The PlayStation 5 has been revealed - first look at games and specs

The much-awaited PlayStation 5 has been revealed in a stream by Sony on Friday morning. 

According to news.com.au, the event started with a montage of past games to show the history of the platform. 

Particular attention was paid to reflecting on Grand Theft Auto 5, which some have estimated is the most financially successful piece of media of all time, that sold over 120 million copies since launching in 2013.

It was then announced GTA Online will be free for PS5 owners at launch in 2021 and PS4 players will get $1 million in-game money every month until it does.

It's understood that launch date is in reference to GTA Online and not the console.

Sony Interactive Entertainment president and CEO Jim Ryan finally confirmed "we're launching later this year" at the end of the video.

Sony also showed what the console is going to look like.

Photo / Supplied to NZH

"It was great to kick today off with a look back at just some of the seminal moments of the last 25 years, and what better way to bridge our past and our future than with a game that's graced every PlayStation console: Grand Theft Auto. It's been a privilege partnering with Rockstar games for many years now, and we're thrilled to open today with the news that partnership will continue with PlayStation 5," Ryan said.

"It's now just over a year since we began sharing technical details of PlayStation 5, but today's the day we've been looking forward to for years, where we get to show you just some of the games that demonstrate our belief that PlayStation 5 marks the biggest generational transition our industry has yet seen.

Sony also announced a slate of new PS5 accessories to enhance the gaming experience, including:

• PULSE 3D™ wireless headset – offering 3D audio support and dual noise-cancelling microphones;
• HD Camera – featuring dual 1080p lenses for gamers to broadcast themselves along with their epic gameplay moments;
• Media Remote – a remote control with built-in microphone to navigate movies and streaming services with ease; and
• DualSense™ Charging Station – for convenient charging of two DualSense™ Wireless Controllers.

SIE will announce pricing and additional details for PlayStation 5 at a later date.

PS5 Games from Sony Interactive Entertainment Worldwide Studios and second-party partners include:

• Astro’s Playroom (Japan Studio)
• Demon’s Souls (Bluepoint Games / Japan Studio)
• Destruction All Stars (Lucid Games / XDEV)
• Gran Turismo 7 (Polyphony Digital)
• Horizon Forbidden West (Guerrilla Games)
• Marvel’s Spider-Man Miles Morales (Insomniac Games)
• Ratchet & Clank: Rift Apart (Insomniac Games)
• Returnal (Housemarque / XDEV)
• Sackboy A Big Adventure (Sumo Digital / XDEV)

PS5 Games from third-party publishers and developers include:

• Bugsnax (Young Horses)
• DEATHLOOP (Bethesda)
• Ghostwire™: Tokyo (Bethesda)
• Godfall™ (Gearbox Publishing / Counterplay Games)   
• Goodbye Volcano High (KO-OP)
• Grand Theft Auto V and Grand Theft Auto Online (Rockstar Games)
• HITMAN 3 (IO Interactive)
• JETT : The Far Shore® (Superbrothers)
• Kena: Bridge of the Spirits (Ember Lab)
• Little Devil Inside (Neostream Interactive)
• NBA 2K21 (2K, Visual Concepts)
• Oddworld Soulstorm™ (Oddworld Inhabitants™)
• Pragmata (Capcom)
• Project Athia* (Square Enix/Luminous Productions)
• Resident Evil Village (Capcom)
• Solar Ash (Annapurna Interactive / Heart Machine)
• Stray (Annapurna / Blue Twelve Studio)
• Tribes of Midgard (Gearbox Publishing / Norsfell)
• The Pathless (Annapurna Interactive / Giant Squid)

The game footage shown off was all captured from a PlayStation 5, Sony claimed, not rendered to wow crowds as has been the case in some previous gaming unveils.

Grand Theft Auto won't be the only iconic franchise to return on PlayStation 5.

A long-awaited new game in the Ratchet & Clank franchise, as well as a new Gran Turismo game, were also announced during the event.

Marvel's Spider-Man: Miles Morales led the game showcase, showing off an upcoming game featuring the reimagined Spider-Man from 2018's Into the Spider-Verse movie.

A look at Gran Turismo's next instalment followed, bringing with it the same iconic race tracks and cars we've come to expect from the franchise. It will probably have to wait until launch to see how the game leverages the new console.

Ratchet & Clank will make a proper return on PlayStation 5 as well.

The iconic franchise landed one game on the PS4: a re-imagining of the original game to tie in with a movie based on the franchise.

Photo / Supplied

Earlier this week, a leaked Amazon UK listing suggested a price of A$1090 in Australia for the console, but it could be slightly cheaper as UK shoppers tend to pay more for electronics, if that price is even accurate.