• Explosive Growth in the Gaming Industry
  • "The size of the global gaming market has grown by more than 2.5x since the last console cycle."
  • "The global gaming market expected to be $174.9 billion this year and reach $217.9 billion by 2023."
• Valuable Assets
  • Existing "strong brand" and recent Reddit frenzy is net positive to the brand, increases awareness, and strengthens its base.
  • "Large customer base and 55 million PowerUp members."
  • Large retail and physical footprint.

• Evolve into a Technology-first company
  • "Technology is changing nearly every aspect of the gaming world, ranging from the way gamers shop to how they interact and compete with one another."
  • GameStop will have to "begin building a powerful e-commerce platform that provides competitive pricing, broad gaming selection, fast shipping and a truly high-touch experience that excites and delights customers." (Ryan successfully executed this vision with Chewy and he can do it again in gaming)
  • GameStop will have to "hire the right talent." (So far, Ryan has recruited 5 rock stars from Chewy and Amazon to join the team, more on that later).
• Create the Ultimate Gaming Platform
  • "Shift to purchasing from mass retailers and other online competitors." (Create a marketplace of wanted products and services, i.e. Amazon, Target, App Store)
  • Provide and expand "larger gaming catalogs" (Capture all games)
  • Create "community experiences" (This could be both physical and digital experiences)
  • Provide "streaming services" (New vertical opportunity for content creation, tournaments, and others)
  • Support "Esports" (Expanding scene that is not going away)
• Transition to Digital
  • "Industry developments in recent years" include "transition from physical hardware to digital streaming" and the "explosion of mobile."
  • Expand "digital content." (This needs to be a focus as it's competing against Steam, Blizzard, App Store, etc)
  • Allow "online trade-ins." (This would be a game changer)
• Cut Excessive costs
  • "Cut its excessive real estate costs" and "identify duplicative, under performing stores and plan to forgo lease renewals."
  • Streamline "Non-core operations in Europe and Australia [...] in order to reduce losses and potentially generate cash."
  • "Near-term increases in cash flow stemming from the console cycle can also help finance the future."

• GameStop stock price potential is between $143 to $1,032 a share based on a current revenues.

Testament
In 2016, Arrowhead started to work on their first ever AAA game - a project that would require not only the attention of the entire team, but also to grow the studio way beyond the 35 employees that worked on Arrowhead around that time. That's why in 2017 they moved into a bigger office where they could accommodate all of their staff - both old and new.
Then in 2018, Arrowhead's co-founder stated in an interview that they were making a third-person game this time around and, due to the change in perspective, moving the focus from local co-op to making it purely online co-op. Friendly fire is confirmed to be making a return.
In early 2019, some Arrowhead developers were spotted at GDC wearing jackets with a "Testament Dev Team" written in the back. While recapping 2019, it was stated on the Arrowhead website that they had made a "butt-ton of progress" on the game and that by the end of the year the studio had already grown to roughly 60 people.

Days Gone
Days Gone ends on a cliffhanger, but so did The Order 1886 and, well, we all know how that ended up - so let's delve a bit deeper into why Days Gone 2 will be a thing.
In 2019, a couple of weeks before the game's launch, a Sony PR guy said that Days Gone was seen as a "franchise" in Sony's eyes, stating that "the goal is always to make a game that people love and want more of". One month later, the game came out and delivered some surprisingly solid numbers not only at launch but also throughout the year, thanks to the good word-of-mouth it had amongst the community.
According to snort_cannon, the success of the game came as a surprise even to Sony, who was expecting Days Gone to be the disappointment and Death Stranding being the one doing crazy numbers.
Later that year, Bend Studio managing director Chris Reese kind of teased that a sequel was in the works when asked about it during an interview: "This is a world that we want to keep breathing more life into, and explore many, many different avenues. So who knows, we'll see!"

Bloodborne Remastered
In May 2020, NeoGAF user Celine.D.Sykes - who previously discussed this project in February 2019 on the ResetEra forums - talked about the Bloodborne remaster in greater detail: "During my time on ResetEra, I only knew that From Software wanted Bloodborne to release on PC. Unfortunately, a PC port would need a lot of work […] and reworking Bloodborne's engine would take a great amount of work. The game logic is tied to framerate, among many other baffling decisions. The last time From Software tried to change the inner logic of an engine; it resulted in the infamous PC port of the first Dark Souls."
"Making a long story short, Sony said they were interested in a potential Bloodborne remaster for PS5, with a lot more work done, like some QoL added and some cut-content being introduced. Both From Software and Sony agreed to not just up the resolution and the framerate, but to make something great. FromSoftware has been authorized to release the game on PC, but only some months after the remaster hits PS5."
"Last time I heard about it, Bloodborne remaster would be part of PS5 line-up, but I don't quite believe it since I think the spotlight will be stolen by another similar title [Demon's Souls] that should be announced in June. I think they might save the Bloodborne remaster for some months after PS5 release, but I could be wrong about that particular point."
According to another report by a different source, the game is being developed by both QLOC - the studio behind 2018's Dark Souls: Remastered - and Bluepoint Games. Now that Demon's Souls is out and considering how far along Bloodborne Remastered has been reported to be, I wouldn't be surprised if it is currently planned to be revealed at The Game Awards.
Unannounced
On November 20th 2020, in response to a user who claimed that the rumored Bluepoint acquisition by Sony would be very boring as far as hype goes, KatharsisT said: "If you knew what Bluepoint is on at the moment, you wouldn't say that (Yeah, it's a hype post [and] you'll have to wait to know what it is)". Shortly after that, a mod stepped in to say that "KatharsisT has shown sufficient evidence to support this claim."
A couple of posts later, MarsipanRumpan - the guy behind the Bluepoint acquisition rumor - also backed the statements made by KatharsisT "I’m totally on your side. Talked with my source, I think we have the same info regarding their next remake. People who aren’t hyped for Bluepoint don’t know what their next project is as you said. Because that shit is [mindblowing]."
Regarding the rumors of a Metal Gear Solid remake, all I'm gonna say is: don't listen to what Moore's Law is Dead and other youtubers are saying, it is all bullshit; but at the same time don't lose faith, as chances of Bluepoint's next remake being MGS are high, considering how it seems they're working on a bigger and more prestigious title than Demon's Souls and also the good relationship Sony currently has with Konami.

