PlayStation 4 and Xbox One Release Date, Price: What You Need to Know About the Next Generation Of Gaming

Christmas is coming early for gaming fans this year. Sony is releasing the hotly-anticipated PlayStation 4 Friday (it's first new system in 7 years), and Microsoft's Xbox One is set to hit shelves on Nov. 22.

Sony is hoping to win over the hardcore gaming crowd: with it's updated controller, 500 GB hard drive, and 23 launch titles, the PlayStation 4 is built to be the ultimate gaming machine. Microsoft is taking a different approach, hoping to convince you to replace all your living room devices with its all-in-one entertainment system. Those extra features will cost you, though — the Xbox One retails for $499, $100 more than the PlayStation 4.

But do millennials still care about gaming? Or is it a phase we grew out of, leaving our systems to collect dust along with our Power Rangers lunch boxes? Not so long ago, 97% of teenagers played video games, and 70% of college students took gaming breaks once in a while, too.

But when Americans are increasingly spending more time on their smartphones, do they still have time for gaming?

If Grand Theft Auto V's $800 million in first-day sales is anything to go by, the answer is an emphatic yes.

PolicyMic will be bringing you LIVE UPDATES on the PlayStation 4 release and sneak peaks ahead of the Xbox One launch throughout the day, so be sure to check back often.