Just as Sony's next-gen champion breaks its latest sales record, a major system update is on the way.

A recent post on the PlayStation Blog reveals that Sony has officially announced that the PlayStation 4 has sold more than seven million consoles globally since its debut this past November. In related news, Sony has announced that it has sold over 20.5 million units of PlayStation 4 software sold from the likes of the PlayStation Store and from physical retailers.

Unfortunately, Microsoft has remained very tight-lipped about the Xbox One's console sales. The last time we compared numbers between the two consoles was in the middle of February, where Sony openly stated that it had over 4.2 million PS4 consoles sold and Microsoft had to sweep its combined Xbox One and Xbox 360's sales under the sole label of "Xbox" in order to say that it was leading in terms of games sold. Nevertheless, Microsoft has yet to officially unveil any sort of actual sales numbers regarding its next-gen console. Given the fact that the PlayStation 4 remains constantly sold out at most major retailers and internet vendors while the Xbox One remains very much in stock, we have a feeling that the PlayStation 4 is ahead by a fairly large amount, which is likely why Phil Spencer has been recently promoted to head of the Xbox and Xbox Live creative teams in order to help close this gap and help Microsoft compete with Sony.

Scott McCarthy, SCEA's director of product planning and software innovation, has posted on the PlayStation Blog explaining the next major system update coming to PS4. This new system update, v.1.70, will be coming soon in order to introduce SHAREfactory, PS4's new video editor app. SHAREfactor is a vast upgrade from the preexisting video editing system which will allow you to personalize your videos with filters, themes, transitions, text, stickers, custom audio tracks and adds in the amazing capability to do picture-in-picture commentary done with the PlayStation Camera.

SHAREfactory will allow you to upload videos directly to your Facebook page or to export each video onto an external USB storage device. You will also be able to specify who you share your clips with after you finalize your clips. V.1.70 will allow you to turn off HDCP, which gives players the ability to use third party video-capturing technology to record directly from their PS4's HDMI output for longer clips with higher quality.

Lastly, the 1.70 update for PS4 will introduce the ability to pre-download digital titles prior to their release date. As long as a player has the auto-download feature activated, your pre-ordered title will automatically pre-download so you can just pay for the game in advanced, automatically download it and be able to play ASAP on release day.