Unannounced
A couple of weeks ago, MarsipanRumpan - the guy who recently reported about Bluepoint's acquisition on ResetEra - said that he has heard that Sony is in talks with From Software regarding the making of a new PS5 exclusive directed by Hidetaka Miyazaki. This would be the third game From has currently in their pipeline, with Elden Ring and a new Armored Core being the other two.
MarsipanRumpan also clarified that it will be a while before we see this new game in motion anyway.

Unannounced
In February 2018, Simon Larouche - former multiplayer designer on Killzone 2, R6 Patriots and Splinter Cell: Blacklist, as well as game director on R6 Siege - joins Guerrilla as game director, starting to work on an unannounced project completely unrelated to the Horizon sequel (now known as Forbidden West), which was also in development at the time. Then in July, Hermen Hulst announced plans for Guerrilla to move into a new, bigger office where they could expand their staff count from 250 to 400 people, allowing them to make games faster and release a new title every two to three years.
In October 2018, Chris Lee - former multiplayer designer on several SOCOM titles at Slant Six Games and on Ubisoft's R6 Siege - joins Guerrilla as principal game designer on Larouche's project. Apart from the fact that Lee's hiring makes it pretty clear that Guerrilla's second team is working on a shooter game of some sorts, it's worth pointing out that Lee lists "cooperative and competitive multiplayer, open world systemic gameplay and online social experiences" as his current interests on his LinkedIn profile - with the open world bit being especially interesting as it was also mentioned in certain job listings for the project in 2019.
In August 2020, Guerrilla finally moved to their new office, which means the studio is now ready to begin large-scale recruiting on its second project once they see it fit - although I don't expect to hear about this project until after the release of Forbidden West in the second half of 2021.

Marvel's Spider-Man 2
The recently released Marvel's Spider-Man Miles Morales entered development in May 2018 under the direction of Brian Horton, while Bryan Intihar was finishing up his work on the original Marvel's Spider-Man, which came out in September of that year. So right after wrapping up the first game and with Miles Morales in the hands of a separate team, Intihar started preparing the next main entry in the series as teased in January 2019 when he posted on Twitter "Few things are more nerve-wracking than sharing your first story draft to others."

