According to the PS Blog, Sony’s next PS4 update will double the party size from 8 to 16 players, and which also adds a chat transcription feature. The transcription feature (available only in the U.S. and in English) allows users to enter text into the PS4 second screen app which is then read aloud to party members, or convert party chat to text on the app.
PS4 users can sign up to beta test these features via the Preview Program, and accepted applicants can share their code with up to 20 others in order to test out the party features in full. The update also includes improved party chat audio quality and network connectivity. It’s unknown when a official release of the update is coming.