According to Sony’s updated PlayStation 4 Software Usage Terms, the company may monitor and record all PSN activity including voice and text communications as well as an video recordings, PSN Online ID, name, activities and IP address. The information could be used later on by Sony or an affiliate “to enforce these Terms and the EN Terms of Service, to comply with the law, to protect our rights and those of our licensors and users, and to protect the personal safety of our employees and users.”
The Terms of Service also remind us that all software is “licensed, not sold” means you can use the software, but in no way own it. They also state that users cannot resell “disc-based software or software downloads” unless authorized by Sony, which at the moment they are with regards to disc-based games.
Sony also retains the rights to remove any UGM (User Generated Media) at their sold discretion without further notice to the user.
You can read the full Software Usage Terms on their website.