The era of inexpensive 4K video recording is finally upon us.

After pioneering 4K video recording in mirrorless cameras with the $1,700 Lumix GH4, Panasonic is back with the Lumix G7, a camera that costs half as much: $800 with a 14-42mm kit lens.

See also: 7 takeaways from CES 2015 about 4K and the future of displays

Smaller and lighter than the GH4, the G7 sports a more angular design and weighs under one pound, making it a very compact camera to tote around.

The Micro Four Thirds-format camera is capable of taking 16-megapixel still photos and recording 4K video in 3,840 x 2,160 resolution at 24 and 30 frames per second. Users can also extract 8MP still images the 4K video files.

On the back is a 3-inch touchscreen with a million-dot-resolution display that flips out — perfect for video shooters who need to get low to the ground and high above. There's also a high-res 2,360-dot OLED electronic viewfinder.

Panasonic says the G7 has the latest in high-speed autofocusing and tracking technologies, six frames per second continuous shooting, and a noise-reduction system that enables detailed photos at up to ISO 25,600.

The Lumix G7 layout is very similar to that of a DSLR with lots of dials and buttons.

Up top, you can see the G7 has all of the appropriate control wheels and buttons that serious photographers demand. Panasonic even squeezed in a built-in pop-up flash.

Additionally, the camera also has a "Starlight AF" feature, which lets budding astronomers take pictures of stars in the night sky in low-light conditions.

The G7 joins Samsung's NX500, another sub-$1,000 mirrorless camera that shoots 4K video. The G7 looks like the better deal, though, since it has an electronic viewfinder and a built-in flash.

If the G7 sounds like your cup of tea, you can pick one up in June.