The next-generation video game console will hit stores Nov. 12 — two days after the Xbox Series X’s release — and will retail for $499. The all-digital edition of the gaming system, which doesn’t feature a disk drive and can only play downloaded software, will retail for $399.

The PlayStation 5 is the most hotly-anticipated upcoming gaming console, and will take on Microsoft’s new Xbox in the all-important holiday sales season.

Sony reportedly was forced to lower its pricing after Microsoft earlier this month announced that the Xbox Series X would retail for $499, while the all-digital Xbox Series S would sell for just $299.

The Japanese gaming giant said that the PlayStation 5 will be able to play an “overwhelming majority” of PlayStation 4 games — meaning that the system will launch with a massive library of popular and affordable titles. The Xbox Series X will also have backwards compatibility.

The PlayStation 5 will have an ultra-fast hard drive which Sony says will all but eliminate in-game load times, and will have state-of-the-art processors that will deliver lifelike graphics.

Sony allowed gamers to start making reservations for PlayStation 5 preorders on Wednesday, while Xbox preorders will begin on Sept. 22.

Shares of Microsoft were down 2.3 percent in early morning trading, while Sony stock was flat.