Sony could launch a 'Pro' version of PlayStation 5 in late 2024

The release will be similar to the PlayStation 4 Pro which was launched three years after the console initially launched. (Image: Sony)

Sony is reportedly working on a 'Pro' version of PlayStation 5 for release later this year. The console has so far been hugely successful by selling more than 50 million units since its launch in 2020.

That growth, however, seems to be dwindling. Sony announced earlier this month that it was revising its forecasts for the fiscal year through March.

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The PlayStation 5 sales were roughly a million units lower than average for the December quarter, and it has now lowered the forecast to 21 million units overall, down from 25 million units. Sony's stock lost $10 billion in market capitalisation when the news broke.

Speaking with CNBC, Industry analyst Serkan Toto said, "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".

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Toto added that the new console will coincide with the release of Rockstar's highly anticipated Grand Theft Auto 6, which will be released in 2025.

The release will be similar to the PlayStation 4 Pro which was launched three years after the console initially launched. It featured upgraded internals and was capable of 4K resolution gaming.