PS5 Showcase recap: Price, release date and all the new games

The PS5 Showcase is in the books, finally giving us the PS5 price and release date while showing of a relentless gauntlet of games. Sony's console will officially cost $499 for the standard PS5 and $399 for the PS5 Digital Edition, and will launch in North America on November 12 with a U.K. release to follow on November 19.

On top of a price and release date, Sony showed off a ton of major reveals during its event, including deeper dives on games like Spider-Man: Miles Morales as well as world premieres like Final Fantasy 16. Here are the biggest announcements you missed; be sure to also see our archived live blog below for our reactions to all the big news.

• PS5 price and release date: The PS5 will cost $499 for the standard PS5 and $399 for the PS5 Digital Edition, and starts rolling out November 12. Pre-orders start on Sept. 17, so be ready to act fast.
• Final Fantasy 16: A new action-oriented Final Fantasy is coming, and it'll launch exclusively on PS5.
• God of War: Ragnarok: The beloved God of War (2018) is getting a sequel dubbed God of War: Ragnarok, due out in 2021.
• Hogwarts Legacy: The long-rumored Harry Potter game is official, letting you create your own wizard and journey through Hogwarts and beyond.
• PlayStation Plus Collection: PS Plus members will get a library of PS4 games to play on PS5 at no extra charge, including Uncharted 4 and Bloodborne.
• Spider-Man: Miles Morales: We got a blistering new Spider-Man PS5 gameplay reveal, which shows Miles saving the day during an epic bridge battle
• Devil May Cry 5 Special Edition: Devil May Cry 5 is getting an enhanced edition with Vergil as a playable character, and you can get it on PS5 at launch.

PS5 Showcase live blog

All times ET - Refresh for updates

4:48 pm: You thought Sony was gonna leave without one more thing? We're officially getting God of War: Ragnarok, and it's coming sometime in 2021. Boy!

4:45 pm: And there we have it! The PS5 will cost $499 with the PS5 Digital Edition going for $399. Both consoles will be out on November 12 in North America, Japan, Austrailia, New Zealand and South Korea, and November 19 everywhere else. That's just two days after the Xbox Series X launch!

4:41 pm: It looks like Sony is bringing the PlayStation Plus Collection to PS5, allowing Plus subscribers to play games like The Last of Us Remastered, Bloodborne and Uncharted 4 as part of their membership. Not a bad way to answer back at Xbox Game Pass.

4:40 pm: Time for a Fortnite trailer, because why not? Epic's popular battle royale game will be optimized for PS5 at launch, if that's a thing you're into. 

4:36 pm: OK, time for Demon's Souls, the brutal RPG remake everyone's been clamoring for (well, everyone but me). We're finally seeing some gameplay, and the game's unforgiving combat looks a whole lot better now than it did in 2009. I'm especially impressed by the lighting and shadows, and I would have thought this was a brand new Souls game if no one told me otherwise. 

It wouldn't be a Souls game without a ridiculous boss fight, and we're getting a good look at our player battling some kind of giant winged ogre before the infamous "You Died" screen shows up (I see that one a lot). 

4:34 pm: Oh no. Five Nights at Freddy's is back as Five Nights at Freddy's: Security Breach. I did not like that jump scare.

4:32 pm: It's Oddworld: Soulstorm time, and we're getting a brand new look at gameplay. The first thing that sticks out about this game is just how many characters can be on screen at once, as Abe leads an army through a treacherous mine. It looks both quirky and surprisingly violent, which should make for a devious mix when it eventually lands on PS5. 

4:29 pm: Whoa, more Devil May Cry! It looks like Devil May Cry 5 is getting a special edition for PS5 that lets you play as longtime baddie Vergil. Vergil's been playable in previous games, and his moves look as deadly and stylish as ever. DMC 5 was by far one of last year's best games, and I'll totally play a new version with a better resolution and framerate. The game will be available digitally at launch -- no word yet on whether it will be a free upgrade for PS4 owners. 

4:26 pm: And now a new look at Deathloop, the time-twisting shooter set to arrive by early 2021. We're seeing even more awesome reality-bending action, as the player is seen teleporting, sliding, shooting and stabbing their way through a snowy shootout. We're also getting a look at the game's story and villain (a mysterious fellow named Igor). I'm really feeling the pulpy 70s style of this shooter, especially when so many games in this genre can be dark and drab. Oh, and the wild gunplay looks pretty fun too.

4:23 pm: Here we go, time for more Resident Evil Village. Things start off with a creepy old woman delivering some cryptic dialogue while we see all manners of werewolves and monsters. The game seems to be going deep into classic folklore, with a story about a little girl and a forest setting up the nightmare village we see today. We didn't see much in the way of new gameplay, but it seems safe to say that this new Resident Evil is going to be even weirder than expected. And I'm in.

4:17 pm: This show really isn't letting up, huh? It's time for an update on Call of Duty: Black Ops Cold War. Raven software is talking about how the PS5 has enabled them to make the series more immersive than ever. 

We're getting a new look at a campaign mission that sees our protagonists sneaking into an enemy base. The battle starts with a sniper shot going through an enemy head in slow motion, which is as impressive as it is brutal. All in all this looks like a standard Call of Duty mission, with a focus on visceral combat and up-close executions. 

Things quickly segway into an intense vehicular segment that shows off the new RC car you can control remotely to attack enemies with. It's both cute and deadly. Oh, and PlayStation players will get to play the multiplayer Alpha this Friday.

