New PlayStation 5 console to release ‘later this year’

There's a 'broad consensus' the new PS5 console is on the way

The company has cut its forecast for sales of the PlayStation console and will release the upgraded version of the PS5 to try and capitalise on the release of Grand Theft Auto VI next year, analysts told CNBC.

The PS5 is more than three years old, having been released in November 2020. This fiscal year, which ends in March, Sony had predicted the console would sell 25 million units.

However, it has now cut that prediction to 21 million and expects a "gradual decline" in unit sales.

In the past, this has prompted companies to bring out a new piece of hardware to boost sales.

Sony have a history of doing this, having released the PS4 Pro about three years after the original console came out.

Industry experts reckon the company will repeat the trick this year.

Serkan Toto, CEO of Tokyo-based games consultancy Kantan Games, said: “There seems to be a broad consensus in the game industry that Sony is indeed preparing a launch of a PS5 Pro in the second half of 2024.

“And Sony will want to make sure to have a great piece of hardware ready when GTA VI hits in 2025, a launch that will be a shot in the arm for the entire gaming industry.”

The Japanese company did release an upgraded PS5 last year, but this upgrade is expected to be much more significant.

The PlayStation Portal was also released last year, and was a handheld console that allowed users to play their PS5 games over their home wi-fi.

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