Play Station 4 will be officially released on November 15 in North America while hitting European shores by November 29 including Austria, Germany, Sweden, the United Kingdom and in 10 Latin American countries along with Chile, Argentina and Brazil, says the Atlanta Journal-Constitution.

Sony made the official announcement during Gamescom 2013 at Koelnmesse in Cologne, Germany. The event also updated gamers and techies on the game console's predecessor - PS3, PS Vita and revealed several game titles for PS4.

The PS3 game console has been repriced to $199 for the 12GB model. PS Vita also had a $50 price cut. The handheld gaming device now retails for $199 instead of its $249 launch price.

"PlayStation Vita's new price makes it an even more compelling value for gamers looking for the ultimate in portable gaming. With a strong holiday lineup, including the first PS Vita games from critically acclaimed developers Guerrilla Games and Media Molecule, plus integration with the highly anticipated PlayStation 4, now is the perfect time to become a PlayStation Vita owner," said Guy Longworth, senior VP of brand marketing at SCEA in a report by Yahoo Games.

According to Play Station's official UK website, there will also be a price reduction for PS Vita memory cards. PS Vita memory cards will have $5 to $20 price cuts, says USA Today.

Several game titles were also revealed by Sony during Gamescom 2013. According to USA Today, between the launch date and the end of 2013, 33 games will be made available to PS4 gamers. The number includes 15 disc-based titles while the rest are available for download online.

"We are very excited excited about the fact that we have 180 games in development and that there will be over 30 of them available on shelves before the end of the holiday season. It is a very exciting time for us and for the gamer," Sony Computer Entertainment America president and CEO Jack Tretton said in a telephone interview with USA Today.

Some of the games coming to PS4 for its launch includes NBA 2K14, Call of Duty: Ghosts, Skylanders Swap Force, Need for Speed: Rivals, Battlefield 4, Madden 25, FIFA 14, NBA Live 14, Killzone: Shadow Fall, #Driveclub, Knack, Assassin's Creed IV Black Flag, Watch Dogs, Just Dance 2014 and LEGO Marvel Superheroes. For a list of PS4 games available for pre-order, click HERE.