After months of rumors of this updated version to the Playstation 4 titled the Neo, these rumors have been confirmed true, but yet don't expect to see the Playstation 4 Neo anytime soon, and don't feel the need to upgrade your pre-existing console.

In an interview with The Financial Times, president and global chief executive of Sony Interactive Entertainment, Andrew House revealed the Playstation 4 Neo is indeed real, and will cost more then the standard Playstation 4 and its price point of $350, however the Neo will not be a replacement, instead this system has been designed to sit alongside the current model. So the fanbase should not be annoyed. House shared:

“It is intended to sit alongside and complement the standard PS4. We will be selling both [versions] through the life cycle.”

So when can we expect to see Sony's updated console? Well, that currently lies in mystery, while many assumed E3 House has confirmed this will not be the case and currently he refuses to give an expected announcement date. However he has clarified upon why it will not be shown at E3 stating:

“We want to ensure we have a full range of the best experiences on the new system that we can showcase in their entirety.”

House also shared some details about the Neo and the current console that we already knew about, but still he stated that all games will support both consoles, and both consoles will support the upcoming Playstation VR.

When it arrives the Playstation Neo will be sold for a profit at launch, this is rather then Sony losing money on the console with the hopes of creating profit through software, the Playstation Network, and platform fees.