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I think we'll hear about it in 2019. Maybe a release late that year, but 2020 sounds more plausible.

These mid-gen upgrades are great for gamers but they put Sony and Microsoft in a hard place. New PS and Xbox consoles traditionally sell on better hardware. The jump from PS4 Pro to PS5 needs to be big to justify the upgrade. So I doubt we'll see the Playstation 5 release next year. Microsoft is in a worse position, unless they really want to drop "generations" and just release a new hardware revision every other year.