RaySpace
Sometime in spring 2014, a couple of weeks before E3, Reddit user Ruin4r leaked a number of titles in development exclusively for PS4, including a new God of War, The Last Guardian, a The Last Of Us sequel, Dead Don't Ride (later confirmed to be Days Gone's codename) and an "unnamed space game" - which by the way wasn't Santa Monica Studio's cancelled new IP for PS4, as that project was axed earlier that year.
A year later, Shuhei Yoshida stated in an interview at E3 2015 that "Japan Studio is now producing a really great project that I'm really excited about" - which also wasn't Gravity Rush 2, as that title was referenced as a different project later in the interview.
In April 2016, Ruin4r said that all the games previously teased by him were still in development and clarified that many of them - God of War, TLOU2, Days Gone and the "unnamed space game" - were in early stages when he first talked about them.
Then on June 6th 2016, during a livestream in celebration of Famitsu's 30th Anniversary, SIE's Yasuhiro Kitao teased a a new title to Famitsu's editor-in-chief Katsuhio Hayashi by letting him read some text from his tablet, as Kitao didn't have any images to show. Hayashi was blown away by whatever thing he read and stated that "this will definitely be worth waiting for."
In December 2017, SIE trademarked "RaySpace" in Canada - which most probably was the final title for the "unnamed space game" mentioned by Ruin4r. That same month, Japan Studio's award-winning creative director Tsutomu Kouno stated in an interview "I have not been able to announce a new title in a long time, but in 2018, I would like to announce what I am preparing". Japan Studio producer Teruyuki Toriyama - who has been teasing this project since 2015, describing it in multiple occasions as an "ambitious title" - also promised an announcement in 2018.
Sometime in 2018, an interview to a Japan Studio employee was posted on the SIE website; in it there was an image that contained shots of two upcoming games in the background: the Demon's Souls remake (top right corner) and some sort of sci-fi first-person game.
But 2018 went by without any sort of reveal regarding this project and in December, Toriyama once again teased an announcement for the coming year "In 2019, we are preparing for the debut of unannounced title(s) currently in production". It is worth noting that Japan Studio didn't reveal any new games in 2019.
I doubt that RaySpace was cancelled, as you don't pull the plug on a project that has been in the works for four or five years and was so close to being revealed. So what I believe is that they decided to move it to PlayStation 5 - just like they did with other projects such as Sackboy: A Big Adventure or Horizon: Forbidden West - and maybe even bring it back to the drawing table a little - which would explain why we haven't seen it this year during the PS5 reveal events.
Silent Hill
In 2018, Konami reached out to various developers to pitch ideas for two Silent Hill games: one a soft-reboot of the franchise; the other an episodic Telltale/Until Dawn-style game to go alongside the reboot. In fact, one of the studios contacted by Konami was Supermassive Games, creators of Until Dawn, although they ultimately didn't get the job.
Japan Studio's creative director Keiichiro Toyama, who had been wanting to work on a new horror game for quite some time, was developing a new entry in the Siren franchise at the time. Sony, who weren't fully keen on the idea of investing on a niche series such as Siren, decided to pull the plug on the project as they started negotiating a deal with Konami for getting Japan Studio to work on the Silent Hill soft-reboot - a prestige project for the PS5 lineup based on a globally renowned IP, something that would allow Toyama to have a bigger budget and more resources at his disposal.
Eventually the deal would get finalized, putting Sony Interactive Entertainment in charge of developing, funding and publishing the title in exchange for keeping the exclusive and most of the revenue, with Konami being indirectly involved by outsourcing the IP against an 8% of the revenue. And that way, the game entered development in early 2019, salvaging as much from the technological work done for the Siren game as possible.
At some point in 2019, an interview to a Japan Studio employee posted on the SIE website showed a developer working on a handgun model - something that, if we consider the other projects Japan Studio has in the pipeline, would only align with Silent Hill.
On January 21st 2020, Rely on Horror reported that they've heard from a source of their own that a new Silent Hill game was in development. A day later, movie industry insider Emre Kaya posted on Twitter that he has learned that Sony is working on a new horror game for PS5.
On March 12th 2020, Rely on Horror stated that Silent Hill composer Akira Yamaoka and creature designer Masahiro Ito are returning alongside the series creator Keiichiro Toyama to helm a soft-reboot of the franchise developed by Japan Studio, just called Silent Hill. Both of their sources mentioned Sony as the driving force behind bringing the series back. That same day, Emre Kaya said on Twitter that this was the Sony horror game that he talked about back in January.
In April 2020, ResetEra user KatharsisT backed Rely on Horror's information regarding the Silent Hill soft-reboot and confirmed a third-person perspective and that the game was playable already. She also said that it is planned to be announced before PS5's launch, with a release in spring 2021 - although these reveal and release windows were from before COVID started to fuck up their schedule. Shortly after, a mod stepped into the discussion to state that they've verified her information on the subject.
In May 2020, Reddit user snort_cannon, who had already discussed the game months ago, said that "the game was planned on being shown off this summer. Unless something bad happens, it should happen. The plan at first was just to do a CG trailer to announce that the game exists, but I personally think at this point [they] might delay the reveal and add some gameplay footage as well". When asked about his sources, he answered "Same source that told me about the Sony deal, albeit last update came in early February and COVID didn’t rampage as hard as it’s going now."
On August 3rd 2020, ResetEra user Navtra, who leaked a list of games that went on to be present on both PS5 events days in advance to June's The Future of Gaming, commented on the Silent Hill rumors "I can only confirm one thing: it was never on the table for June's event. FFXVI and Marvel's Avengers Spider-Man character announcement were among other things that were supposed to be there and were moved last minute. Silent Hill never was". If we look at both KatharsisT and snort_cannon's comments in regards to the reveal window for the game after having learned this, it becomes clear that the reveal was initially planned for the second PS5 event, that being September's PS5 Showcase - an event that the game missed because of delays in production related to the COVID pandemic.
On October 31st 2020, KatharsisT stated that something had just made her expect a reveal at The Game Awards. A couple of days later, Rely on Horror reported that recent rumors of a Silent Hill announcement at The Game Awards line up with some information they received a while back but choose not to report on.
On November 21st 2020, KatharsisT once again teased a Silent Hill reveal at The Game Awards "You'll celebrate it before the end of the year if everything goes as planned" while also stating that she thinks the game is still planned for 2021.

Horizon VR
On October 2019, VR consultant Callum Hurley posted on Twitter that he had learned about an "exciting new PlayStation VR game coming out of London Studio" through someone who had just playtested the title. He also vaguely implied it was a Horizon VR game and, when news outlets started to report on his tweets, he apologized to the development team as he didn't expect such coverage.
Same as the unannounced VR titles from Supermassive Games, I do expect this Horizon VR game to be a cross-gen release sometime next year.

