Sony has officially announced the long-rumored PlayStation Neo, officially dubbed the PS4 Pro, at a meeting held at the PlayStation Theater in New York City.

On Sep. 7, on a live streamed broadcast, Andrew House, president and global CEO of Sony Interactive Entertainment, hosted the 2016 PlayStation Meeting, a meeting similar to that of Apple’s annual keynote.

House first announced the new slimmer PS4 model, which is set to replace the original model.

Compared the original PS4, the slimmer PS4 is 30 percent smaller and weighs 16 percent lighter, and Sony has reduced its power consumption by 28 percent.

Consumers will be delighted to know that this new PS4 still packs the same powerful hardware that the original PS4 shipped with when it was released in 2013.

The new slim PS4 is set to be released in most major markets by Sep. 15 retailing for $299.99.

House then officially announced the new PlayStation console, the PS4 Pro.

The PS4 Pro packs upgraded and more powerful hardware when compared to the original PS4.

The PS4 Pro packs a new graphical processing unit that is more powerful than the PS4 GPU. The GPU also packs new technology based on the Polaris Architecture developed by Advanced Micro Devices Inc.

The PS4 Pro and the PS4 share the same central processing unit, but the PS4 Pro CPU is clocked higher than the PS4, according to Eurogamer.

A faster CPU improves frame rate and makes games run more efficiently during those heightened moments of action.

The PS4 Pro is also equipped with a 1 TB hard drive while the original PS4 is equipped with a 500 GB Hard drive. The space has doubled on the new console.

The PS4 Pro is meant to enhance game play by supporting games to run at a 4K resolution with High Dynamic Range, with the right displays.

4K image compared to a 1080p image

Example of a HDR image.

The current PS4 models and new slimmer PS4 cannot support games that run a 4K resolution, but those consoles can still support HDR visuals.

The company believes in HDR gaming so much that Sony has confirmed that the PS4 is HDR capable, according to PlayStation Blog.

Sony assures their consumers that there will be no preference to either console.

Whether one has the PS4 or the PS4 Pro, its games will offer the same functionality.

The PS4 Pro is marketed to hardcore gamers that want the best experience possible, and also to consumers that have displays that are equipped with a 4K resolution and HDR capability.

Sony is also working with game developers to add PS4 Pro support to previously launched games. “Uncharted 4” is a game that is said to be patched to support the enhanced graphical fidelity of the PS4 Pro.

The PS4 Pro is set to be released on Nov. 10 retailing at $399.99.

“The PS4 Pro will sit alongside and compliment the standard PS4,” said House.