The PS4 will launch on November 15 in North America and on November 29 in Europe according to an announcement made by Sony at yesterday's Gamescom.
Sony will launch the system in 32 countries worldwide and will be $399 U.S. and £349 in the UK. In addition, the console's predecessor the PS3, will have its priced lowered to $199.
"We have always been committed to making next generation products but now we're increasingly focused on making those products for next-generation gamers," said Jim Ryan, President and CEO of SCEE reports the Telegraph.
The Playstation 4 will also have a number of notable launch titles available for the console's release. The gaming giant showed off trailers for Rime, Grand Turismo 6, Minecraft, Assassins Creed IV: Black Flag.
Microsoft did not reveal a date for when the Xbox One would debut, and remain firm with their $100 price difference with the PS4.
"Sony's undercutting of the Xbox one price creates a real challenge for Microsoft in creating a perception of value, as Microsoft's announcement of a FIFA 2014, and possible Call of Duty: Ghosts, bundle may not be enough to overcome the price gap in a direct comparison," said DuBose Cole, media strategist at Mindshare UK to the Telegraph.
Sony also announced new indie games for the PS4 and PS Vita at Gamescon in their attempt to remain an indie friendly company.
Rogue Legacy will be making its way as a Playstation 4 exclusive, and both the console and the Vita will be getting a new version of The Binding of Isaac (Rebirth), reports Engadget.com.
Hotline Miami 2 and Guns of Icarus Online will be making their console debut on both systems.
Phil Fish, creator of Indie game Fez, spoke on PS4's opportunities for indie games.
"PS4 seems to be doing everything right. It's too early to tell how everything is going to unfold but their heart definitely seems to be in the right place. Which is a weird thing to say when talking about giant monolithic corporation, but there's a handful of people working at Sony today who are really trying to do some good. And whether or not I would develop for it comes down to how the platform holder treats me. With Microsoft they've made it painfully clear they don't want my ilk on their platform. I can't even self-publish there. Whereas on PS4, I can. It's that simple. Microsoft won't let me develop for their console. But Sony will," he said to Polygon.