In July 2018, we've learned thanks to a job listing that MediaVision was working on a new PlayStation 4 RPG. It is worth noting that a year earlier Sony stated that, even though their investments have been mainly focused on titles aimed to a global audience do to the soaring in development costs, the success of recent titles such as Persona 5 or Nier Automata amongst overseas audiences has made them consider a return to first-party JRPG development.
Then in June 2019, DasVergeben posted on Reddit "Something I have heard for a while now is that a new Wild Arms game is in development but it has been over a year long journey getting that verified. I still struggle to get definite enough confirmation but I think it might have been because I heard about it too early". In a separate post, Vergeben added "I don't know much other than that it apparently is in development by Media Vision for PS4. I haven't been told anything specific yet at least. I do wonder if Sony might try and shift over to push it as a PS5 launch game or something if they don't reveal it this year [...] but that's simply speculation on my behalf."
At this point I expect the game to be a cross-gen release, as it wouldn't make sense to leave the PS4 users behind with a title that surely won't be a technological showcase unlike native PS5 games such as Ratchet & Clank: Rift Apart.

The Last Of Us: Factions
On September 26th 2019, Naughty Dog posted a statement on Twitter in which they basically announced that the multiplayer mode they had planned for The Last Of Us: Part II had grown beyond an additional mode that could be included alongside the game's enormous singleplayer campaign, so they decided to turn it into a standalone game in order to not compromise on the ambitions of the studio's multiplayer team.
Then in April 2020, a short gameplay clip from a March 2018 build of the multiplayer leaked online as part of a bigger leak that revealed tons of story spoilers and cutscenes from The Last Of Us: Part II. Assuming that this TLOU multiplayer game is planned for a release on both PS4 and PS5 sometime next year, we would be in front of a title with over four years of overall dev time - meaning that the project might be greater in scope than what most of us are expecting it to be.
Unannounced
On October 10th 2018, movie industry insider Daniel Ritchman reported that Naughty Dog was in the process of casting an actor to play the lead role on an upcoming game. According to the casting description, the studio was looking for a "Black/African American male, 40s to 60s, short to medium length hair, with a body type similar to those in the images below, strong but not chiseled". But since this doesn't tell us much about the game, apart from hinting at it being a new IP, let's go a little back in time in search of more potential details.
During the The Last Of Us: Part II panel at PSX 2017, Neil Druckmann stated that Naughty Dog will "forever continue to make singleplayer, linear, narrative-based games". He also mentioned during an interview from February 2018 that the studio was totally open to make a first-person game in the future - and, since they seem to be making a new IP, this new project might be the perfect time for them to try a different camera angle in their games.

In April 2018, David Hall - former Double Helix/Amazon Game Studios - joins an unnamed SIE studio in San Diego as game director on an unannounced title. Since then, rumors about a new Sony first-party studio have been circulating due to a job listing - also from April - in which it was stated that "PlayStation is building a new game development team in partnership with the Visual Arts Service Group" to work on a "high visibility project" described as a third-person action/adventure game "developed in collaboration with a major Sony studio."
A month later, Quentin Cobb - former singleplayemultiplayer designer at Naughty Dog on the Uncharted series and The Last Of Us - also joins this new studio in San Diego and in December a new job listing mentions that the team was looking for a lead character artist to work on "the next chapter of cinematic storytelling."
In January 2019, James Martinchek - former cutscene/gameplay animator on The Last Of Us, Uncharted 4 and Red Dead Redemption 2 - joins the studio as a lead gameplay animator. Also in January, Cobb was asked on Twitter why he couldn't even reveal what studio he was working for, to what he replied that "it is difficult to explain why" - further reinforcing the theory that Sony has assembled a secret studio in the San Diego area.
Then in November 2019, Sony announced their plans to set up a support studio in Malaysia and, just a couple of weeks ago, a job listing from SIE Malaysia unveils that they're currently working on "one of PlayStation's [most] well-known and well-loved franchises" for which they are looking for "talented, highly-motivated and creative animators to breathe life into the next chapter of cinematic storytelling."
In November 2020, both Quentin Cobb and John Bautista left the studio and the internet started to speculate that Sony had shut down the studio and cancelled the project, something that Bautista denied by stating that "the studio is still there and the project is still ongoing."

Unannounced
On April 12th 2018, Cory Barlog spoke during an interview about his desire to work on a new IP "I really would love to create something of my own next. Something that really, really is truly 100% coming from my original vision. That would be awesome, but we have to see if I can convince Sony on that one". Over half a year later, in November, film director Duncan Jones - who had just met with Cory looking for his opinion regarding a certain script - said on Twitter that "If you think that God of War is [Cory’s] magnum opus, just you wait!"
Since then, little we've learned about the development of this project, other than the recent news that Alanah Pearce has joined Santa Monica Studio as a junior writer on, apparently, Cory's game. And I say that mainly because, while members of the team behind the next God of War were able to publicly announce their involvement in the making of said title on social media, Alanah is not allowed to reveal what she is working on over at SMS - that being due to the fact that, unlike the upcoming GOW game, Cory Barlog's new project hasn't been revealed yet.

