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The Fury said:
Next gen wouldn't be here until like 2020 or 21, at the earliest . We are only just in this gen by less than 2 years, 360 lasted 8 years alone.

So, Yes, knowing SquEnix's work time.

The current platforms were much weaker relatively at launch than the PS3 and 360 were at their launches. They are already pretty dated hardware wise, and third parties were unsatisfied with the performance. Don't expect an 8 year cycle, expect the typical 5 year one that we got every generation before the seventh.