SONY'S NEW $500 PLAYSTATION 5 WILL LAUNCH NOV. 12

Sony’s upcoming PlayStation 5 video game console will cost $500 and launch Nov. 12, the company said Wednesday, setting up a holiday battle with Microsoft’s Xbox Series X over whose new console will turn up under more trees this year.

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Video game fans have been chomping at the bit for the new consoles, and not just because they’ve been stuck inside since March. The roughly 7-year life cycle of a video game console has been nearing an end. Both predecessor consoles, the Xbox One and the PlayStation 4, launched in 2013.

The new consoles promise faster load times, souped-up graphics, and new games. Sony’s console is also more expensive this time around; the PS4 launched for $400 in 2013.