Game on: The new PlayStation 4 has arrived

Sony Computer Entertainment launches the PlayStation 4 in North America on Friday. And in two weeks, PS4 will become available in Europe and Latin America. The $399.99 next generation computer entertainment system redefines immersive game play with powerful enhancements in graphics and speed, social capabilities and second-screen features utilizing devices such as PlayStation Vita.

The new PS4 system supports Twitch, a live Internet streaming video platform for video gaming, allowing users to broadcast their game play to their Twitch channel in real-time by hitting the DualShock 4 wireless controller’s share button.

Source: Sony

Source: Sony

The DualShock 4 new color variations, such as “magma red” and “wave blue,” will be available later this year in North America and Latin America at a retail price of $59.99.

In addition, PS4 users can purchase the PlayStation Camera for the same price as the DualShock 4 to allow them to add a picture-in-picture video of themselves in game play live streams.

Source: Sony

Source: Sony

PS4 gamers also have access to a number of digital entertainment apps that can be found in the PlayStation Store. Among some of the apps available for the new console are Amazon Instant Video, Crackle, Netflix, NBA Game Time and NHL Game Center LIVE.

As the holiday season approaches SonyComputer Entertainment will have to compete with Microsoft, which is launching the Xbox One next Friday.

—By CNBC’s Erika Santoro.

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