What year do you think PS5 will come out?

[Asriel]

2020 makes the most sense - and there are several signs Sony (and others, like Bethesda) are planning for a 2020 launch.

Firstly, they are on record (though I forget exactly where) as stating they expect to incur losses in the PS division around 2020/21 - suggesting they're aiming for a PS5 launch in the calendar year 2020 and will sell the hardware at a loss, which indicates a powerful piece of hardware. Currently, there's still a wave of Sony published titles lined up for PS4 in 2019 and, interestingly, Sony haven't organised a PlayStation Experience for this year, because they "couldn't live up to previous" years, or something similar - which indicates that, right now, they don't want to make any longer-term announcements because PS5 is the longer-term. Any major new announcements will be PS5 titles at this point, and it's still too early to talk about the system openly.

Sony showed in 2013 - and Nintendo showed in 2016/17 - a short turn around from official announcement to launch can work well. I'd expect a similar announcement - we'll know about PS5 officially probably 9 months before launch, so E3 2019 at the earliest - though a dedicated event in early 2020 followed by a late 2020 launch is also feasible.