Consumer electronics giant Sony (NYSE:SONY) has finally spilled the beans on the PlayStation 5 launch. In an online event on Wednesday, the company revealed firm launch dates and unit prices for the next-generation gaming console.

The PlayStation 5 console and its storage-less cousin, the PlayStation 5 Digital Edition, will hit store shelves and e-commerce shipping centers on Nov. 12 in a handful of markets, including the U.S., Canada, and Mexico. Most of the world will have to wait another week. A handful of popular stores are already taking pre-orders, but high demand quickly overwhelmed the ordering systems, and all of my checks on pre-order availability came up empty on Wednesday morning.

The Digital Edition will cost $400 at launch, and the full-featured PS5 will set you back $500.

A photo of the two PS5 consoles, showing launch prices in various world currencies.

The two PlayStation 5 versions with pricing in various currencies. Image source: Sony.

The PS5 will enter the market just behind Microsoft's (NASDAQ:MSFT) Xbox Series X, which becomes available globally on Nov. 10. The full-featured Sony console matches the Series X's launch price at $500, but the pared-down Xbox Series S undercuts Sony's budget option with a price tag of $300.

These prices were set "quite early this year," according to a Washington Post interview with Sony Interactive Entertainment CEO Jim Ryan.

Ryan also said that Sony will have more PS5 units ready for shipment than it did for the PS4 release in 2013. The PlayStation 4 sold through 1 million units in its first day on the market and 2.1 million in the first two weeks. Sony has sold more than 110 million PS4 units to date, and will probably keep that model available a few more years for budget-conscious shoppers and fans of vintage game titles. The PS3 was discontinued in 2016 after 11 years on the market and 85 million units sold.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.