Over the past several weeks, video game industry analysts have indicated that Sony is likely planning to release an upgraded version of its PlayStation 5 console, tentatively dubbed the PS5 Pro, in the second half of 2024. This timeline would put the launch of a souped-up PS5 around 4 years after the release of the original model in November 2020, following a similar pattern to the PS4 Pro which debuted in 2016.
According to Dr. Serkan Toto, CEO of Tokyo-based gaming consulting firm Kantan Games, there is a broad consensus within the industry that Sony intends to move forward with a PS5 Pro model to coincide with the launch of Rockstar’s highly anticipated Grand Theft Auto VI in 2025. The assumption is that a more powerful PS5 would help drive sales and interest in GTA VI, expected to be one of the biggest entertainment launches of the decade. This has led many analysts to view a 2024 PS5 Pro release as likely.
However, some experts have questioned the timing of a mid-cycle console upgrade given economic uncertainties and the possibility of elongating the 9th console generation too long if Microsoft releases its next-gen Xbox as early as 2026. There are also doubts as to whether consumers are willing and able to purchase another $500+ console when the base PS5 and Xbox Series X/S are still facing availability constraints.
With Sony recently revising down its PS5 sales forecast for the 2023 fiscal year even after a holiday quarter sales bump, analysts like George Jijiashvili of Omdia point out that a scenario where the PS5 Pro launches but hardware sales still decline year-over-year is plausible. Additionally, incoming Sony CFO and PlayStation chairman Hiroki Totoki’s focus on cutting costs has led to speculation that a PS5 Pro may be delayed or canceled entirely under his watch.
Ultimately, while industry insiders seem confident that Sony has a souped-up PS5 successor in the works for late 2024, the gaming giant faces tough questions around consumer appetite, optimal timing, and competing priorities. The possibility of a PS5 Pro is exciting for avid PlayStation gamers eager for more horsepower, but economic challenges and an increasingly long 9th console generation threaten to dampen enthusiasm and sales potential. Sony will have to weigh these factors carefully as it plots its next moves in the rapidly evolving gaming landscape.
