After months of anticipation, Sony finally announced the price and release date for its next-generation PlayStation 5 during its major console showcase event today. While the console manufacturer did not announce when fans can begin to pre-order the $499 PS5 during its event, Sony announced via Twitter that pre-orders will be available "at select retailers" starting tomorrow.

This pre-order date also applies to the $399 digital-only version of the PlayStation 5. Both consoles debuted alongside accessories during Sony's "Future of Gaming" livestream event in June, which showcased titles like Insomniac Games' Spider-Man: Miles Morales, Guerrilla Games' Horizon Forbidden West, and Bluepoint Games' remake of From Software's Demon's Souls.

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On top of further showcases and gameplay for titles like Miles Morales, Sony also debuted new titles today including Final Fantasy 16 and the long-anticipated Harry Potter RPG Hogwarts Legacy. All-and-all, Sony has an eclectic line-up of games prepared for this console's early life, which may help encourage prospective buyers who are still on the fence.

Sony's event today comes right off the heels of Microsoft revealing that the $499 Xbox Series X and its smaller-scale $299 Xbox Series S will be releasing on November 10. The design and retail price of the Xbox Series S were originally leaked this month, and Microsoft responded with memes before making the announcement official. After that, it confirmed details regarding both consoles on September 8, and questions about how Sony would respond have persisted since.

It has also been announced that pre-orders for the Xbox Series X and S begin September 22, which means Sony has slotted itself well ahead of its competition on the grounds of pre-ordering. However, its console will launch after the new Xbox set, with Sony confirming it will release November 12 in select regions and November 19 elsewhere.

Complications due to the ongoing coronavirus pandemic have led to delays on a number of fronts, such as 343 Industries pushing off the release of Halo Infinite — originally believed to be a console seller for the Xbox Series X. However, Sony is still reportedly looking to meet demand this holiday season by shipping PS5 units via air freight to the United States.

The Japanese tech conglomerate faced allegations yesterday that it would be cutting its PS5 production by four million units due to issues with custom-designed chips, but Sony denied these reports saying it has not changed its numbers "since the start of mass production." With pre-order dates set for both next-generation consoles, now time will tell whether industry speculation that the PS5 will outsell the Xbox Series X holds true.

The PlayStation 5 releases November 12.

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