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Bad news for early adopters - your Xbox One and PS4 console may already be outdated.

According to Netflix's Chief Product Officer Neil Hunt, Sony has already promised that a new "4K compatible" version of the PS4 will be released later this year to support Netflix's growing 4K library. 

Hunt also believes that the Xbox One will be similarly updated this year to fully support 4K video.

Both the Xbox One and PS4 currently do support 4K output, but because both consoles use the HDMI 1.4 output standard, only 24 FPS playback is supported. 50 and 60 FPS playback of 4K content can only be supported by upgrading the HDMI port on these consoles to version 2.0, something that Hunt expects to happen later this year.

Based on history of previous generation consoles, revised versions of both the PS4 and Xbox One could be released before the 2015 holiday shopping season. The revised consoles would incorporate advances in manufacturing technology that would ensure the consoles produce less heat, to be smaller in size, and also at the same time, be cheaper to make. It is during this product refresh that Netflix's Hunt believes proper 4K support will be added.

Hunt also believes that support for HDR (high dynamic range) video, the next "must-have" technology for those wanting the best in picture quality, will also eventually come to both consoles.

Neither console is expected to support 4K for gaming, which would require significant improvements in the console's processing capabilities for this to be realised.