The PlayStation 4 is coming, but will it beat Microsoft’s Xbox 720 to release?

By Alan Ng - May 27, 2011

It seems a bit surreal for an announcement of this magnitude to come out right before E3 and also in the midst of hackers taking down Sony’s PlayStation Network and other services, but it has just been confirmed that Sony has been quoted in saying that development has already begun on the PlayStation 3’s successor.

The bombshell wasn’t revealed by Kaz Hirai, Jack Tretton or even funny man Kevin Butler on Twitter, but instead it came via Sony’s VP and CFO Masaru Kato during an investor call when he was discussing financial issues in a recent report.

Here is what he had to say in relation to the future of the PS3 and also the next generation PlayStation console, as reported from VG247:

“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.”

Obviously the key words to take from that quote are ‘future platform’, the fact that he can’t discuss the ‘product’ and there in black and white, the admission that ‘development work is already under way’.

So there we have it, but when will the successor be coming? Will it be ready for a release in 2012, or is development still at a very early stage. Now that Nintendo has officially outed the Wii 2, it will be interesting if Sony reveal some more details about the PS3 successor, just to make everyone aware that Sony has a new console on the way too. The same can be said for Microsoft too, as there’s persistant rumors that the Xbox ‘720’ is not too far off as well.

Which next generation console from Microsoft and Sony will release first after the Wii 2? We have a feeling that this year’s E3 is going to spring a few hardware surprises, separate from the obvious announcements from Nintendo. Are you excited about this news on the PS4? Let us know your thoughts on this.

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Also See: PS4 5.50 update notes for March 8