PS4 Update 5.0 Out Now – here’s what you need to know

The PS4’s latest system software update 5.00 has been officially released, bringing with it improvements to family settings, streaming, messages, and more. If your PS4 is set up for automatic downloads, you might already have the PS4 update 5.00 installed, but if not, just power on your PS4 and you should receive a notification.

The biggest of the new additions is Team Tournaments, a new functionality that will let you and your friends compete with other players around the world for prizes. Users can now form and join teams for up to 60 players. This functionality will officially go live on Oct. 5 with competitions set up for Uncharted 4: A Thief’s End, Uncharted: The Lost Legacy, World of Tanks and Mantis Burn Racing.

The update also brings some changes to PlayStations social and streaming features. For Twitch broadcasters on PS4 Pro, the new update supports 1080p at 60 frames per second streaming. When streaming PSVR, a new setting will let you display viewer comments in VR to keep up with your chat more easily.

Notifications are also being improved when watching films and TV, as you can now disable messages and other notification pop-ups while watching media. You can also change how much of a message is displayed, as well as its color when playing or watching any form of content.

One of the most significant additions in the 5.00 update is “Family on PlayStation Network,” which is a new system that makes it easier for parents to set up separate accounts for their children. Multiple adults can be part of the same family, and the Family Manager has the ability to promote other adults and customize parental control levels.

In PS4 update 5.00, Sony is replacing the Favorite Groups tab with a Custom Lists tab. This feature will give PS4 users the ability to create and edit custom lists of friends.

To see all the new features in the 5.00 update, check out PlayStation Blog’s release announcement.