Three subscription tiers with varying degrees of perks.
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Following months of rumors, including a big one dropped just this past week, Sony did indeed announce a revamp to their PlayStation Plus and PlayStation Now online services. The two services will now be combined, but you won't have to pay more than you already do if you don't want to.

According to the announcement, made via Sony Interactive Entertainment president and CEO Jim Ryan, the two services will now be combined into one subscription service. There will be three different tiers offered to players, with the more expensive options obviously providing added benefits.

Starting in June, PlayStation users on PlayStation 4 and PlayStation5 will get to choose from either the base PlayStation Plus Essential tier (identical to the current PlayStation Plus subscription), PlayStation Plus Extra tier, and the PlayStation Plus Premium tier. They range in price from $9.99 (USD) monthly up to $17.99 monthly.

PlayStation Plus Essential

Benefits
  • Provides the same benefits that PlayStation Plus members are getting today, such as:
    • Two monthly downloadable games
    • Exclusive discounts
    • Cloud storage for saved games
    • Online multiplayer access
  • There are no changes for existing PlayStation Plus members in this tier.
Price* for PlayStation Plus Essential remains the same as the current price for PlayStation Plus.
  • United States
    • $9.99 monthly / $24.99 quarterly / $59.99 yearly
  • Europe
    • €8.99 monthly / €24.99 quarterly / €59.99 yearly
  • United Kingdom
    • £6.99 monthly / £19.99 quarterly / £49.99 yearly
  • Japan
    • ¥850 monthly / ¥2,150 quarterly / ¥5,143 yearly

PlayStation Plus Extra

Benefits
  • Provides all the benefits from the Essential tier
  • Adds a catalog of up to 400* of the most enjoyable PS4 and PS5 games – including blockbuster hits from our PlayStation Studios catalog and third-party partners. Games in the Extra tier are downloadable for play.
Price*
  • United States
    • $14.99 monthly / $39.99 quarterly / $99.99 yearly
  • Europe
    • €13.99 monthly / €39.99 quarterly / €99.99 yearly
  • United Kingdom
    • £10.99 monthly / £31.99 quarterly / £83.99 yearly
  • Japan
    • ¥1,300 monthly / ¥3,600 quarterly / ¥8,600 yearly

PlayStation Plus Premium**

Benefits
  • Provides all the benefits from Essential and Extra tiers
  • Adds up to 340* additional games, including:
    • PS3 games available via cloud streaming
    • A catalog of beloved classic games available in both streaming and download options from the original PlayStation, PS2 and PSP generations
  • Offers cloud streaming access for original PlayStation, PS2, PSP and PS4 games offered in the Extra and Premium tiers in markets** where PlayStation Now is currently available. Customers can stream games using PS4 and PS5 consoles, and PC.***
  • Time-limited game trials will also be offered in this tier, so customers can try select games before they buy.

Price*
  • United States
    • $17.99 monthly / $49.99 quarterly / $119.99 yearly
  • Europe
    • €16.99 monthly / €49.99 quarterly / €119.99 yearly
  • United Kingdom
    • £13.49 monthly / £39.99 quarterly / £99.99 yearly
  • Japan
    • ¥1,550 – monthly / ¥4,300 – quarterly / ¥10,250 yearly
  • PlayStation Plus Deluxe (Select Markets) For markets without cloud streaming, PlayStation Plus Deluxe will be offered at a lower price compared to Premium, and includes a catalog of beloved classic games from the original PlayStation, PS2 and PSP generations to download and play, along with time-limited game trials. Benefits from Essential and Extra tiers are also included. Local pricing will vary by market.
*Local pricing may vary by market. PlayStation Plus catalog titles may also vary by market and tier, and may change over time. PlayStation Plus is an ongoing subscription subject to a recurring subscription fee taken automatically until cancellation. Age restrictions apply. Terms apply: play.st/psplus-usageterms
**Current markets where PlayStation Now is available: US, Canada, Japan, UK, France, Germany, Belgium, Netherlands, Luxembourg, Austria, Switzerland, Ireland, Spain, Italy, Portugal, Norway, Denmark, Finland, and Sweden.
***PC streaming is not available in Japan at launch and will be supported in a future update.
Unfortunately, a full list of the games that will be available through the Extra and Premium tiers. However, you can probably check out the current list of PlayStation Now games to get a pretty good idea of what will be offered as part of those more expensive offerings.

One thing that the revamped PlayStation Plus services won't offer is something that makes Xbox's Game Pass service so enticing. Sony will not add first-party games to PlayStation Plus, at least not when they are first released. In speaking with GamesIndustry.biz, Jim Ryan says that if they were to do this, it could diminish the quality of their games.

"[In terms of] putting our own games into this service, or any of our services, upon their release... as you well know, this is not a road that we've gone down in the past. And it's not a road that we're going to go down with this new service. We feel if we were to do that with the games that we make at PlayStation Studios, that virtuous cycle will be broken. The level of investment that we need to make in our studios would not be possible, and we think the knock-on effect on the quality of the games that we make would not be something that gamers want."
Ryan is at least quick to add that "nothing is forever" and that Sony may, in the future, change their stance on this.