Sony just officially announced the PlayStation 5, and it's launching during the 2020 holiday season

Sony via LetsGoDigital

Sony filed this patent image of the PlayStation 5 development kit earlier this year.

• After months of speculation, Sony has finally confirmed a holiday 2020 release window for the PlayStation 5, its next major video game console.
• Jim Ryan, Sony Interactive Entertainment president and CEO, made the announcement via the official PlayStation blog.
• Ryan also shared new information on the PlayStation 5 controller, which will use haptic feedback to produce a wider range of rumble effects, and has adaptive triggers with adjustable tension.
• Visit Business Insider's homepage for more stories.

The PlayStation 5 will launch during the 2020 holiday season, confirming months of rumors surrounding Sony's next-gen video game console.

Jim Ryan, president and CEO of Sony Interactive Entertainment, made the announcement Tuesday via the PlayStation blog, and shared new information about the console's new controller.

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Though Sony has already released a few details about the next-gen PlayStation, the company had shied away from calling it the PlayStation 5. The PlayStation 5 will launch at the same time as Microsoft's next-gen video game console, codenamed Project Scarlett. Microsoft confirmed a holiday 2020 release date for Project Scarlett back in June.

Read more: We already know a surprising amount about the PlayStation 5 and next Xbox - here's how the 2 consoles compare

Ryan's blog post included the first details about the PlayStation 5 controller, which will make use of new technology. The controller will use haptic feedback instead of traditional "rumble," allowing developers to program more sensitive feedback. This will allow players to feel different vibrations in their controller when they fire a gun or hold the wheel of a car. The PlayStation 5 controller will also have adaptive triggers that can be programmed to have a different level of tension depending on the action.

Sony has revealed a few more details about the PlayStation 5 during past interviews and demonstrations. A side-by-side comparison between the PlayStation 5 and the PlayStation 4 showed drastically increased loading times - the PlayStation 5 rendered New York City environments from "Marvel's Spider-Man" with impressive speed. The console will also be capable of 8K graphics, and will make use of ray tracing technology.

Other improvements include an energy saving rest mode that's been enhanced from the PlayStation 4, and a new feature called PlayStation Assist that will provide tips as you play.

The formal announcement of the PlayStation 5 is the latest in a series of big updates from Sony. The company recently cut the price of its PlayStation Now service, giving subscribers more than 800 games for $10 per month. A PlayStation 4 firmware update arriving this week will allow gamers to stream video games directly to their Android phones.