The changes will be available in the Settings menu and Profile page on PS4.
In the meantime, ID change will be available in beta form through the PlayStation Preview Program. The standard price for a name change is going to be $9.99, and PlayStation Plus members will only need to pay $4.99. You'll also get the ability to display your previous PSN ID alongside your new one (so your friends can recognize you).
Now, at long last, PSN will fall in line with virtually every other online service you can think of and let users change their name. Once you decide to display your old ID or not, you won't be able to adjust this after completing the online ID change process.
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The PSN name change feature has been officially announced by Sony. The blog states that, "During the preview program, you will be able to change your online ID as many times as you want".
Other remarks made by PS execs over the years have led us to believe the change might be hard because certain PSN assets are tied to user names. If that happens, you can revert back to your original ID for free at any time (this can only be done once during the preview program).
There is a catch in the fact that the name change is compatible with all games published after April 1st, 2018, and "a large majority of the most-played PS4 games that were released before this date". This should solve "most" issues. One thing that hasn't changed, though, is the PlayStation Network ID you chose when you got a brand new PS3 that year-or any time in the past 12 years for that matter.
The beta for PS name changes is "scheduled to conclude at the end of November 2018" and all PS4 owners will be able to change their names, if all goes well, in early 2019.