The first major system update for PlayStation 5 has now arrived. After yesterday’s announcement revealed a plethora of new features, including USB extended storage options allowing you to use external USB drives to store (not play) PS5 games, the preloading of game updates, and Share Play between PS5 and PS4, the full PS5 firmware update patch notes have also revealed unannounced changes. These include more accessibility options and different display settings.
The full changelog can be seen below. The PS5 system software update will be rolling out across all regions today, April 14, and may already be available for you to download. Additional features are expected to come later this summer, including enabling the SSD storage expansion.
PlayStation 5 System Software Update Version 21.01-03.00.00 Patch Notes
You can now store PS5 games in USB extended storage.

To move PS5 games from console storage to USB extended storage, go to your home screen or game library, open the options menu for the PS5 game you want to move, and then select Move to USB Extended Storage.
To play PS5 games that are in USB extended storage, go to your game library, and copy the game to console storage from the options menu. Copying games is faster than redownloading them. It’s also faster than reinstalling them from the disc if the game on USB extended storage has add-ons or has been updated.

You can now enjoy Share Play with players on PS4. Use Share Play to invite your friends on PS4...