TOKYO—Don’t hold your breath for the fifth-generation PlayStation.

Sony Corp. wants to spend three more years readying its next videogame move, the head of the PlayStation business said Wednesday. That would mark a slight slowdown in the six-to-seven-year update cycle for the console since the first one in 1994. The PlayStation 4 went on sale in 2013 and has sold more than 79 million units.

“We...