The Playstation Neo, also referred to as the PS4 Neo or PS4K, will be launching this Sept. 7 at the Playstation Theater in New York City. According to a report from Pocket-Lint, the event starts at 3 p.m. EST and it will include the launch of both the PS4 Neo and the PS4 Slim, a smaller and more affordable version of the regular PS4.

According to the report, Sony will be hosting the event online for people to stream live and the Playstation Twitch channel will also showcase the event given that the Twitch channel frequently showcases the major announcements for the Playstation brand.

In regards to the PS4 Slim and the PS4 Neo, the slim is a thinner and more affordable version that comes with a tweaked DualShock controller. The PS4 Neo is the main draw of the event, however, as it is stated to be a more powerful version with higher RAM, an improved processor and better graphical capabilities.

The PS4 Neo is speculated to be capable of running games at 4K resolution and at a consistent 60 frames per second, even at the highest setting. However, there will be no games made specifically for the PS4 Neo as any game that can play on it are also mandated to run on the regular PS4 as well, albeit with lower settings.

Other portions of the Playstation event may focus on the Playstation VR headset and how it works with the PS4 and its multiple variations. The Playstation VR and several VR games are expected to be showcased during the event.

The rest of the Playstation even is speculated to feature trailers and other inside information regarding PS4-exclusive games, specifically those published or developed directly by Sony. 

A report from Mirror also points out that even if Sony unveils the PS4 Neo in the event, it is no guarantee that the console will be available for purchase. It is more likely that retail stores and online stores will get the PS4 Neo in the weeks to follow.