Putting it as a footnote in their latest newswire post revealing the winners of the #illgottengains Rockstar Editor Contest, Rockstar said:
The upcoming launch of the Rockstar Editor for PS4 and Xbox One as the next update to Grand Theft Auto V and GTA Online means the next Rockstar Editor Contest will be the first one with entries across all three platforms – so the creative competition will be fiercer than ever. Stay tuned for info about that contest and forthcoming update.
As you can see in the above trailer, the Rockstar Editor allows you to record, edit, and share videos created from footage in story mode and Grand Theft Auto Online.
Because the Rockstar Editor is “an advanced tool requiring additional processing power,” it isn’t coming to GTAV on PlayStation 3 or Xbox 360.