Sony officially announced a new PS5 model with a detachable disc drive and 1TB of internal storage. Often referred to as the PS5 “Slim,” this new model is slightly slimmer and shorter than the existing one but will crucially replace both the PS5 and PS5 Digital Edition. In the US, the new model will cost $499.99 with the drive included, while the PS5 Digital Edition is $449.99.

The new PS5 has a significant overall reduction in volume by more than 30 percent and an up to 24 percent reduction in weight (depending on which model you pick). Sony now has a bulge at the side of the PS5 for the disc drive, which can be removed and replaced with a side panel.

“There are four separate cover panels, with the top portion in a glossy look, while the bottom remains in matte,” says Sid Shuman, senior director of SIE content communications, in a blog post. If you purchase the base PS5 Digital Edition, you can add the Blu-ray disc drive at a later date, as Sony is selling it separately for $79.99 (€119.99 / £99.99).

There are now two slits on each side and dual USB-C ports at the front instead of the single USB-C and USB-A ports that are available on the current PS5. A horizontal stand will be included with this new PS5 model, and a new vertical one that works on all PS5 models will be sold separately for $29.99 (€29.99 / £24.99 GBP). Both new PS5 models also include 1TB of storage now, instead of the 825GB found on the existing PS5.

The new PS5 model will be released in November in the US at select retailers and at Sony’s PlayStation direct site for $449.99 without a drive or $499.99 with one. “It will continue to roll out globally in the following months,” says Shuman. “Once inventory of the current PS5 model has sold out, the new PS5 will become the only model available.” In Europe, it will be priced at €449.99 for the Digital Edition / €549.99 with the drive, and in the UK, it’s £479.99 with the drive or £389.99 for the PS5 Digital Edition.

The official announcement of this updated PS5 model comes months after the device leaked and after reports last year suggested Sony was working on a PS5 with a detachable drive. Sony also just wrapped up its first PS5 sale, with steep price drops in the UK, Germany, India, and elsewhere.