Sony's CEO, Kenichiro Yoshida, revealed his firm's plans to the Financial Times, although he didn't elaborate further: "At this point, what I can say is it's necessary to have a next-generation hardware", he said.
It's the traditional format for the video game business: Produce a new, more powerful game console every 5 to 10 years that's distinct from previous hardware generations. A while back, there was talk of the regular, generational hardware cycle fading away to allow a more iterative approach, and we suppose it's possible the PS5 could be the turning point. Six years after the PS2, the PlayStation 3 launched, with the PS4 following seven years after that. "As further understood herein, the original (legacy) software code of an entertainment asset such as a computer game created to be played on a relatively lower powered display can be preserved for use with model consoles with improved capability displays, while effecting remastering of the presentation through emulation principles".
The PlayStation 4 has achieved frankly ridiculous success and is threatening to become one of the best-selling consoles of all time, and a consistent line up of stellar exclusive has only helped fuel that success.
The biggest question of all though is when the PlayStation 5, assuming that's what it's called, will be announced and released. As long as the PS4 continues to sell, it wouldn't make much sense for Sony to start talking about how the console will soon be antiquated. Microsoft's Xbox One is in a distant second place, and Nintendo's Switch is in a league of its own.
Sony's no doubt hoping that you'll consider the PS4 Pro for now, but don't worry if you're not: Something new is also in the works.