The PlayStation 5 starts at $400 and will launch on November 12

The PlayStation 5 starts at $400 for the Digital Edition, but the PS5 with a disc drive costs $500. Both will be available starting on November 12.

• Sony's next-gen game console, the PlayStation 5, will arrive on November 12 in select territories, with worldwide launch coming on November 19.
• The PlayStation 5 starts at $400 for the Digital Edition.
• There are two versions of the console: One with a disc drive, and one without. The disc-based console costs $500.
• Visit Business Insider's homepage for more stories.

The PlayStation 5 is nearly here: Sony's next-gen PlayStation console arrives on November 12, and starts at $400.

The Japanese electronics giant announced the long-awaited details during a livestream on Wednesday: The console will arrive in North America, Japan, Australia, New Zealand and South Korea on November 12. Its worldwide launch is scheduled for November 19.

The Digital Edition of the PlayStation 5 costs $400, while the version with a Blu-ray disc drive costs $500.

Though the two consoles are capable of powering the same next-gen games, the Digital Edition is unable to read discs while the standard model can. In practice, that means that the Digital Edition is only able to play downloaded games — the latest step that the video game industry is taking to move away from physical video games.

Sony first unveiled the look of the PlayStation 5 back in June during a similar livestream event.

The new console is a major visual departure from previous PlayStation hardware. It's white, asymmetrical, and has a set of fins sticking out of the top.

The PlayStation 5 console matches the new controller — the so-called "DualSense" gamepad — which was revealed earlier this year.

Design-wise, the two PS5 consoles are very similar.

As seen above, the digital edition is symmetrical, while the standard edition has a bump where the disc drive is located. 

A handful of major games have been announced for the next-gen PlayStation, including first-party games like "Marvel's Spider-Man: Miles Morales" and next-gen versions of "Assassin's Creed" and "Call of Duty."  Returning favorites like "Fortnite" will move to the PlayStation 5 at launch this November.

Check out the livestreamed PlayStation 5 Showcase event right here:

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