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Like with every console generation, works on new gen begin right after the current release, so they're already working on PS5 for some time now. But, I don't see them announcing it until PS4 sales start slowing down. It could be next year or in five years, who knows. Considering that they want this console be on the market for at least 6 years, the earliest time when we're going to hear about PS5 will be mid-late 2018 with 2019 release date. I know that Sony originally planned PS4 with ten years life span in mind, but we all know that's not going to happen as by that time PCs will be not one but two generations ahead and game developers will be pushing Sony for the new hardware a lot.