4:14 pm: The rumors were true -- it's time to see Harry Potter: Hogwarts Legacy. It looks like you'll get to create your own journey through Hogwarts, learning spells and traveling afar to battle monsters and explore mysterious new lands. The game looks to have some interesting magic-based combat, and the small gameplay we can see looks quite pretty.

4:06 pm: And we're wasting no time; up next is Spider-Man: Miles Morales!. We see Miles walking through a winter street fair with a friend, bringing to mind some of the quieter walking sections of Marvel's Spider-Man. Miles' mom is running for office, while Roxxon clashes with a mysterious underground group led by the Tinkerer over a dangerous energy source. That's where Miles steps in.

We're now seeing a cinematic cutscene that sees the Underground take out Miles and go after Roxxon's energy. That's before Miles channels some electricity to fight back. Cue the gameplay!

Miles Morales looks like it'll pick up right where Spider-Man PS4 left off, with fluid, fast-paced fighting augmented by Miles' unique electrical abilities. We see Miles turn invisible, launch a group of enemies in the air all at once, and perform some truly spectacular air finishers. 

This flows into a dramatic set piece that sees Miles trying to save a bus full of people while a bridge collapses. Cutscenes flow seamlessly into gameplay, with Miles quickly webbing the broken bridge to bring citizens to safety. There's a nice little callback to Spider-Man: Homecoming in there too. Spider-Man: Miles Morales is still slated for a Holiday 2020 release, and we need it this very minute. 

4:00 pm: It's go time! We're getting a montage of the stuff we saw at June's event, including the PS5 design and games like Horizon and Ratchet and Clank. Our first game looks very Final Fantasy-meets Game of Thrones, with stylish anime heroes fighting some kind of gigantic Golem.

The combat in this game looks very fast and stylish, a la Devil May Cry. And these boss characters are ridiculously huge! I'm already sold. Oh, and the game looks positively gorgeous, with lifelike character models and stunning flame effects that will almost certainly take advantage of ray tracing. 

And it's official! This is Final Fantasy XVI, and it's a console exclusive for PlayStation

3:45 pm: The PS5 live stream is up, showing off the classic PlayStation symbols and playing some chill-yet-ominous music while we wait for kickoff. There are already more than 200,000 people watching the pre-show on YouTube alone. It's safe to say people are ready for PS5 news!

3:30 pm: We've just got 30 minutes to go! Any last minute predictions? I'm personally ready to see 40 straight minutes of Bugsnax. 

3:00 pm: Our editor Marshall Honorof has an interesting theory on the PS5 price and release date.

2:25 pm: We're now less than two hours away from showtime, and excitement is reaching a fever pitch. What do you think the final PS5 prices will be? Vote in our poll below!

2:11 pm: Everyone's favorite parody Sony CEO Twitter account is back at it again.

1:46 pm: Office assistant Marie says to wake her up when there's a PS5 price.

12:48 pm: An alleged leak from a French retailer making the rounds on ResetEra points to a lot of what we already expected, including €499 for the PS5 and €399 for the PS5 Digital Edition. The leak claims that pre-orders open on September 17, and that Spider-Man: Miles Morales, Destruction All-Stars, Demon's Souls Remake and Sackboy Adventures. Take this all with a big grain of salt, but these prices and games do sound in line with what we've been expecting this holiday.

11:50 am: The internet seems ready for more PS5 info. Are you?

11:09 am: We know we'll see lots of PS5 games and probably a price and date, but what about the UI? We got a brief tease of it in June, but it would be great to see the full PS5 interface in action.

10:33 am: God of War creative director Cory Barlog has been posting some cryptic images on his Twitter account just ahead of today's event. Could a God of War 2 tease be imminent? We sure hope so.

10:00 am: Time to talk last-minute predictions! Here's what we expect — and want to see — around the Tom's Guide office.

Roland Moore-Colyer, UK editor: "God of War 2 is in the works. Naughty Dog will tease a new IP. Sony will announce a finance/subscription service that bundles the Digital Edition with PS Plus/Now."

Adam Ismail, editor: "Prices will be $499/$599. We won't get a GT7 release date anyway but I don't think it's coming this year."

Marshall Honorof, editor: "It's past time for a price and release date, but Sony never guaranteed that's what we're going to see, so I really do hope this is finally the reveal. Beyond that, Final Fantasy XVI would be a lovely surprise, as would more info on Spider-Man: Miles Morales. And, honestly, I wouldn't mind seeing more Ratchet & Clank."

Adam: "Really I'm just ready for peak 2005-era Sony hubris. I wanna see them price this thing too high with no games just cause it'd be entertaining." 

Roland: "Some people just want to watch the world burn.......in 4K 60fps with ray-tracing." 

I'm personally hoping for a deep dive on Spider-Man: Miles Morales. Marvel's Spider-Man was my favorite game of 2018, and if this is Sony's big PS5 launch game, we need to see a lot more of it. 

9:30 am: We're all set up in our virtual war room and ready to go! While today's event will be games-focused, speculation is running rampant about the PS5's price and release date, which we could learn today.

A last-minute retail leak suggests pre-orders could go live today, which would make sense if we do indeed get a PS5 price reveal. Another leak gaining steam indicates that the PS5 may cost $399 for the PS5 Digital Edition and $499 for the standard PS5. A starting price of $399 for the PS5 would be an enticing entry point, especially with the Xbox Series X costing $499.