Jim Ryan, president and CEO of Sony Computer Entertainment Europe, has argued while media focus might be turning the the unannounced next generation of consoles, Sony is still commited to the PS3.
"There's still a lot of unfinished business on PS3," he told Eurogamer in an exclusive interview.
"If you look at PlayStation 2, now in excess of 150m units installed globally, a huge majority of that was done at price points of £120 or lower. [With PS3] we've only just hit £199 in the UK, so clearly there's a considerable untapped part of the market there."
At the launch of the current generation Microsoft had a considerable head start, launching the Xbox 360 in November 2005, a full year before the PlayStation 3. Ryan said Sony are to avoid making that mistake again.
"I think we would consider it undesirable to be significantly later than the competition."
Eariler this week Sony announced the EU launch line up for its new handheld, the PlayStation Vita.