The PS4 release date was announced by Sony today at Gamescom 2013 in Cologne, Germany. Though previous rumors and speculations were pointing to an October release, leading up to the annual consumer electronics convention Sony made it clear that Gamescom would be its reveal venue of choice. After Sony discussed a new UI, 15 new games, PlayStation Vita content, PS3 upgrades, and development freedom for indie game makers, we can finally say with all certainty that the PlayStation 4 release date is NOVEMBER 15.

Following the PS4 showcase, Sony will be hosting a live panel to discuss the role of narrative and storytelling in games with input from Worldwide Studios President Shuhei Yoshida, Beyond: Two Souls director David Cage and Assassin’s Creed writer Darby McDevitt. You can live stream it here.

Features and functions for the next-gen PlayStation console are as follows:

PS4 Specs

PS4 will run relatively standard PC hardware. It will have x86 processor, a customized graphics processor and GDDR5 memory. PS4 will be capable of 170GPBS bandwidth and will include a Blu-ray/DVD drive, as well as USB 3.0, Ethernet and Bluetooth. The PS4 eye accessory will have two cameras and four microphones and be capable of 1280 x 800 video at 60fps, 640 x 400 at 120fps and 320 x 192 at 240fps.

PS4 Features & DualShock 4 Controller

PS4 allows background uploading and downloading. Meaning that the console can both update itself and download games while still being played. You will also be able to stream your game play sessions and create quick video clips to send to friends and share with the PS network. PS4 also allows the ability to stream games instantly. The spectation feature allows you to share your game session and allow friends to take over your control. PS Vita can be used to play remote sessions of PS4 games.

The PS4 will be controlled by DualShock 4 controller with a touchpad, share button, lightbar and headphone jack. The lightbar syncs with a camera on the PS4 that allows the console to track the depth similiar to Wii.

Price:

The PS4 is priced at $399 which isn’t really that bad when you think about it. The Xbox One, Sony’s rival console in the gaming world, is priced higher than the PS4 for the first time since either platform rivaled the other and comes in at $499. In a blatant attempt to curtail talks of being overpriced, Microsoft announced at Gamescom that it will be giving away a free copy of FIFA 14 to Europeans who pre-order the device today. They’re also trying to push the internal developers kit for indie publishers, which is perfectly fine in its own right but appears to be a drastic attempt to make its cost look not overly exaggerated.