(CNN) -- Sony announced its upcoming console will retail for $499 when it hits shelves on November 12.
That puts it at the same price point as Microsoft's new Xbox -- which is set to launch two days earlier.
Analysts think most people are going to remain brand loyal this go-round� Meaning, existing PlayStation users will stick with Sony, while Xbox players will buy Microsoft's entry.
If that's true, the new PlayStation will outsell the Xbox Series X just as the PS4 is more popular than the Xbox one.
For budget-minded consumers, A version of the PS5 without an optical disc drive will retail for $100 less.
Console manufacturers have been trying for some time to get gamers away from physical media because digital games can't be bought and sold on the second-hand market.
Some retailers are now taking pre-orders for the PS5.
