The 1.70 firmware update for the PlayStation 4 went live today, and it's the biggest update yet. It brings some important, often-requested features to the system and adds in a new app called ShareFactory.

ShareFactory gives PS4 users some pretty advanced editing capabilities that will pair well with the system's recording feature. Sony's PlayStation community manager Sid Shuman goes over the basic functions of ShareFactory in the video above, and it looks to function similarly to the Upload Studio app on Xbox One, albeit with some deeper features.

If the video recording and editing options on the PlayStation 4 aren't doing it for you, though, this update still has you covered. In addition to ShareFactory, the 1.70 firmware allows gamers to turn off HDCP, meaning that you can capture gaming video with whatever capture device you like, using the framerates and resolution that work best for you.

It's also easier than ever to get your raw video off the console and onto your computer if you're an experienced video editor. USB Export is now an option, allowing you to plug in a USB drive and copy recorded video for editing and sharing elsewhere.

Finally, PlayStation 4's twitch support has been increased to 720p for live streaming, in addition to introducing stream archiving.

With all these options for sharing content, the only limit now is yourself.