UPDATE 25/4/14 09.30am: PlayStation 4 system update 1.70 will be available to download in Europe from 30th April, Sony has announced via Twitter.
As detailed below, the firmware refresh will include the SHAREfactory video editing app, the ability to pre-load digital games and the removal of the PS4's HDCP block for capturing footage directly through HDMI.
Heads-up: PS4 firmware update 1.70, inc. SHAREfactory and HDCP Off, goes live on 30th April. More soon!— PlayStation Europe (@PlayStationEU) April 25, 2014
ORIGINAL STORY 17/4/14 08.30am: Sony has detailed its upcoming PlayStation 4 system update 1.70, which will allow you to pre-load games ahead of release and edit captured footage with the new SHAREfactory app.
You'll soon be able to download digital games that you've pre-ordered before their release, meaning that you won't have to wait to play it. As with Steam, titles automatically unlock on release day.
The new video editor app SHAREfactory, meanwhile, appears very similar to Microsoft's own Upload Studio for Xbox One. You can edit and trim gameplay clips, plus apply text, stickers and video commentary if you have a PlayStation Camera.
Unlike Upload Studio it will also allow you to import your own music to videos.
Once your video is complete, system update 1.70 will then let you export your gameplay to a USB drive for the first time.
And for those who like to capture gameplay using an external device such as an Elgato, you'll be pleased to know that 1.70 will also remove the PS4's HDCP block and let you record directly from your HDMI output.
There's no release date yet for the update, but Sony says it is coming "soon".