I have a problem with my Elagto have everything connected as described the elgato also takes the picture of my PS4 and the sound on only my microphone and the party audio is not transmitted have tried everything possible have also the chat link audio cable betellt unfortunately in vain has not helped anything can me there maybe someone help?

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Answer

In the settings Audio>Audio device> Select the Tv for output. 
But then you won't hear anything on your headset... Maybe it still has the function "Multi output" somewhere in the settings, if you can activate it, it should work.
But it's not the Elgato, it's the Ps4.

Here's another video (yes it's very old but it's all the same anyway) watch from 2:10 :)

https://youtu.be/QAqJi_2A5Ck

I hope you get it right somehow.
Greetings Pagõ

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