Taken from the official Playstation blog
As we mentioned last month during GDC, we’ll be releasing a major system software update for PS4 that will add some exciting new features that many of you have been asking for. Today, I’m pleased to announce a few of those features from PS4 system software update (v1.70) will be available soon, including features that were incorporated as a result of your great feedback. This will be a significant update, and today we’re excited to bring you a sneak peek of just a few things you can look forward to.
The 1.70 update will enable SHAREfactory, our new rich video editor app for PS4 that makes it easy for you to customize your gameplay videos:
With SHAREfactory, you can now easily combine your captured video clips for editing, personalize them with special effects using filters, transitions, and themes, as well as share them with your friends and social networks. SHAREfactory also allows you to personalize your videos by adding text, stickers, and a set of included audio tracks, as well as video commentary with picture-in-picture capability with PlayStation Camera. It also allows you to import your original music to add to the custom soundtrack for your video.