Greatest Hits is Sony's budget software range used in North America. The first incarnation, used on PlayStation releases, changed the black PlayStation banner to green. The logo was written vertically up the spine of the case in red. These releases were nicknamed "green label" as opposed to the original black label releases.
With the release of the PlayStation 2, Greatest Hits titles dropped the green in favor of red and in turn became commonly known as "red label" releases. On game covers, a banner was used with the above logo in a large red curve under the main PS2 banner. The same logo is also used on PlayStation Portable releases, however unlike the PS2 ones the banner is not curved. In 2009, the PSP banner and the Greatest Hits banner switched places.
The original Greatest Hits banner on PlayStation 3 releases featured a red to white gradient, from top to bottom. The font was also updated with greater letter spacing.
From 2009 when the branding of the PlayStation 3 was updated to coincide with the slim redesign, the Greatest Hits banner was altered slightly. The old red and white gradient was replaced with a solely red one which lightened from left to right.
With the PlayStation 4, Sony changed the name from Greatest Hits to PlayStation Hits. This is also the first time the budget range was used internationally.
Original PlayStation Greatest Hits banner on the cover of Driver 2.
PlayStation 2 Greatest Hits banner seen here on God of War.
First PSP Greatest Hits banner (below PSP logo) on Daxter.
Second PSP Greatest Hits banner (above PSP logo) used after 2009, on LittleBigPlanet.