At an event in New York on Wednesday, Sony is expected to launch two new gaming consoles, both variants of the wildly popular PS4. Being referred to as the PS4 Neo and PS4 Slim, the devices will likely be introduced at the PlayStation Theater during the PlayStation Meeting that will start at 3 p.m. EDT.

The event is open only to the media, but the company is live-streaming it for its fans and gamers around the world. So, what is expected at the event?

First, the launch of the Slim and Neo variants.

The Slim, which is the smaller version of the existing PS4 with no internal changes, is expected to be in markets later this year, since a working prototype, probably leaked, was already bought by someone on Aug. 22.

In contrast, the Neo is a more powerful version of the existing console and will support 4K resolution and feature improved graphics. It will play the same games as the PS4, so it’s not really a new generation of consoles. And it will likely just be announced, with no idea yet on when it will hit the stores.

There are also rumors of a new DualShock 4 controller, which has slight improvements from the existing design, such as the light bar being visible from the front.

Of course, a slew of new games are expected to be announced, including some 4K titles, but it will be interesting to see the VR games the company introduces.

So get in on all the action and watch the live stream here.