PS5 showcase event: $400, Nov. 12 launch, Spider-Man: Miles Morales, PS Plus Collection - CNET

Sony's already announced Final Fantasy XVI, which will be a PlayStation exclusive, and shown off its new Spider-Man game.

Spider-Man will launch with the console in time for the 2020 holiday shopping season, while Sony didn't say when Final Fantasy XVI will launch. .

Now with the release date and price announced, both Sony and Microsoft's upcoming consoles mark a key moment for the video game industry, transitioning to new devices that promise faster chips and new features to make games all that much more complex or realistic looking.

To take on Microsoft more directly, Sony also announced its PlayStation Plus Collection, a library of hit PS4 games such as God of War and Uncharted 4: A Thief's End.

The games will be made available to subscribers to its $9.99 per month PlayStation Plus gaming service. .

Microsoft's $9.99 per month Xbox Games Pass service has often been called "the best deal in gaming," for offering more than 100 games.

Sony didn't offer a direct competitor to Microsoft's $14.99 per month Xbox Games Pass Ultimate subscription, which offers access to many of the games in its library on console and PC, as well as the ability to stream many of those titles too.

Final Fantasy 16, no launch date announced.

Spider-Man: Miles Morales, coming holiday 2020.

Oddworld: Soulstorm, coming holiday 2020.