PlayStation 4 Gets Major Upgrade

(RTTNews) - Japanese tech giant Sony Corp. (SNE, SON.L) has confirmed speculation that it is developing an upgraded version of its PlayStation 4 video game console.

Andrew House, president and CEO of Sony Interactive Entertainment, told the Financial Times that the PlayStation 4 Neo, the rumored name for the high-end version of PS4, is under development.

While House did not announce a release date or price for the new version of PS4, he said it would be more expensive than the current $350 model. He also said that the new system will not make its debut at E3.

According to the CEO, Sony wanted to make sure that there was a full range of the best experiences on the new system that could be showcased in their entirety when the new version is unveiled.

The PS4 Neo is meant for hardcore gamers and consumers with 4K-ready television sets. The new system is intended to "sit alongside and complement the standard version of PS4."

"We will be selling both [versions] through the life cycle," House said.

In response to concerns that developers would have to create two versions of each game for the two hardware variants, House said that all games will support the standard PS4 and the company anticipates all or a very large majority of games will also support the high-end PS4.

Both versions of the PlayStation 4 will support Sony's virtual-reality headset, PlayStation VR, which is due to launch later in October.