PlayStation Plus was officially unveiled at E3 2010 by Jack Trenton after months of speculation due to Kaz Hirai's announcement during the Tokyo Game Show 2009 of a possible paid service for the PlayStation Network. Launched at the same time as PS3 firmware 3.40 on June 29, 2010.
PlayStation Plus is a paid-for subscription service provides users with improved services on the PlayStation Network, on top of the current PSN service which is still available for free with all of its features. These improvements include the ability to have certain game demos earlier than the regular service, access to some betas, discounted PlayStation Network games and other PlayStation Network items, and game and system updates downloaded automatically to the PlayStation 3.
The service costs $50 a year, which is similar to the price of Xbox Live. Customers will also get free PlayStation Network games/DLC, but once your subscription expires you will no longer be able to play the games, unless you renew your subscription or buy the content. However discounted games that have been brought do not need a PlayStation Plus account.
As of March 9, 2011, PlayStation Plus members now have the possibility to save their save files to the cloud. The cloud storage can save 1GB of save files.
With the PlayStation 4 firmware update 3.00 cloud storage increased from 1GB per user too 10GB.