At a press conference on Wednesday, Sony announced the PlayStation 4 Pro and a slimmer, cheaper PlayStation 4.

The PlayStation 4 Pro is a version of the PS4 that supports high dynamic range (HDR) and 4K video and releases on Nov. 10 for $399. Sony Interactive Entertainment president and CEO Andrew House said the new system will “run alongside and complement the original PS4” and that the same discs and downloads will work on both the original PS4 and the PS4 Pro. On top of games receiving HDR and 4K support, the system also totes a 1 terabyte hard drive, a boosted CPU rate and more than double the original PS4’s GPU.

For those with a large game library on their current PS4, lead systems architect Mark Cerny said, Sony is “providing a number of mechanisms for easily transferring your game library and entitlements from the standard model to the new console.”

YouTube and Netflix are also developing new apps for the PS4 Pro that support 4K content while every PS4 will become HDR-capable thanks to a firmware update slated for next week.

The PS4 Pro wasn’t the only system that Sony announced at the conference. A slimmer PS4 model was announced, called the PS4 Slim, and will be available Sept. 15 in most territories for $299. It will include HDR support, and replace the current PS4 model. The smaller system will be “cheaper, lighter and more energy efficient,” according to House. The smaller PS4 reduces its volume by more than 30% compared with previous models, and weighs in at 2.1 kilograms (16% less than the current PS4).