It’s one of the most highly anticipated gaming consoles of the year, and now Sony has shed new light on the PlayStation 5 (PS5).

Jim Ryan, CEO of Sony Interactive Entertainment, has confirmed that the PS5 is on track for Christmas 2020 release.

Amid the coronavirus pandemic, there were concerns that the PlayStation 5 launch would be delayed.

Speaking to Games Industry, Mr Ryan explained: “I think most businesses would find themselves challenged with the working-from-home environment, and I do think the way that the various groups within PlayStation have responded has been magnificent.

“There are the hardware engineers who are having to work without being able to get into China, where PS5 will be assembled. That's kind of tough.

Playstation 5 logo
The next Playstation is coming

“The software engineers who are building these great features, who are building a great PS5 UI... some of that can be readily done in isolation. But when it comes to putting it all together, that's not easy to do remotely and they're doing a great job.”

However, Mr Ryan added that Sony is still on track to release the console this Christmas.

He added: “We are on track. We are going to launch this holiday and we're going to launch globally. We're really looking forward to it and it's going to be a blast.”

Is this the PS5?

While the console is still on track, Mr Ryan hinted that the PS5 won’t be cheap.

He said: “I think the best way that we can address this is by providing the best possible value proposition that we can.

"I don't necessarily mean lowest price.

“Value is a combination of many things. In our area it means games, it means number of games, depth of games, breadth of games, quality of games, price of games... all of these things and how they avail themselves of the feature set of the platform."

Sony has remained tight-lipped about the PS5 price, although leakers suggest the console will cost around £450 ($450 in the US) at launch.

The PS5 will go head-to-head with the Xbox Series X this Christmas, with both console tipped to launch in ‘Holiday 2020.’