The new DMP-UB700 player can play back 4K Blu-ray discs with HDR, as well as regular HD Blu-rays, DVDs and CDs.
Like the $699/£599 DMP-UB900, the UB700 also offers high-end video processing, including upscaling 4K color information to 4:4:4, which offers potentially better picture quality.
The UB700 has internet connectivity, which brings with it Netflix and YouTube 4K playback, though it's yet to be determined if the player is capable of delivering Netflix's HDR video.
The player will also play music from your network including FLAC, WAV, MP3 and DSD files, though it lacks the high-end digital-to-analog converters of the UB900.
The UB700 is destined for Europe only at this stage for £400 and Panasonic said the company is yet to decide if it will get a release in the US or Australia. This price converts to $530 or AU$700.
With the release of the $300 Xbox One S, the market for 4K Blu-ray players is getting cutthroat. Even with its cheaper price the UB700 costs substantially more than Xbox, the Samsung UBD-K8500 and the Philips BDP7501, so it might be a tough sell for Panasonic.