The announcement of the 1TB PlayStation 4 Ultimate Player Edition is welcome news for Playstation Fans.

Microsoft has already announced the 1TB version of the Xbox One. Gamers were waiting for Sony to reveal a 1TB PS4 and on Monday, June 22, the company announced the higher memory capacity PS4.

Gamers are installing and downloading more games on their gaming consoles, which has made companies such as Xbox and Sony increase the storage capacity of their gadgets. Until now 500GB storage capacity was the maximum in PS4 but this has been doubled.

“Offering twice the storage of the existing PS4, you’ll be able to download more of the games you love to your PS4, extend your play with more great add-on content and save and share even more of your best gaming highlights”

A bigger hard drive is not the only thing that the new PS4 will bring. The upcoming has also announced that the new PS4 500GB will also get some improvements in comparison to the old PS4. The new PS4 will be 10 percent lighter and will consume 8 percent less energy than the 500GB PS4.

The new PS4 will be available in Jet Black and Glacier White colors but they will have a matte finish, which Sony says will give a more “casual look.”

Customers will not have to wait long for the lighter and power efficient 500GB PS4 as the company revealed that the latest gaming console will initially release in end June in Japan only and will then be released in North America, Europe and other regions in July this year. The latest 1TB version will be launched in select European countries and PAL territories on July 15 this year.

Sony has not revealed the expected price of the 1TB PS4 but gamers can expect a steeper price tag in comparison to the 500GB PS4.