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Sony has confirmed the PlayStation 5 is in development

Although they haven't confirmed whether it will be called that

After months of speculations and rumours, Sony has finally confirmed that the ‘PS5’ is in development.

Speaking with the Financial Times, Kenichiro Yoshida, boss of Sony said, “At this point, what I can say is it’s necessary to have a next-generation hardware.”

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CEO of Sony Kenichiro Yoshida

With the recent release of the Xbox One X and the PS4 Pro, this generation of consoles is still holding up and making both Microsoft and Sony millions.

Xbox boss Phil Spencer came out at Microsoft’s E3 presentation in June to say they were hard at work on the next Xbox consoles.

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Phil Spencer at the E3 Microsoft presentation

“The same team that delivered unprecedented performance with Xbox One X is deep into architecting the next Xbox consoles, where we will once again deliver on our commitment to set the benchmark for console gaming,” Xbox boss Spencer said.

Recent reports have shown backwards compatibility and streaming are likely to be a key feature for both the next Xbox and the PS5.

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The Xbox Games Pass already gives players 100’s of backwards compatible games to play

Graphically, there’s still no real idea about how much of a leap the next iteration of consoles will be compared with current gen.

The PS4 Pro and Xbox One X currently sit with mid-to-low tier PPC graphics cards – allowing 4K gaming at the cost of framerate and texture detail.

We’d expect the next consoles to offer 40K 60FPS as standard – but the only PC cards to provide anything near that performance right now are the Nvidia 1080 and 2080 series (and AMD equivalents). They cost upwards of £600.

There are still no clues as to when the consoles will be officially launched. What we do know is, they’re likely to cost you an arm and a leg.