First major PS5 update coming soon, adds USB extended storage for PS5 game

Playstation just announced the first major system software update for PS5, which rolls out globally tomorrow alongside new updates for PS4. Highlights include the ability to transfer your PS5 games to USB extended storage and share gameplay across PS5 and PS4, among many other features.

In addition, they're also introducing some new updates for PlayStation App over the next few weeks.

Read more about it here PS5 April Update brings new storage options and social features – PlayStation.Blog

For external compatibility requirements check this out USB extended storage on PlayStation®5 consoles