The new PlayStation Neo hasn't been formally introduced to the public yet but its existence was already confirmed recently by Sony executive Andrew House in a recent interview.

Sony hasn't shown yet what the device will look like but rumors about its specs have turned out to be true. So far, what's known about the PS4 Neo is that it can support 4K/Ultra HD gaming given that it is played on television sets that also support the technology; it will be more expensive that the current iteration, which sells for $350; and it will co-exist with PS4 – which means that all game titles intended for the current console will also be compatible for the upcoming console.

Developers also can't make games that are exclusive to Neo. All game titles that will come out starting October 2016 are required by Sony to be compatible with both PS4 and PS4 Neo.

A specific release date has yet to be confirmed. The new console didn't show up at the recently concluded 2016 Electronic Entertainment Expo (E3) but rumor has it that Neo should be available this fall. Experts believe that the Neo will come out this year to serve as a direct rival to Microsoft's console Project Scorpio, which is slated to arrive in 2017.

If rumors about Neo's release prove to be true, it won't be such a long wait for those who intend to upgrade their console or those who wish to buy one for the first time.

As previously mentioned, the Neo will run most efficiently when it is paired with a 4K TV set, which not a lot of people own. According to Tech Insider, not more than 25 percent of the households in the United States own a 4K Ultra HD TV set, but it is predicted that sales for this appliance should rise significantly in the coming years due to the availability of new generation consoles.