Most paid recording software doesn't compress the file it records, which leads to fucking massive files sizes. GPU manufacturer, as people have already stated, provided recording software is the best. It can tap directly into the GPUs data flow and it compresses it really well. With a really high bitrate, it looks almost lossless.
Don't skimp on your microphone because you will pay for it down the line. Most be people recommend the Blue Snowball which I use myself, been a solid microphone for almost 2 years. Don't get the "iCE" (or whatever the fuck it is called) version because it loses some of the features on the normal version and there are many complaints about it. I dropped mine when I openned it and it still worked just fine.
PS4 sucks, don't get one.