PlayStation 5 release rumors: New console, the last from Sony, to be released in the next few years?

PlayStation 5 has its shares of rumors and speculations for many months now. Although the hype train has slowed down a bit, that does not mean people have already stopped talking about it. New reports suggest that the upcoming console will be released by Sony in the next few years. However, there are also reports that the current console is going to be the last dedicated one from Sony.
Although there are talks suggesting that the current PlayStation 4 is going to be the last of its kind, along with the Microsoft's Xbox One, players predict that a new wave of gaming consoles will definitely hit the market. It is hard to think that both consoles will not be getting new iterations especially with how technologies are growing steadily fast nowadays.
In a report by The Guardian, Twitch TV boss, Emmett Shear, hinted that the gaming technology needs major changes.
"The problem is, the seven-year upgrade lifecycle doesn't work in the face of the two-year upgrade cycles for every other hardware platform," Shear said. "It's so intrinsically built into how consoles get manufactured and made and the full business model, that I'd be surprised to see another generation."
He then added that he can see both Sony and Microsoft working on another platform towards providing a much exciting gaming experience.
"They're going to have to change form. You can already see this on both Xbox and PlayStation where there's a tighter upgrade loop for both the operating systems and the games," Shear explained. "This is the first step toward being able to iterate the hardware platform."
Meanwhile, if the rumored PlayStation 5 will push through, it is said to have impressive features such as the 4K resolution and supports backward compatibility.
Microsoft has yet to provide a clearer message about the speculations; however, it is only a matter of time before they announce something to confirm the rumors.