Rumor: Sony Ceased Research On PlayStation 5

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PlayStation 4 hasn't even been out for a year, but Sony was apparently already looking into PlayStation 5 - at least according to reports that this is no longer the case.

According to Xinhuaxia News, Sony has given up development research into PlayStation 5 due to the company's financial woes and increasing power and popularity of smartphones and tablets.

"There is already information that Sony has abandoned production research for PlayStation 5," explains the report. "As smartphones and tablet PCs become more powerful, the need for home consoles diminishes. The profit Sony can bring in with consoles is getting smaller and smaller."

This is strictly a rumour at this stage, with no sources cited by Xinhuaxia, but with PlayStation's release history, a PlayStation 5 shouldn't be expected before 2020. With rapid advances in smartphone and smart TV technology, it's plausible that by that time, a dedicated home console would struggle.

This follows the announcement of big deficits for Sony, particularly in the smartphone sector. In July, Sony lowered forecast sales for this fiscal year from 50 million to 43 million units, and in September, CEO Kazuo Hirai said that the company would cut 15% of its smartphone workforce.

According to the Wall Street Journal, Sony is planning to cut those forecasts even further, and reduce its presence in some markets, like China.

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