Korea. The rest of the world will release the console on November 19.

PlayStation Plus Collection

If you own a gaming console, you are probably familiar with all the extra charges and memberships required to gain access to online multiplayer play. Sony’s PlayStation Plus powers their PSN to allow gamers to play against one another. For PS5, a new PlayStation Plus Collection subscription service will launch in November that allows players to play old PS4 titles on their PS5. The initial launch titles include: God of War, The Last of Us: Remastered, Uncharted 4: A Thief’s End, Battlefield 1, Monster Hunter World, Fallout 4, Final Fantasy XV, The Last Guardian, Ratchet and Clank, Infamous: Second Son, Days Gone, Bloodborne, Detroit: Become Human, Batman Arkham Knight, Mortal Kombat X, Persona 5, Until Dawn and Resident Evil: Biohazard.

Backwards compatibility

This was up in the air for a while but it’s now confirmed that you’ll be able to play your favorite PS4 title even on the new PS5. Unfortunately this doesn’t apply for the PS5 Digital Edition because it doesn’t have a disc reader. Sony Interactive Entertainment CEO and President Jim Ryan said in an interview with the Washington Post that thousands of games were tested for PS4 backwards compatibility and 99% can be played on the next console.

The PS5 is huge

If there’s one negative to the new system, it’s the fact that you have to make a ton of room for it. The PS5 will be the largest gaming console ever put out onto market. Measuring 15.4 inches tall, 10.24 inches deep and 4.09 inches wide, the system will need a ton of space in your entertainment center. And the “slimmer” Digital Edition is only 0.47 inches thinner. Not to mention, the PS5 will weigh in at 9.9 pounds while the Digital Edition is 8.8 pounds.

Games cost more

Current games for the PS4 launch for anywhere between $29.99 to $59.99. Titles for the new PS5 will cost $10 more and retail for $70. While this is to be expected, with all the new accessories and higher price points, it all adds up. Start saving before November.

Unfortunately, all the pre-orders opened yesterday and madness ensued, ensuring quick “sold out” signs across all channels like Amazon, Walmart, Best Buy, Target, Gamestop and more. Keep your eye out for more pre-order opportunities down the line. For more information, visit Sony’s official PS5 website.

Photo via Sony