¿Ghost 2?
Look, I haven't played Ghost of Tsushima yet, so I don't know how it ends or if it sets up a sequel or not - but a few weeks ago a job listing from Sucker Punch mentioned that the studio "is looking for a narrative writer for our upcoming projects" and that the ideal candidate would "have previous success as a game writer, outstanding dialogue skills and an excellent understanding of how to tell impactful, character-driven stories within a AAA open-world game" and also "knowledge of feudal Japanese history". That last bit kind of screams some sort of GOT sequel to me.

Unannounced Titles
In November 2018, Supermassive Games managing director Pete Samuels confirmed that the studio was "working on several unannounced PlayStation exclusives" and stated that their relationship with Sony "is still excellent", even though they choose another publisher for The Dark Pictures Anthology as they wanted to reach the widest possible audience.
What that might mean is that they wanna go the multiplatform route with their biggest titles - that being The Dark Pictures Anthology, their response to the requests of an Until Dawn sequel - while keeping the most experimental and smaller stuff exclusive to Google or Sony - meaning that these unannounced titles would probably be cross-gen PSVR games, as Jim Ryan stated that they will not be releasing VR titles exclusively for PS5 until the new headset comes out in a couple of years.

WiLD
During Sony's GamesCom conference in 2014, Michel Ancel took the stage to introduce WiLD, a new PS4 exclusive developed by his recently formed indie studio. It was described as a title with an open-world "potentially as big as Europe", day and night cycles, dynamic weather and seasons, as well as a seamless online system, in which you could play not only as a human but also as any living creature. Ancel also stated that for the past year, the studio had been working very hard on the proprietary technology and tools they would be using in order to create this very specific type of game that was WiLD.
A year later, this time at Sony's Paris Games Week conference, Ancel showed a super early gameplay demo of WiLD. This was the last time we saw WiLD in action, as the information drops regarding this title started to slow down over the years - with most updates consisting of Sony denying cancellation rumors, trademark renewals or off-screen pictures of the game posted on Michel Ancel's Instagram.
The most notable piece of news from this period however, was an interview with WiLD producer Mitsuo Hirakawa from November 2017. During said interview, he stated "We are not going to rush [Michel Ancel] to make something that he doesn't want to compromise on." and then he followed "Even experienced developers make mistakes. We have to make mistakes to find the right choices for the design of the game and we want to provide [Wild Sheep Studio] with all the support necessary, so that's why things sometimes do take a lot longer than we expect but we feel that WiLD deserves the extra time and quality before it comes to public."
A creative that doesn't want to compromise on his vision? Mistakes that lead into things taking longer than expected? Call me crazy, but I think those statements are pointing directly to some heavy project mismanagement on Ancel's part, as we've seen reports of similar things happening during the development of Beyond: Good & Evil 2.
According to snort_cannon "[BG&E2] has been a mess behind the scenes for a pretty long time. To give you a rough idea of how bad it's going, the game was supposedly gonna come out next year [in 2021], but it's not even 50% done. I wouldn't be shocked, if we get an investigation article on its development troubles, soon". Which did in fact happened, as, a couple of months ago, national newspaper Libération published an article on BG&E2's troubled development "Ganesha City, which [he] asked us to do with a completely stupid level of detail, we only just finished it three years later, and we've had to redo it four or five times. Knowing that we have to do several planets, you can imagine the absurdity of this kind of reasoning." "When [Ancel] was spoking to the press, we were taking notes because [...] it could concern points on which we would have been stuck on for months, waiting for directions."
Moving onto something else, in July 2018, both Michel Ancel and Wild Sheep's CEO and art director Celine Tellier visited Guerrilla Games. This is interesting, because considering that WiLD went through some serious development hell difficulties, it is not farfetched to think that one of the solutions proposed by Sony to one of the several the problems the game was facing at the time was to drop the in-house engine that Wild Sheep was using up to that point and move the game over to DECIMA - the Guerrilla Games engine that has powered PS4 titles such as Killzone: Shadow Fall and Horizon: Zero Dawn but also Until Dawn and Death Stranding. Such a change could come in handy, especially when we take into account that, just like Horizon and Death Stranding, WiLD is an open-world title that takes place in natural environments.
On September 18th 2020, Michel Ancel announced his departure from the games industry and regarding Beyond: Good & Evil 2 and WiLD he stated that "since many months now the teams are autonomous and the projects are going super well. Beautiful things to be seen soon". Hopefully we get to see something next year.

• Explosive Growth in the Gaming Industry
  • "The size of the global gaming market has grown by more than 2.5x since the last console cycle."
  • "The global gaming market expected to be $174.9 billion this year and reach $217.9 billion by 2023."
• Valuable Assets
  • Existing "strong brand" and recent Reddit frenzy is net positive to the brand, increases awareness, and strengthens its base.
  • "Large customer base and 55 million PowerUp members."
  • Large retail and physical footprint.

