Code named NOBUNAGA, version 5.0 of the PlayStation 4 firmware adds better parental controls, improved broadcasting capabilities, custom friends lists, and a few more upgrades for quality of life of it’s owners.

Better parental controls

Family on PSN is the overhauled version of the current parental controls option found in the PS4 OS that replaces the old Master/Sub account.  There is now just one Family Manager account that will be able to assign other accounts as Parent/Guardian, Adult or Child.  Non-child accounts will be able to control the permissions of the Child accounts and can restrict “use of online features and communication with other players, set restrictions for games, restrict the use of the internet browser, and set spending limits for PlayStation Store.”

Better Friend List

Friends can now be organized under customized lists so you don’t have to deal with a long, unorganized tally of online friends.

Other features include:

• better organization and display of information on the QuickMenu
• the ability to disable notification pop-ups during video playback
• For PlayStation 4 Pro owners, the v5.0 update will enable broadcasting games via Twitch at 60 frames per second in 1080p resolution

You can view more info via the post about the 5.0 Beta on the PlayStation Blog