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The PS5 will probably release in either Nov. 2020 or Nov. 2021.

However...

Anyone expecting a gigantic graphical leap from the PS4 Pro to the PS5 are going to be disappointed. The days of giant leaps like we got from PS1 to PS2, or PS2 to PS3...are over.

Which is fine by me. Because honestly - having played games Horizon Zero Dawn and Killzone Shadowfall, we as gamers really don't 'need' any more graphical detail. Especially at the expense of longer development wait times, which has SKY ROCKETED over the last 10 years.

In the 90's, AAA games typically 1 to 2 and a half years of development time and on the very rare occasion 3 years. Fast forward to the early 2010's and games average of 5 years of development time, and some took several years depending on the title. Example:

Final Fantasy 6 - year and a half dev time (SNES)
Final Fantasy 7 - two year dev time (PS1)
Final Fantasy 8 - two year dev time (PS1)
Final Fantasy 9 - two year dev time (PS1)
Final Fantasy 10 - two and a half year dev time (PS2)
Final Fantasy 12 - four year dev time (PS2)
Final Fantasy 13 - five year dev time (PS3)

From there Square Enix's business practices become a little muddy and their turn around times take a nose dive become of constant dev team shifts, so I'll stop there. But you get the idea. More detail in games = more waiting time. Which in excess will be BAD for the video game entertainment industry. Just because we CAN add more detail, doesn't mean we should.

The video game industry will collapse if it reaches the average wait time of 10 years. And studios will have nobody to blame but themselves. We've come a long way, it'd be a shame for our favorite hobby to hit a collapse just because we wanted more detail and particle effects.