Here's everything we know about the next PlayStation

Just shy of 40 million people own the PlayStation 4. Sony is betting that the remaining 6.96 billion people on planet Earth are holding out for a new version.

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Multiple reports state that Sony is currently developing a new, more powerful version of the PlayStation 4. On Monday, Giant Bomb's Austin Walker revealed the latest scoop: the new PlayStation 4 is codenamed "NEO," is slightly more powerful than the current PlayStation 4, and will cost $399.

PlayStation 4 (with a cat)
Fire Hose Games

We're calling "NEO" PlayStation 4.5, as it's an update to the powerful, massively successful game console that's already loved by millions, not a brand new machine. Here's everything we know so far about the console that Sony's yet to say anything about.

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PlayStation 4.5 will run standard PlayStation 4 games, as well as upgraded "NEO" versions.

detroit, playstation
We can't imagine how good PlayStation 4 exclusive "Detroit" will look when it's powered by a stronger game console! Playstation

Games on PlayStation 4.5 will be prettier and smoother than in the past. PlayStation 4.5 has beefier hardware, enabling games to run at higher frame rates with higher resolutions.

Gran Turismo 6
"Gran Turismo 6" will certainly benefit from a more powerful PlayStation 4. Polyphony Digital
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PlayStation 4.5 can output games and film in 4K, the successor to high-definition. Of course, you'll need an expensive 4K TV to get that benefit.

Tiger in 4K
4K.com

Game makers <b>can't</b> make games that only work on PlayStation 4.5 — all games must run on the original PS4 and the updated model.

Knack
Expect PlayStation 4 launch game "Knack" to run on the new PlayStation 4. Sony Interactive Entertainment
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PlayStation 4.5 is expected to cost $399, $50 more than the standard PlayStation 4.

PlayStation 4 launch
Nam Y. Huh / AP

Games have to be functionally identical on the original PlayStation 4 with the new PlayStation 4. Otherwise existing PlayStation 4 owners would be left in the lurch!

destiny SRL
You can expect to keep playing multiplayer games of "Destiny" with friends on both the old PlayStation 4 and the new one. Bungie
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All peripherals — the PlayStation Camera, PlayStation Move controllers, and the DualShock 4 gamepad — will work on PlayStation 4.5.

PlayStation 4
And that's good, because Sony's PlayStation VR headset launches this October. Sony Interactive Entertainment

All the games you already own, digitally or on disc, will still work on the new PlayStation 4.

PlayStation 4 library
Sony Interactive Entertainment
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It's expected to launch this year, likely ahead of the holiday season.

Ratchet & Clank (PlayStation 4)
This is how good PlayStation 4 games already look. Just imagine the future! Insomniac Games
Gaming PlayStation 4 PS4
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