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I honestly don't think it's accurate if you are thinking about the biggest PS5 releases.

Most games still have a PS4 version so they must be costing not much more to make as they are still also PS4 games.

God of War Ragnarok certainly did not cost twice what 2018 did.
Same for Horizon Forbidden West.
Same for Gran Turismo 7.

So which games?

- Final Fantasy 16? Certainly not as well, because 15 was in development hell for years.
- Elden Ring? Maybe, also has a PS4 version tho.
- Sonic Frontiers? Probably, also has a PS4 version but the leap is visible, has more to do with their vision than necessity, IMO, tho.
- Spider Man 2? Don't think so, but maybe.
- Ghost of Yotei? Don't think so either.
- Methaphor: Refantazio? Honestly dunno.
- Assassin's Creed Shadows? Dunno either.
- Death Stranding 2? Maybe, I could see it.
- Helldivers 2? Very likely.
- Final Fantasy VII Rebirth? Very likely.
- Tekken 8? Definitely, because they finally got a good budget, tho.

Most of games I can that have pure PS4 era games to compare I'm not confident to say they costed double than that.

Maybe Activision and EA games?