https://www.gamespot.com/articles/ps5-still-three-years-off-says-playstation-boss/1100-6459155/

If you thought Sony's announcement Tuesday that the PS4 had entered the end of its lifecycle meant a new console was coming soon, you may have a longer wait than expected. Sony's head of PlayStation, John Kodera, has said the company will take the next three years to further develop the fifth-generation PlayStation console, reports The Wall Street Journal. "We will use the next three years to prepare the next step, to crouch down so that we can jump higher in the future," said Kodera.

The announcement means the company is looking at a slower update cycle than usual; the next generation of PlayStation consoles usually come 6-7 years after the current one is released. The PS4 was released in 2013, and since then it has sold more than 79 million units.