The Sharefactory video editing app built into the Sony PlayStation 4 (PS4) just got a lot better, with the latest update adding time lapse, slow motion effects and more.

Sharefactory is a big part of the overall PS4 experience, as it allows gamers to trim and edit their exciting gameplay videos before sharing them online. The new upgrade brings the video editor to version 1.07 and includes features that users have long been requesting.

Among the highlights, Sharefactory now enables users to enhance their videos with slow motion and time lapse effects which, according to Sony, topped the requests list.

"One of the biggest features we're proud to add is Time Bender, which enables players to add slow motion and time lapse effects to their Sharefactory videos. This has been the most popular feature request for Sharefactory - we can't wait to see how you'll use this in future videos," Sony announced on the PlayStation blog.

Users can also rely on Sharefactory to speed up the gameplay footage to get to the part they want, or to slow down a particular scene. Moreover, Sharefactory can now handle more videos simultaneously during the video creation process: 12 music track clips and 50 video footage clips.

Sony also added a number of other new treats, with eight options for scene transitions, two music tracks and three filters joining the existing ones. At the same time, Sharefactory also gets a new color picker tool that allows users to choose the text color they want, as well as the ability to layer text and stickers.

Lastly, another neat feature available with the latest update is Sharefactory Events, which allows game developers and publishers to create special events. For example, they can challenge or hold contests for gamers to create videos based on certain requirements. The first event of this sort is reportedly in tow already, but no details are currently available.

All in all, the new Sharefactory update brings a number of great improvements that make the video editing app more exciting. That said, don't expect Sharefactory to be on par with high-end software for desktop computers, as it wouldn't be fair. Sharefactory is a video editor for a game console and it's good for its category, but full-fledged editing software is something else.