The PlayStation 5 Showcase event started off with a monumental announcement. Square Enix officially revealedFinal Fantasy 16is in development. Further,Final Fantasy 16will be a console exclusive on PlayStation 5. It’s the biggest third-party exclusivity announcement of the next generation so far, though it’s difficult to imagine another game even coming close.Final Fantasy 16will also be coming to PC, so it won’t be entirely PS5 exclusive, but for PlayStation fans the console exclusivity is what matters the most.

Final Fantasy 16was revealed with a stunning debut trailer that mixed both in-engine cinematics and what looked to be either simulated or live gameplay.Much likeFinal Fantasy 15, the game’s story seemed to focus on a royal family in a fantasy-type setting. Intermixed were many of theFinal Fantasyfranchise’s staples, including handsome soldiers with big swords, giant summoned espers, and heavy drama.

RELATED:Final Fantasy 16 is Likely Years Away

It should be noted that the gameplay shown in the trailer was recorded not from a PS5, but from a PC described as simulating PS5 hardware. The visuals were quite impressive, though perhaps not as big of a step forward fromFinal Fantasy 15on the PS4 or PS4 Pro as some fans might have expected. Square Enix will very likely have plenty more opportunities to confirm just how impressive thenew RPG is on Sony’s next-gen consolein the future, of course.

Confirmed after the presentation is thatFinal Fantasy 16’s development is being led and produced by Naoki Yoshida. Yoshida is the current producer and director of theMMOFinal Fantasy 14. Directing the project is Hiroshi Takai, well-known for his Square Enix visual design work in the 90s, directingThe Last Remnantin 2009,  and his more recent work assisting the direction ofFinal Fantasy 14. Takai and Yoshida are experienced partners and it will be exciting to see them bring their Final Fantasy 14 experience into a single-player game.

One other interesting developer is rumored for Final Fantasy 16, too. That being theDevil May Cry 5andDragon’s Dogmacombat designer Ryota Suzuki. Suzuki is confirmed to be working on a secret Square Enix action-game as its Battle Direct. It’s likely not a coincidence thatFinal Fantasy 16features action gameplay.

Yoshida confirmed in a statement thatFinal Fantasy 16is in full development. However, he says that the next timeSquare Enixwill share information will be in 2021. “Have fun speculating, as we have a lot in store,” encourages Yoshida. His implication could be thatFinal Fantasy 16is still some time away from release. Fans will certainly be anxious to hear more regardless, whetherFinal Fantasy 16releases in 2022 or beyond.

Final Fantasy 16is in development for the PC and PS5.