Speaking to Games Industry, Sony Entertainment CEO Jim Ryan said: “We are on track. We are going to launch this holiday and we're going to launch globally. We're really looking forward to it and it's going to be a blast."
DON'T MISS OUT: How to watch the PS5 reveal event live stream
“I think the best way that we can address [the conditions of the console's production] is by providing the best possible value proposition that we can.
“I don't necessarily mean lowest price,“ he adds.
“Value is a combination of many things. In our area it means games, it means number of games, depth of games, breadth of games, quality of games, price of games... all of these things and how they avail themselves of the feature set of the platform."
How Much Will the PS5 Cost?
Rumours have surfaced on Twitter about the price of the PS5 after Wario64 shared images of a placeholder on Amazon listing the 2TB PS5 for £599.99.
While someone appears to have been able to order the next-gen console at that price, it is likely this is a dummy placeholder that does not reflect the real price of the PS5, as the 1TB console was also listed for the same price.
The original PlayStation and PS2 hit the shelves at £299, with the PS3 at £425 and PS4 at £350.
When Will the Cost Be Revealed?
As this is a reveal event focusing on the PS5's games, it may be that we do not get a full price at this event but will instead have to wait until later this summer.
The exact date hasn’t been revealed, but there may be some clues if we look back over the history of the console launches.
The PS4 launched on November 15, 2013, while the PS4 Pro launched on November 10, 2016.