I've only seen fairly unsubstantiated rumors about the PS5 coming next year. The last official date they threw out there was 2021, which I'm sure they could move up if they felt the need... but a two year jump on what they originally planned would be quite a move. Splitting the difference into 2020 might be a good bet.
Anyway, this generation of consoles doesn't feel like it's been here that long at all, yet next year would be the 7 years mark which has been about average for a generation. Time sure has flown by.
I'm basing this on the report that AMD told their shareholders about two consoles, one in 2019, one in 2020 (I can't find that report using my search terms, it just brings up rumors about Playstation or Xbox, but I believe it wasn't explicit, but they had just talked about how successful the Playstation and Xbox are and how they're looking to continue their success and that they have "new compelling products for 2019 and 2020"). There was some other thing where they had said 3 consoles, and people had assumed it was the next Nintendo system (because at that time it hadn't been fully announced), but it wasn't, turned out to be that Atari system that was announced awhile back; I think that Chinese console was more recent and wasn't something they had actually talked up until it was announced.
Not long after the AMD investor call thing, Microsoft told their shareholders the next Xbox is 2020.
Then a couple of months later there were reports that AMD had focused their GPU resources on Navi and tailoring it for Sony and the next Playstation, and Navi is due out next year (has been on AMD roadmaps for like 3 years now I believe). I think that was a rumored reason why Raja Koduri was frustrated and left AMD (he was working on software/driver development on Vega and the higher ups basically redirected the GPU development towards Navi, allegedly due to request from Sony).
I see no real reason for a PS5 just yet. With how GoW and Spiderman looks on my Ps4Pro I hope they hold off at least 5 years on a PS5.
I think 4K TVs are starting to sell well (they're very affordable now), and the PS4 Pro is handily outclassed at 4K by the One X, and I don't think Sony wants to cede any ground to Microsoft. I think Sony was somewhat caught off guard with Microsoft putting UHD drives in the One S as well as One X.
And this is more wishful thinking than anything, but I think we'll see a revision of PSVR to coincide with it and try to make it
the platform for VR (more affordable than PC, but also something no other console has). They could address a lot of the complaints with PSVR (controllers, move to a single USB-C cable), bump the resolution (to 2K-3K), and still sell it for a reasonable price. They need new hardware for that (ditch the secondary box, USB-C support, more power to keep framerates up for good VR).
I think the reason is that we have just started getting the games we were told we would have. It took a console refresh with better CPU and GPUs to deliver the titles we were shown before the original launch of the console. That is why I think it feels like short time. There were all kinds of things said on the internet about it, calling the PS4 the Indiestation etc because really how many thousands of indie games are there and very few of the titles using the engines and technology we were sold on.
I doubt the PS5 is that close because there's still a lot of titles we are missing for the PS4. Death Stranding, Zone of the Enders, Last of Us 2 etc. To have a new console next year would have meant that they announced it this year or we have some very real solid info and it didn't happen. They may show some hints or give us an idea of the future of the console next year but I don't think they'll come out at e3 and say "oh by the way, the new console will be out in November".
The PS4 has tons of indie games. What engines or tech hasn't shown up?
There's nothing preventing games from being both PS4 and PS5 games (in fact that's far easier now). Have fun waiting for Death Stranding. Zone of Enders 3 is cancelled so have fun waiting for it too. Last of Us 2 will be out almost certainly next year (and I think it'd be smart for Sony to pull a Nintendo and release it as both a PS4 and a launch/early PS5 game, like Nintendo has done a couple of times with Zelda, this way you provide the people still using your last system, but also entice people to your new one). I actually personally believe that's the reason the game is taking so long, that it'll be a dual release and they're waiting for PS5 dev kits to get an idea of what they can do to make the PS5 version more impressive, and in the meantime they add some extra polish to the overall game (making it better for PS4 players as well).
What? In the past they'd announce the same year as release (often, announce at E3 and release later in the Fall). Sometimes they'd show off stuff earlier but that generally wasn't anything but tech demos that weren't running on final hardware (the Mario 128 thing comes to mind), but the actual major announcements tended to be same year. I think Nintendo is the only one that really announces far ahead of time (think they did with the Wii U and then the Switch, although really I think Nintendo only announced the Switch like 6 months prior to its release so it wasn't drastically different from late May E3 to mid-late November), although Microsoft did with the One X (mostly to try and steal Sony's PS4 Pro thunder). But with the Xbox One, 360, Playstation 4, 3, and 2 (I think the 1 as well even) they were all announced the same year they released (with the PS2 and earlier era they'd generally launch in Japan the year before North America). I believe Microsoft announced the original Xbox a year or two prior (they had some big showoff, which I don't believe they had final hardware at the time, just announcing it would be DirectX and hyped it, then they formally announced the final hardware the year it released).
Usually if they talk about it a lot beforehand its because they need to for some reason. Microsoft had to lay the groundwork ahead of the original Xbox. They had to try and stifle Sony's PS4 Pro announcement and just in general to try and woo people after the One fiasco. We heard a lot about the Xbox One before its release because someone leaked the development kit. There isn't really a major reason Sony needs to talk about PS5 and its actually somewhat in their interest to act like its not due out next year (as that could hurt sales this year).