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There isn’t just only one paid online console gaming service, anymore. There are two now. Xbox Live and the newly revealed PlayStation Plus are going head-to-head business. But, now we will discuss, whats the key difference between them?

This is what we know so far:

Price

An annual “Gold” membership for Xbox Live is $49.99. The “Silver” membership is totally free, however. The upcoming PSN Plus is also priced at $49.99 for a year and $17.99 for three months. The regular PSN service is free of charge. Sony is planning on offering an initial three month trial membership for PlayStation Plus for those who sign up for a year’s worth of service for a total of 15 months, priced at $49.99.

Downloadable Content

Both Xbox Live Gold and Silver members have access to downloadable content like demos and game trailers; however, some Xbox Live Gold content becomes available to Silver members a week later. According to Sony, the PlayStation Plus “Exclusives” include “full game trial” as well as “select early demos”. PlayStation Plus offers a “Full Game Trial”. According to Sony, that means players can play a game for up to one hour and purchase the title to unlock trophies and continue said title.

For current PSN users, demos and game trailers, and we do not see this changing, because it is such a powerful marketing tool for games. The “select early demos” bit sounds similar to how Microsoft rolls out content early on Xbox Live for Gold members.

Discounts

Microsoft has had “weekly deals” on Xbox Live to Gold members with 50 percent on select Xbox Live Arcade games, Xbox originals and downloadable content. Sony’s Playstation Plus is planning to offer its paid users PSN Store discounts, free games and downloadable content. You would also get access to one new PSN game per month (possibly only for as long as you’re a paying subscriber, though we’re not sure of that).

Chat

Both Xbox Live Gold and Silver members have voice chat capabilities, but video chat and party chat are reserved for the fee-based Gold members. Sony currently offers free voice chat and voice free of charge to its PSN users. No word yet on what new robust chat services will be offered via the PlayStation Plus.

Social Networking Sites

Paid Xbox Live Gold users get Twitter and Facebook integration, while Xbox Live Silver members do not. Sony’s free PSN service already offers Facebook integration.

Netflix

Netflix subscribers can take advantage of both the PSN and Xbox Live. The difference is that PS3 users can stream Netflix on the console for no additional charge, and for the Xbox 360, only Xbox Live Gold membership members may access their paid Netflix account.

Multiplayer

The traditional divide between Microsoft’s paid Gold service and its free Silver service is multiplayer. On the Xbox 360, players that want to experience multiplayer online gaming must play the Gold membership fees. Conversely, since the PS3 launched, it has offered free multiplayer gaming. PlayStation Plus does not currently appear as though it will change this.

Firmware…Wait, Firmware?

According to Sony, the company has made it easier for PlayStation Plus users to get their firmware updates. This PlayStation Plus updating service covers patches and updates. More details on this as they become available. Microsoft does not offer such a service to Xbox Live members.

This is, as previously mentioned, what we currently know and obviously subject to change once Sony launches PlayStation Plus later this summer. There will be kinks for the company to iron out, so stay tuned to see how Sony continues to differentiate its paid online service from Microsoft’s. So far, Sony is positioning PlayStation Plus to be entirely optional, but the battle of the paid subscriptions is just getting started.