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It means they will continue to provide games and support for the PS3, and continue to manufacture it, until 2016. Obviously, a PS4 will be released before then. Waiting till 2016 to release another console would be suicide.

(Former) Lead Moderator and (Eternal) VGC Detective

gamrReview - Arthur Kabrick | My All-Time Top 50 | 2013 Metascores