It was also revealed that Sony's PS Now service has reached 700,000 users, averaging 40 percent annual growth.
Sony:-- Takashi Mochizuki (@mochi_wsj) April 26, 2019
-No next-gen PlayStation launch over next 12 months
-PS Now has been ave. 40% annual growth since launch, now 700,000 users
-Much of Y31.1 billion (difference between past fy op vs this fy op outlook) to be invested to develop next PlayStation console
The next generation PS5 has some significant hardware upgrades over the PS4 Pro. Capable of 8K graphics output, it also packs a GPU from the AMD Redeon Navi family that supports ray-tracing. It will also support 3D audio and pack a speedy SSD drive to reduce game loading times significantly.
More information on the hardware is available here.