Sony held its live event today and has officially announced that the PlayStation 5 will cost $499.99 USD while the Digital Edition will be priced at $399.99 USD. Both versions of Sony’s next-gen console are slated to launch on November 12.

In retrospect, the PlayStation 4 originally landed at $399 USD and its Pro model sold for the same price a couple years later. The backwards compatibility feature of the PS5 allows for users to still play their PS4 titles, although there is a limited amount of games reported so far.

As of now, there is no word of preorder details but one can expect an official announcement soon.