At Sony's PlayStation 5 showcase, the company finally announced the price point and release date for the next-gen console.

The PlayStation 5 console with an Ultra HD Blu-ray disc drive will retail for $499, while the PlayStation 5 Digital Edition without a disc drive goes for $399. Both versions of the console go on sale Nov. 12.

RELATED: Sony Debunks Reports PlayStation 5 Production Has Been Reduced

"The PS5 gameplay experience will be the same, so the choice is all yours," Sony said when it unveiled the two PS5 models in June. "While there are some slight differences in the look of each model, for the overall design, we wanted to deliver a console that’s bold, stunning, and unlike any previous generation of PlayStation."

This latest news comes hot on the heels of a rumor that Sony was slashing the price of PlayStation 5 to match that of Xbox, which is selling the Series S for $299 and the Series X for $499. There was also a rumor suggesting Sony had reduced production on PlayStation 5 due to an issue with a custom system chip, though this was swiftly debunked by the company itself. "We have not changed the production number for PlayStation 5 since the start of mass production," Sony declared in a statement.

PlayStation 5 goes on sale Nov. 12 from Sony.

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Source: Sony