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A couple of months ago, word started to spread about a new PlayStation 4 revision that was secretly in development at Sony. Sources said it was called the PlayStation 4 Neo and it included hardware that was quite a step up from the current PlayStation 4 units.

Sony remained rather quiet when it came to its existence, until today. Andrew House, the President and Global Chief Executive of Sony Interactive Entertainment, told Financial Times that PlayStation 4 Neo exists and that it won't be shown at E3.
Andrew House, president and global chief executive of Sony Interactive Entertainment, told the Financial Times that the “high-end PS4” would be more expensive than the current $350 version.

“It is intended to sit alongside and complement the standard PS4,” he said. “We will be selling both [versions] through the life cycle.”

The new console, which is codenamed “Neo”, will target hardcore gamers, he said, as well as consumers with a 4K television set looking for more high-resolution content.(...)

However, in a move that may disappoint some fans, Mr House said that Sony would not be unveiling its new console next week and refused to say when or at what price the unit would go on sale. “We want to ensure we have a full range of the best experiences on the new system that we can showcase in their entirety,” he said.

Nonetheless, he downplayed concerns that the move would cause interoperability problems between the old and new PS4 hardware.

“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 said.

Now we at least know for sure that a PlayStation 4 hardware upgrade isn't just a thing of rumors and speculation. It's interesting that it won't be shown off at E3 this year, however. It could be that Sony is going back to bump up some of its specs after hearing of the rumored Xbox One hardware revision that Microsoft is supposedly working on.