According to Sony Interactive Entertainment president Jim Ryan, Sony's PS5 will focus on offering "value" rather than the lowest price point of any next-generation console.

Sony has been tight-lipped about the actual price of the PS5, finally revealing the console's design and showing off a fully digital version that does away with the disc drive and instead just downloads games. Nonetheless, Sony does not seem particularly interested in making a cheaper next-generation console to keep the Xbox Series X at bay.

"Conventional wisdom and history shows that we are one of the recession-proof businesses," Ryan told the BBC. 'But I think this underscores the need for us to focus on getting the value equation right. And emphasize value as opposed to price"

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"We must be more attentive than ever to ensure that the overall value proposition of the console and games (type of games, quality of games, quantity of games) is right.

Reading between the lines, it seems likely that the rumored PS5 price is about $500 or more. One reason for this may lie in the super-fast SSD that will be included in the PS5, which uses technology not available in even the best gaming PCs.

Ryan emphasized that the PS5 will be a valuable gaming console, meaning that it will not only have plenty of power, but also the aforementioned SSD, Sony's 3D audio technology, and an impressive array of PS5 games. However, the possibility that the PS5 will be more expensive than the Xbox Series X is exactly what Microsoft wants.

Microsoft expects the Xbox Series X to cost $100 less than the PS5. And given that Microsoft has a suite of services, a more powerful console, and comprehensive backward compatibility, the Xbox Series X could be a serious threat to the PS5.

Furthermore, while the Xbox Series X's design is arguably less interesting, it is far less controversial than that of the PS5. In comparison, the PS5's somewhat outlandish design has already provoked mixed reactions, giving the Xbox Series X even more room to steal away PlayStation fans.

We'll have to wait until this year's holiday season to see which console comes out on top, but until then, expect big news surrounding each machine. Expect Microsoft's next big event to be a strong July showcase of exclusive software to rival Sony's impressive June gaming event.