• Evolve into a Technology-first company
  • "Technology is changing nearly every aspect of the gaming world, ranging from the way gamers shop to how they interact and compete with one another."
  • GameStop will have to "begin building a powerful e-commerce platform that provides competitive pricing, broad gaming selection, fast shipping and a truly high-touch experience that excites and delights customers." (Ryan successfully executed this vision with Chewy and he can do it again in gaming)
  • GameStop will have to "hire the right talent." (So far, Ryan has recruited 5 rock stars from Chewy and Amazon to join the team, more on that later).
• Create the Ultimate Gaming Platform
  • "Shift to purchasing from mass retailers and other online competitors." (Create a marketplace of wanted products and services, i.e. Amazon, Target, App Store)
  • Provide and expand "larger gaming catalogs" (Capture all games)
  • Create "community experiences" (This could be both physical and digital experiences)
  • Provide "streaming services" (New vertical opportunity for content creation, tournaments, and others)
  • Support "Esports" (Expanding scene that is not going away)
• Transition to Digital
  • "Industry developments in recent years" include "transition from physical hardware to digital streaming" and the "explosion of mobile."
  • Expand "digital content." (This needs to be a focus as it's competing against Steam, Blizzard, App Store, etc)
  • Allow "online trade-ins." (This would be a game changer)
• Cut Excessive costs
  • "Cut its excessive real estate costs" and "identify duplicative, under performing stores and plan to forgo lease renewals."
  • Streamline "Non-core operations in Europe and Australia [...] in order to reduce losses and potentially generate cash."
  • "Near-term increases in cash flow stemming from the console cycle can also help finance the future."

• GameStop stock price potential is between $143 to $1,032 a share based on a current revenues.

• Game developer with $450 million in revenue with $110M net profit valued at Price to Sales (P/S) ~4.2.
• Company seems reasonably valued, operating in growing mobile games market.
• Risk-reward ratio at current price is outstanding due to SPAC-merger rules with the cash NAV set at $10.

Kismet Acquisition One (KSMT) to Combine with Nexters Global in $1.9Bn Deal

1. What is Nexters Global?
2. SPAC is a safe bet?
3. Comparison with its competitors?
4. $1.9B is cheap or expensive?

1. What is Nexters Global?

• To increase the revenue of existing games (basically, double the revenue in 3 years).
• Launch new titles in 2021: 3 new games announced
• Working on the sequel of their best selling game "Hero Wars 2".
• Use cash to acquire other game developers with great games to amplify revenues using their expertise and marketing/production capabilities to make global hits.

2. SPAC is a safe bet?

• Without product
• Without revenue
• Without an addressable market
• Without proof that they can scale

Kismet Acquisition One Corp company

3. Comparison with its competitors?

• Nexters is big enough in terms of revenue
• The MAU (Monthly Average Users) is not very big. While you can consider that as a “minus” that's actually the sign of a young company, with the opportunity to attract more users “cheaper” (with high efficiency). When you already big and you have hundreds of million players, you have to spend more and more money on user acquisition.
• No diversification. That’s a red flag. Hearing of 3 titles coming next year + Hero Wars 2 to be developed. And the idea of acquisition of small developers with excellent games to amplify their revenue 10-100 times promoting it around the World is the Next goal for Nexters. This will bring diversification.
• Remember that Supercell (also a European company, HQ in Finland) with its only best selling game was sold to Tencent at a $10.5 billion valuation. This "Hero Wars" game is currently following its path (in terms of growth numbers & revenue).
• Games are high gross margin projects. I assume this gross margin from the cost of revenue is: AppStore/Google Play 30% commission + spending on maintaining the Servers. That brings me to the industry average of 65%
• Marketing spending numbers are rational (20-40% zone), in order to stay profitable and to maintain modest growth.
• It's already a large scalable company. No “company growth issues” seen through this data. Sign of good management here.
• Unusually high net income seeing here. Assumption: Research & Development costs /Administrative spending / Sales and Marketing is much lower compared to other US companies. Probably they benefit from HQ being outside of the US. That should affect the company multiplicators (P/E) positive.
• With not very high US Market penetration - the opportunity still there.
• Game reviews/rating is essential in mobile games: The higher-rated games = the cheaper is the cost of user acquisition. The longer players stay in-game. The “4.5” rating tells me that customers of this company are very satisfied.
• Fascinating growth. Very young company. The slowdown in growth is expected but compound growth is still very probable.
• Estimated Compound Annual Growth (CAGR) is 25%. Which would bring the company ~$802 million revenue in 2023.
• Is the company valued right? It's more profitable in comparison to its competitors, its double-triple digit growth company with all signs of the trend to continue.
• The company is honest with its estimates and setting very realistic numbers. Other SPACs prefer to predict 10,20,50x revenue in the future even without proving they can scale. This company is doubling-tripling every year and shows estimates of 25% annual growth each year.

4. $1.9B is cheap or expensive?

