Sony recently confirmed that the long-rumored PlayStation 5 slim version will be released in time for the holiday season. The redesigned PS5, which offers 1TB of storage - an upgrade from the 825GB offered by the original model, will now be available in a smaller, more convenient size. Sony has also introduced the ability to add an Ultra HD Blu-ray Disc Drive to the PS5 Digital Edition.

The new console design is a result of the combined efforts of Sony's engineering and designing teams, aimed to cater to the changing needs of players. According to Sony executive Sid Shuman, the improved PS5 still holds all the key features which make the PS5 stand out, but in a more compact and flexible form.

The new PS5 is 30% smaller in volume and approximately 20% lighter compared to its predecessor. Notably, it comes with four different cover panels, a combination of a glossy top and a matte bottom. Additionally, the Ultra HD Blu-ray Disc Drive can be separately purchased and added later to the Digital Edition for $79.99.

Sales of the new PS5 slim will begin this November in the U.S. and gradually expand worldwide in the following months. Once the current PS5 model is out of stock, the slim version will be the primary model available. Retail prices for the new PS5 will start at $499.99 for the version with the Ultra HD Blu-ray disc drive and $449.99 for the Digital Edition.

However, the slimmer PS5 Digital Edition will cost $50 more than its original version, which was priced at $399.99. The package comes with a horizontal stand included, and a vertical stand to fit all PS5 models can be purchased separately for $29.99.

While the new model holds most of the same specifications as the original, experts predict the slim version will gain more traction and possibly drive more digital game sales through the PlayStation storefront, thereby increasing revenue for Sony. This improvement could possibly make the digital edition and disc drive add-on the go-to choice for next-gen gamers.