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There’s little doubt Sony hasn’t begun planning its next generation PS4 console. But in a volatile gaming industry, the real question is when will the company be releasing it? Well, a source claims it is within arm’s reach.

BitMob has reported an anonymous source heard “PlayStation 4 in 18 months” at a “high level meeting” at Sony.

Reporter Rus McLaughlin broke the story and believes his source is credible, but questions whether it would be the best move for Sony since its PlayStation 3 console is hitting its stride.

Also, Sony claim their consoles have a ten year lifecycle, and the PlayStation 3 has only been out for half of that.

The truth is the PlayStation 3 is peaking with the support of a great gaming ecosystem and the vast dissipation of HD entertainment technology. It’s never been more affordable to own a high end PS gaming console and it took the company all of five years to achieve that. Why would they want to replace it now, after their hard work is finally yielding noticeable dividends?

It’s not all bad though, with the current PlayStation console proving financially taxing on the company. They could lay the PS2 to rest, substitute it with the PS3 in 18 months, and let the work horse ride out its final few years till retirement in the shadow of a cutting edge PS4 console.

I simply hope that the next gen console is backwards compatible right through, allowing avid PS3 fans to continue growing their gaming collection instead of starting from scratch: a move that hindered the PS3.

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