Sony has revealed that it plans games development for the PS2 console to continue on for another three to four years. Reeves noted that Sony are still commiting funds for the PS2 and encourage those developing PS3 titles to also release a PS2 version. As Sony put it, 'there is a lot of money still' and they don't want to make the same mistake with the PS1 where a lot of money was left on the table due to a quick transition.

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"We are committing funds for PS2 ... we encourage third parties to continue development for PS2. If they bring a PS3 version out, they can bring a PS2 version out as well," David Reeves, head of Sony's European games unit, told Reuters on the sidelines of the Leipzig Games Convention on Thursday.

"There is a lot of money still. What happened last time with PS1 is that they left a lot of money on the table by making the transition too quickly," he said.

Reeves said he expected games development for the PlayStation 2 to continue for three to four years. Other industry executives gave more cautious estimates of two to three years.