Analysts believe that Sony may release an updated and more powerful PlayStation 5 Pro in the second half of 2024, writes CNBC.

The PlayStation 5 Pro is reportedly being prepared for the release of Grand Theft Auto VI, which is scheduled for 2025.

“There seems to be a broad consensus in the game industry that Sony is indeed preparing a launch of a PS5 Pro in the second half of 2024. And Sony will want to make sure to have a great piece of hardware ready when GTA VI hits in 2025, a launch that will be a shot in the arm for the entire gaming industry,” said Serkan Toto, CEO of Tokyo-based games consultancy Kantan Games.

Despite the possible release of the new console, analysts do not think that Sony will reduce prices for previous versions of the PlayStation 5. They also expect hardware sales to continue to decline.

Earlier, Sony lost $10 billion in value because it reduced the projected sales of the PlayStation 5 console from 25 million to 21 million.