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Sony announced on Tuesday that it will launch an upgraded version of its flagship gaming console with better graphics and AI features, called the PlayStation 5 Pro, on November 7.

The Japanese company’s gaming division has had to endure difficult times this year: sales targets for the PlayStation 5 were missed and PlayStation announced in February that it would cut 900 jobs.

The gaming industry is battling a general downturn as investment that flowed into the sector during the Covid pandemic has largely dried up.

In a short video announcement, Mark Cerny, PlayStation’s chief architect, demonstrated the capabilities of the new console, which will retail for between 700 and 800 euros, about 250 euros more than the current PlayStation 5.

He praised hardware improvements that make games run significantly faster, improve light reproduction and an AI system that produces sharper images.

“Simply put, it’s the most powerful console we’ve ever built and a worthy addition to the PS5 family,” he said.

Analyst Daniel Ahmad of Niko Partners pointed out that Sony had already tried to boost sales of its previous console by releasing a Pro version in 2016.

However, the impact of the PlayStation 4 Pro was limited, Ahmad wrote on X, because it was “a premium product tailored to a niche audience.”

“What will really boost PS5 sales is a lower price for the base models (and games like GTA6),” he wrote, referring to the upcoming sequel to Grand Theft Auto.

Sony announced in an accompanying statement that PlayStation 5 games will be playable on the new console.

The statement also listed titles that will be available in enhanced versions, including Assassin’s Creed: Shadows, Hogwarts Legacy and Marvel’s Spider-Man 2.

“We are proud of the impact PS5 has had on the gaming industry,” said Hideaki Nishino, CEO of the Platform Business Group at Sony Interactive Entertainment.

He said the console had given game developers the opportunity to “realize their vision and reach millions of players around the world,” adding that developers would now be able to “unleash the possibilities” of even more advanced hardware.

In addition to the longer-term problems, PlayStation has also had a few turbulent weeks.

The Japanese publisher pulled the space shooter game “Concord” just two weeks after its release earlier this month due to disastrous sales.

The game reportedly took eight years to develop.

On the same day, “Astro Bot,” a game developed by a subsidiary in Japan and available exclusively for the console, received rave reviews.

The review aggregation portal Metacritic gave “Astro Bot” a score of 94 out of 100, placing it among the best-rated new releases.