UPDATE: RUMOR: PS5 Dev Kits Sent Out This Year. Launch 2019. BC With PS1/PS2/PS3. Sony acquires Silent Hill. Blade Runner PS5 Game At PSX. And More.

[Wyrdness]

I don't doubt PS5 development is well under way I do doubt the 2019 release date though as they have no reason to rush out new hardware given their standing in the market right now, they'd take their time and aim for late 2020 imo.