The PS5 promises advanced graphics and shorter load times through the use of its solid-state hard drive.
Along with a games pipeline with exclusive titles, those are key selling points as contenders like Google push into gaming.
There was no indication of the hardware's pricing - a closely guarded secret that can make or break consoles. Sony said it would offer two version of the device, one without a disc drive as gamers shift to higher-margin digital downloads. The PS4's lower price when it was launched in 2013 is seen as giving it an early leg-up against the Xbox One, and it has gone on to sell more than 110 million units and outpace its rival, which does not disclose unit sales.
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