Sony announced that it will launch its PlayStation 4 in Australia and New Zealand on Nov 29, 2013 following its U.S. and Canada release on November 15.

PlayStation, more popularly dubbed as the PS4, will also be on sale in 10 Latin American Countries in the same day, Sony said in its announcement.

The PS4 is set to be priced at $435 while its rival from Microsoft, the Xbox One, is priced at $549.

Both Sony's PS4 and Microsoft's Xbox One will be the biggest in the gaming industry since Nintendo's Wii U had already went on sale in November.

According to Sony, it received more than 1 million preorders from different countries around the world for PS4. This was confirmed by Andrew House, SCE chief executive, on Tuesday at a news conference during the Gamescom. Gamescom is Europe's beiggest videogames fair.

Mr Andrews also confirmed that PS4 will be available to gamers from 32 different countries in the world just in time for the holiday season.

Sony, was also proud to announce that that it lowered the price of PS3 and PlayStation Vita to $199 in the U.S. and $270 in Europe. Playstation Vita was previously priced at $389 and the PS3 at $358.

Meanwhile, Microsoft will never allow Sony to lead the competition. The company also announced that they will also be launching its newest game console in November in time for the year-end holidays and gift-giving season.

Sony and Microsoft will still fight bottle-neck for revenue as Sony priced PS4 $100 lower than Microsoft's Xbox One.

Microsoft had launched the Xbox One in May. There had been an influx of gamers since its launch that Xbox One became a household name. Users were especially attracted to Xbox One's exclusive media content.

To top Mr House's announcement, Microsoft Europe's vice president, Chris Lewis, also announced in Tuesday that Microsoft was also accepting remarkable number of pre-orders for the Xbox One. However, Mr Lewis refused to give the specific figures.