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That jack carries microphone audio, and game audio.
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The first thing you need to know is what kind of headset you're using on the PS4. Unfortunately, unless the PS4 has a software update, you will have to use a workaround for this issue. Hence, no game audio in recordings or streams. This means that if you use a headset, the PS4 no longer sends an audio signal out of its HDMI port to your TV, which means that audio won't reach capture devices either. The PS4 has a software limitation where it disables HDMI audio when a headset is connected.
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