Unreal Engine 5 and Epic Online Services Unveiled

A post on the Unreal Engine Website offers a first look at Unreal Engine 5 running on PlayStation 5 hardware (thanks g-man). Here's the video showing off Epic's next-gen engine running on Sony's next-gen console. Epic also announces an even more developer-friendly royalty structure for using their engine, saying they are waiving royalties on the first million dollars of a game's gross revenue. There are more details on this in the FAQ. They also announce the launch of Epic Online Services with new tools for cross-play and other developer support. Here's word on the new engine:
Unreal Engine 5 empowers artists to achieve unprecedented levels of detail and interactivity, and brings these capabilities within practical reach of teams of all sizes through highly productive tools and content libraries.

Join Technical Director of Graphics Brian Karis and Special Projects Art Director Jerome Platteaux (filmed in March 2020) for an in-depth look at "Lumen in the Land of Nanite" - a real-time demonstration running live on PlayStation 5 showcasing two new core technologies that will debut in UE5: Nanite virtualized micropolygon geometry, which frees artists to create as much geometric detail as the eye can see, and Lumen, a fully dynamic global illumination solution that immediately reacts to scene and light changes.

Also present in the demo are next-gen features already available in Unreal Engine 4.25, such as Niagara VFX improvements, Chaos physics and destruction, animation system enhancements, and audio advancements. Unreal Engine 4.25 also includes support for next-gen consoles.