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makes no sense to release at any time in 2019, let alone early 2019

Sales - PS4 is set to have another year of 17/18m sales. Next year will be a few million down as it would be the fifth full year, but it will still sell 12m at least. Which means by the end of 2018, you are looking at a console that is selling over 10m a year still and has an install base of 80-85m. No reason to throw that away

Games - First party games like Last of Us 2, Sucker Punch's game, Death Stranding won't be ready by then. I don't think Sony would want to move all of these to cross gen games that come out late, well after the PS4 has been replaced by the PS5. These last few years have shown us how profitable it is to either sell the game on each console with a gap inbetween (last of Us) or as cross-gen launch game (Zelda). Also, a 2020 release would be far better for their first party studios. It means studios like Guerrilla, Quantic, Santa Monica, Polyphony can all have a good amount of time to work on their next game and release it in the PS5's first 12-18 months.

Power - Xbox isn't going to release another console for three years imo. That gives Sony until holiday 2020. No use rushing out a console in early 2019 to get a power advantage back when you could nearly two years. Let;s be real, if Sony don't fuck up, they barely have to worry about MS anyway. Even if they both release in holiday 2020, Sony will win comfortably as long as they don't monumentally fuck up. Also gives people more time to upgrade to 4k TVs, which will make the console an easier sell. Also gives Sony more time to develop PSVR 2.0 headset, which will likely release at some point in PS5's lifetime

no reason to rush. i don't think they will feel any pressure from Xbox X