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(Pocket-lint) - Sony has fully detailed a just-released software update for the PS4 gaming console system, emphasising it brings new features that expand "the social connectivity options and make it easier for gamers to share their experiences in a more meaningful way."

The update, called version 1.70, most notably delivers SHAREfactory to all PS4 gamers. It's a video editing app that'll appear on your home screen once installed and allows you to customise gameplay videos with special effects, video commentary, picture-in-picture capability, and more.

Other features within the update include the ability to start downloading select pre-ordered games from the PlayStation Store several days before a release, as well as the option to turn off HDCP for games and export your videos and screenshots to a USB drive.

Sony also increased resolution for live broadcasts to 720p HD, and you can even archive broadcasts on Twitch or Ustream. As for those sharing options that the company highlighted, the update adds a number of new settings like one where you can share videos or screenshots with specific Facebook audiences.

It's also easier to find friends and send requests. Sony has implemented a Friends-of-Friends search component that lets you view mutual friends on another user’s profile and accept Friend requests directly from the Friends list.

READ: PS4 1.70 update detailed as Sony reveals 7M consoles sold

That's just the tip of the iceberg too. There are additional tweaks for video clips and screenshots, including how they are uploaded and shared, and you'll see things like a new "rarity" Trophies sort option, alternative payment methods in the PlayStation Store, and more voice commands for PlayStation Camera.

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And finally, Sony said Plus members can see their PS Plus icon appear next to their SEN ID, while Music Unlimited subscribers can share their favourite songs with friends by pressing the Share button on their DualShock 4.

But that's not all: PlayStation Vita system software and PlayStationApp are getting updates today, too. The updates apparently "deepen integration and improve compatibility with the PS4 system," according to Sony.

Check out the video above for a closer look at SHAREfactory and more information on update version 1.70.

Writing by Elyse Betters. Originally published on 30 April 2014.