Sony has said that PS4 software update v1.70 is coming 'soon', bringing with it video editor ShareFactory, USB saves and pre-loading of games.
ShareFactory is an app designed for editing together gameplay clips you've recorded, as well as sharing them on social networks. It will enable users to add text, stickers and audio tracks. It will be possible to edit in picture-in-picture video commentary using the PlayStation Camera. There's a video showing it off below.
The update will also enable users to switch off HDCP, meaning they'll be able to capture video directly from HDMI output.
PS4 owners will also be able to save videos to USB, meaning they'll be able to upload them anywhere they like through a PC.
Finally, to complement the Play as you Download feature, the update will enable pre-downloading so that new games are good to go on your machine as soon they're released and unlocked.
Source: PlayStation Blog