Sony has confirmed that they are working on their next PlayStation console. Polygon confirmed the news on Wednesday, as Sony is gearing up to celebrate the fifth anniversary of the PlayStation 4's debut. Sony's president Kenichiro Yoshida told the Financial Times that it is necessary to have a next-gen console.

There is no name for the console yet, and it's unclear whether it will officially be called the PlayStation 5. There has been no discussion on a possible release date. However, Sony's John Kodera suggested that the next-gen console is three years away.

Some industry analysts have actually predicted a Christmas 2019 release.

Sony going slow to make next-gen console the best

Kodera said that they are using the next three years to build a high performance and durable next-gen console and to jump higher as a company in the future. This is a plan that John Kodera says the company will use through their 2020 fiscal year. So the "PS5" may not come until after the 2020 fiscal year.

Sony has already admitted it's time for a new PlayStation console. The PS4 has become the most successful platform for Sony since the PS2. The PS4 remains the best-selling video game console in history, with more than 155 million consoles sold. Sony has managed to sell more than 81.2 million PS4's worldwide.

PlayStation continues to bring in the money for Sony

Tech Radar says that the PlayStation department has become Sony's most lucrative business segment in every fiscal year, since the console's launch in 2013. In 2017, Sony's revenue from its gaming business has amounted to more than $17.53 billion dollars.

Some gaming experts believe that the console will probably not be a major departure from the PS4 and that the build would be similar.

This is similar to what Microsoft has done since they have kept the current console and just added 4K-capable hardware.

Video game executives and others including casual followers of the industry believe that traditional console generations may be slowly coming to an end. However, Sony appears to be staying the course. Former Sony executive Andrew House once said that he believes game makers will continue to ship physical disc-based games.

The console has the potential of going head-to-head with the upcoming release of the new Xbox, currently called Xbox Scarlett, which is expected to be released around 2020. It will take some time before we hear any official word on the PlayStation 5 console.