After the months of speculation and rumour, Sony has finally confirmed the existence of the PS4 Neo, the upgraded version of the PS4.

Sony Interactive Entertainment President, Andrew House, revealed the news to the Financial Times. He told the media outlet that the Neo would be a “high-end PS4” and it will support 4K resolutions and enhanced graphics for hardcore gamers. He also added that it would be more expensive than the current $350 model although no specific price was given.

“It is intended to sit alongside and complement the standard PS4. We will be selling both through the life cycle.”

Unfortunately, the console won’t be appearing at this year’s E3 either as previously rumoured. The reason for this was explained by Andrew House,

“We want to ensure we have a full range of the best experiences on the new system that we can showcase in their entirety”

When asked about any possible problems this new system may cause with future games, he responded,

“All games will support the standard PS4 and we anticipate all or a very large majority of games will also support the high-end PS4,”

He also went on to say that both systems will support the Playstation Virtual Reality unit which will ship later on this year.

This marks the first time Sony has offered an improved console mid-way through its lifecycle and it may upset a few gamers who have only recently purchased their system. Andrew House played down those concerns by explaining that today’s consumer is “attuned to a different cadence of innovation” thanks to smartphone and PC upgrade cycles.

So what do you think? Is this good news or bad news? Let us know your thoughts below.