https://www.bloomberg.com/news/articles/2021-12-03/playstation-plans-new-service-to-take-on-xbox-game-pass
Supposedly coming this coming Spring and will merge PS Plus and Now into a new subscription. Will be branded under the PS Plus name.
3 Tiers:
Normal/existing PS Plus.
The former + Get access to a large catalog of PS4 and eventually PS5 games.
The former + Get access to extended game demos, game streaming and a classic library of PS1, 2, 3 and PSP games.