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Financially what would make more sense?

1. Don't release on ps5, get more GP subscriptions by getting the die hard fans to play it in the XBox ecosystem. (But not everyone will bother, plenty to play)
2. Release on PS5, get all that $70 per game at release and more in DLC. (DLC will also sell on GP, but those subscribing just to play the next Skyrim won't buy it)

Either way it will be a boost for GP as a day one release on there. MS could even do both, 1 year exclusive on XBox, then release on PS5 to get the hold outs to hand over their cash. Not releasing on PS5 seems to be leaving a lot of money on the table. Sony is realizing this as well now and is bringing more to PC.

As for making a replacement, it takes many years for a new IP and multiple sequels before it could begin to touch the mind share of fallout and elder scrolls.