Sony Confirms PlayStation 4 Is In Development

May 26, 2011

In the wake of all the chaos Sony's endured as of late along with negative earnings reports, the company may be trying to soften the blow by hinting at a next-generation PlayStation 4 console. The company has just reported a $3.1 billion annual loss, with factors ranging from the Japan earthquake to the $170 million loss from the PlayStation Network attack.

In a conference call with shareholders today, Sony CFO Masaru Kato explained away increased costs to research and development by confirming that a next-gen console was already in the works. "For the home equipment the PS3 still has a product life, but this is a platform business, so for the future platform - when we'll be introducing what product I cannot discuss that - but our development work is already under way, so the costs are incurred there."

The statement does seem to contradict what Sony exec Kazuo Hirai publicly insisted just a few months ago. At the time, Hirai stated that the PS3 lifecycle has barely reached the halfway point, meaning that a PS4 would still be at least 4 to 5 years away. But with the mounting negative press, slowing of PS3 sales, and the excitement rivals are generating, such as with the Nintendo Wii 2, teasing a upcoming PS4 may be a good distraction.

[via VentureBeat]

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