1. https://www.bloomberg.com/news/articles/2020-09-29/billionaire-gaming-brothers-emerge-as-tencent-s-biggest-rival
2. https://translate.google.com/translate?sl=ru&tl=en&u=https://www.forbes.ru/milliardery/410509-nash-rost-ne-svyazan-napryamuyu-s-lokdaunom-milliarder-igor-buhman-o-tom-chto

Summary

• Company starts to actively search for acquisition targets (we will see from press-releases)
• Company launches "Hero Wars 2" title
• The company beats its own low guidance estimates (which I think the most probable)
• Company launches more titles which enter “Top ranks” in AppStore/Google Play store.
• Aggressive Tencent/Other major Gaming Holdings buying.

• Nokia has benefited largely from the ban of Huawei and ZTE due to them being targeted by Trump during his anti-China campaign. Nokia has since netted around 40%-50% of these outstanding contracts due to the absence of these prior competitors.
  
• Nokia fumbled early entry into the 5G space because of a bloated and expensive product line. This is now all changing and ReefShark (management's answer to this mistake) is now taking off. ReefShark is a new chipset and subsequent product line that promises better margins for the company. 75% rollout by EOY 2021. 100% by EOY 2022.
  
• The new CEO as of last August is Pekka Lundmark. This man has demonstrated incredible financial responsibility and a very disciplined leadership modality. He is significantly more competent than the last CEO, Rajeev Suri, meaning the company's future is probably stable for now. Unfortunately, Pekka is also an old dog, you should not expect him to make any exciting or ambitious plays anytime soon.
  
• There is some price erosion in the North American market, meaning that there are currently bidding wars going on here - leading to reduced margins for Nokia. In addition, the U.S. dollar is also dropping compared to the Euro, thanks to free money from the federal reserve - leading to reduced top line figures for Nokia. Every other market has remained relatively stable.
  

• ReefShark is mostly coming online by EOY 2021. This has potential to kickstart a significant bull run for Nokia OYJ.
  
• Nokia OYJ is a profitable company, a rare thing in this economy of overinflated tech stocks and overly optimistic COVID recovery plays.
  
• Nokia OYJ has a solid balance sheet that consists of more than $10-$12 billion dollars of liquid assets (e.i. cash/short term investments). Half the company's net worth is basically in cash.
  
• Nokia OYJ (NOK) 23.67B is significantly undervalued compared to relevant competitors such as Cisco Systems (CSCO) 199.61B and Ericsson Systems (ERIC) 41.94B despite having a sizable market share in one of the world's most important tech markets - 5G communications is set to skyrocket due to higher demand via IOT and next-gen technologies such as self-driving cars.
  
• Nokia OYJ is worth only about 60% of Ericsson Systems despite having nearly identical balance sheets and income statements. Ericsson indeed has a lead on Nokia in terms of profitability margins and secured contracts - but the importance of both is overstated without context. Increased profits of a few hundred million when you are dealing with tens of billions in overall revenue is an absolute joke. As for the additional 5G deals Ericsson has, Ericsson is agreeing to them at a loss - in hopes that they will be a loss leader in order to secure and lock down clients to their tech stack. Again, maybe, but ever since the banning of Huawei and ZTE, clients have insisted on more and more flexibility in terms of cloud service alternatives - thereby negating any "early bird" advantage.
  
• Nokia OYJ is important politically, financially, and strategically to Europe and North American interests. You can expect help from politicians in the future.
  
• Nokia OYJ is already at the very bottom. At $4 per share, this company is trading as if it were in the same industry as hot dog vendors in terms of cash flow and price to earnings. This hypothesis is further supported by the fact that at $3 - $3.5 per share, Nokia had to take actions to prevent itself from being bought outright in a hostile takeover bid.
  
• Nokia OYJ has one of the highest number of outstanding option contracts in the entire market. This has the potential to lead to some very funky market-driven events such as the company hitting $9.75 per share on January 27th 2021.
  
• Prominent hedge funds were holding major positions in this stock at $4 per share at the end of December. Have they sold already during last week's high? Who knows? But what it tells us was that even without that weird peak on January 27th, hedge funds felt that $4 per share was an absolute bargain.
  

• Nokia is in a highly competitive market with low margins. Even with Huawei and ZTE out of the picture, Samsung poses a significant risk as the Korean conglomerate can easily undercut Nokia's margins. Samsung unlikely to be met with the same restrictions due to South Korea's diplomatic ties with North America and Europe.
  
• Nokia is late to the game of 5G with their earlier fumble under the mired leadership of Rajeev Suri. Why bet on the underdog when you can bet on the incumbent that is Ericsson?
  
• By investing in Nokia, you might be losing out on better investment opportunities that have been severely discounted due to COVID-19.
  

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Testament
In 2016, Arrowhead started to work on their first ever AAA game - a project that would require not only the attention of the entire team, but also to grow the studio way beyond the 35 employees that worked on Arrowhead around that time. That's why in 2017 they moved into a bigger office where they could accommodate all of their staff - both old and new.
Then in 2018, Arrowhead's co-founder stated in an interview that they were making a third-person game this time around and, due to the change in perspective, moving the focus from local co-op to making it purely online co-op. Friendly fire is confirmed to be making a return.
In early 2019, some Arrowhead developers were spotted at GDC wearing jackets with a "Testament Dev Team" written in the back. While recapping 2019, it was stated on the Arrowhead website that they had made a "butt-ton of progress" on the game and that by the end of the year the studio had already grown to roughly 60 people.

