Work on the next PlayStation begins

Start waving goodbye to this generation; Sony are officially working on the successor to the PlayStation 3, meaning all three companies are now developing their next consoles.

Executive vice president and chief financial officer Masaru Kato confirmed the news this week during a conference call. When quizzed about increased research and development costs he replied: “For the home equipment the PS3 still has a product life, but this is a platform business, so for the future platform – when we’ll be introducing what product I cannot discuss that – but our development work is already under way, so the costs are incurred there.”

He also added: “It is no longer thinkable to have a huge initial financial investment like that of the PS3.”

And with that, the race towards the next generation begins. What does this mean for Nintendo’s Project Cafe? How long until Microsoft reveal their Xbox successor? The mass-speculation starts here.