The PS5 is releasing in Holiday 2020 alongside the Xbox Project Scarlett, PlayStation has confirmed, also announcing that the next-gen console is officially named the PlayStation 5.

"The name of our next generation machine is "PlayStation 5" (PS5), and that the release is scheduled for the year-end sales season of 2020", stated President and CEO of Sony Interactive Entertainment Jim Ryan on a new post on the PlayStation Blog.

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Sony is also looking to reinvent the PS5 controller. One of the key goals for Sony, Ryan continues, has been to "rethink" the DualShock. He cites two important innovations, the first being an improved emphasis on haptic technology to replace the rumble that is currently available in the DualShock 4, and the second being the addition of adaptive triggers.

"With haptics, you truly feel a broader range of feedback, so crashing into a wall in a race car feels much different than making a tackle on the football field," Ryan continues. "You can even get a sense for a variety of textures when running through fields of grass or plodding through mud."

Ryan notes that developers will be able to program the resistance of the L2 and R2 triggers, in combination with the haptic tech being put into the rest of the controller. This, Sony believes, will let developers give players "more realistic actions" than ever before. "Developers can program the resistance of the triggers so that you feel the tactile sensation of drawing a bow and arrow or accelerating an off-road vehicle through rocky terrain. In combination with the haptics, this can produce a powerful experience that better simulates various actions. Game creators have started to receive early versions of the new controller, and we can’t wait to see where their imagination goes with these new features at their disposal," says Ryan.

Finally, Ryan also re-iterated that Ghost of Tsushima will be releasing on PS4, despite assumptions the Sucker Punch game would be a next-gen title, placing its unconfirmed release date within sometime over the next 15 months. A new Wired report on the PS5 is also expected later today, so we'll be updating this story with more information as it arrives.

For more, check out 11 tech demos to make you excited for next-gen, or watch below for a guide to everything else out this week.