1TB PS4 Ultimate Edition
Sony's new 1TB PS4 Ultimate Edition. Sony Computer Entertainment

A 1TB PS4 “Ultimate Player Edition” will be launching on July 15 in Europe, South America and Asia, with a North American release sure to follow. Sony’s announcement is expected after Microsoft unveiled its 1TB Xbox One before last week’s E3 conference.

In a statement on its European blog, Sony said that the new 1TB PS4 will allow players to download more of the games they love onto their PS4 and “extend play with more great add-on content and save and share even more of your best gaming highlights.” Watch the release trailer below.

While Sony has not yet announced an official release date for its U.S. launch, Engadget says an FCC filing shows it is coming.

Sony is also overhauling its 500GB model, it has a matte finish and is 10 percent lighter and 8 percent more power efficient than the previous model. It comes in Jet Black and Glacier White and will be released in Japan in late June 2015 and then to the rest of the world.

In a tweet on Monday Sony also announced an update to its PlayStation app for iOS and Android. This allows players to redeem PSN gift cards and promotional codes without turning on their console.