Sony Corp has finally revealed the price and projected launch of PlayStation VR, and it looks like the virtual reality device may finally bridge the enormous gap between cheap, low performance VR like Google Cardboard and expensive, high performance VR like Oculus Rift or HTC Vive.

“Ever since we unveiled PS VR during the 2014 Game Developers Conference, we’ve received a tremendous response from gamers and developers alike,” Andrew House, President and Global CEO of Sony Computer Entertainment Inc, said in a statement.

“To make sure that we are able to prepare and deliver enough units of PS VR and a wide variety of software titles to consumers worldwide, we have decided to launch PS VR in October 2016. For those who are looking forward to its launch, we would like to thank everyone for their patience and continued support. We are beyond excited to deliver to consumers the amazing experience that PS VR offers.”

More powerful than Google Cardboard, cheaper than Oculus Rift

PlayStation VR will be priced at $399, which makes it $200 cheaper than Oculus Rift and $400 cheaper than HTC Vive. The overall cost of using PlayStation VR is cheaper than its PC counterparts as well, as a PlayStation 4 currently retails at around $360, several hundred dollars cheaper than a PC powerful enough to handle Rift or Vive.

Unfortunately, aside from the cost of owning a PlayStation 4, there are a few additional hidden costs associated with the PlayStation 4. Users will also need to buy a $60 PlayStation Camera in order for the VR device to work, and many VR games will also require the use of two PlayStation Move controllers, which are priced at $49 each.

Still, even with these additional costs, PlayStation VR is significantly cheaper than devices like Rift or Vive, which puts Sony in an excellent position in the early race to VR success.

Even if the overall cost is lower, the big question will be what kind of games and software will be available for PlayStation VR, and Sony has said that there will be plenty of content for new VR fans to get excited about.

According to Sony’s press release, over 230 developers and publishers are creating content for PlayStation VR, ranging from small indie studios to major companies like Ubisoft. Sony said that of the 130 VR titles currently in development for PlayStation VR, more than 50 are expected to launch this year, including highly anticipated games like CCP Games’ Eve: Valkyrie and Ubisoft’s Eagle Flight.

Image courtesy of Sony Interactive Entertainment Inc