Days Gone
Days Gone ends on a cliffhanger, but so did The Order 1886 and, well, we all know how that ended up - so let's delve a bit deeper into why Days Gone 2 will be a thing.
In 2019, a couple of weeks before the game's launch, a Sony PR guy said that Days Gone was seen as a "franchise" in Sony's eyes, stating that "the goal is always to make a game that people love and want more of". One month later, the game came out and delivered some surprisingly solid numbers not only at launch but also throughout the year, thanks to the good word-of-mouth it had amongst the community.
According to snort_cannon, the success of the game came as a surprise even to Sony, who was expecting Days Gone to be the disappointment and Death Stranding being the one doing crazy numbers.
Later that year, Bend Studio managing director Chris Reese kind of teased that a sequel was in the works when asked about it during an interview: "This is a world that we want to keep breathing more life into, and explore many, many different avenues. So who knows, we'll see!"

Bloodborne Remastered
In May 2020, NeoGAF user Celine.D.Sykes - who previously discussed this project in February 2019 on the ResetEra forums - talked about the Bloodborne remaster in greater detail: "During my time on ResetEra, I only knew that From Software wanted Bloodborne to release on PC. Unfortunately, a PC port would need a lot of work […] and reworking Bloodborne's engine would take a great amount of work. The game logic is tied to framerate, among many other baffling decisions. The last time From Software tried to change the inner logic of an engine; it resulted in the infamous PC port of the first Dark Souls."
"Making a long story short, Sony said they were interested in a potential Bloodborne remaster for PS5, with a lot more work done, like some QoL added and some cut-content being introduced. Both From Software and Sony agreed to not just up the resolution and the framerate, but to make something great. FromSoftware has been authorized to release the game on PC, but only some months after the remaster hits PS5."
"Last time I heard about it, Bloodborne remaster would be part of PS5 line-up, but I don't quite believe it since I think the spotlight will be stolen by another similar title [Demon's Souls] that should be announced in June. I think they might save the Bloodborne remaster for some months after PS5 release, but I could be wrong about that particular point."
According to another report by a different source, the game is being developed by both QLOC - the studio behind 2018's Dark Souls: Remastered - and Bluepoint Games. Now that Demon's Souls is out and considering how far along Bloodborne Remastered has been reported to be, I wouldn't be surprised if it is currently planned to be revealed at The Game Awards.
Unannounced
On November 20th 2020, in response to a user who claimed that the rumored Bluepoint acquisition by Sony would be very boring as far as hype goes, KatharsisT said: "If you knew what Bluepoint is on at the moment, you wouldn't say that (Yeah, it's a hype post [and] you'll have to wait to know what it is)". Shortly after that, a mod stepped in to say that "KatharsisT has shown sufficient evidence to support this claim."
A couple of posts later, MarsipanRumpan - the guy behind the Bluepoint acquisition rumor - also backed the statements made by KatharsisT "I’m totally on your side. Talked with my source, I think we have the same info regarding their next remake. People who aren’t hyped for Bluepoint don’t know what their next project is as you said. Because that shit is [mindblowing]."
Regarding the rumors of a Metal Gear Solid remake, all I'm gonna say is: don't listen to what Moore's Law is Dead and other youtubers are saying, it is all bullshit; but at the same time don't lose faith, as chances of Bluepoint's next remake being MGS are high, considering how it seems they're working on a bigger and more prestigious title than Demon's Souls and also the good relationship Sony currently has with Konami.

Unannounced
A couple of weeks ago, MarsipanRumpan - the guy who recently reported about Bluepoint's acquisition on ResetEra - said that he has heard that Sony is in talks with From Software regarding the making of a new PS5 exclusive directed by Hidetaka Miyazaki. This would be the third game From has currently in their pipeline, with Elden Ring and a new Armored Core being the other two.
MarsipanRumpan also clarified that it will be a while before we see this new game in motion anyway.

Unannounced
In February 2018, Simon Larouche - former multiplayer designer on Killzone 2, R6 Patriots and Splinter Cell: Blacklist, as well as game director on R6 Siege - joins Guerrilla as game director, starting to work on an unannounced project completely unrelated to the Horizon sequel (now known as Forbidden West), which was also in development at the time. Then in July, Hermen Hulst announced plans for Guerrilla to move into a new, bigger office where they could expand their staff count from 250 to 400 people, allowing them to make games faster and release a new title every two to three years.
In October 2018, Chris Lee - former multiplayer designer on several SOCOM titles at Slant Six Games and on Ubisoft's R6 Siege - joins Guerrilla as principal game designer on Larouche's project. Apart from the fact that Lee's hiring makes it pretty clear that Guerrilla's second team is working on a shooter game of some sorts, it's worth pointing out that Lee lists "cooperative and competitive multiplayer, open world systemic gameplay and online social experiences" as his current interests on his LinkedIn profile - with the open world bit being especially interesting as it was also mentioned in certain job listings for the project in 2019.
In August 2020, Guerrilla finally moved to their new office, which means the studio is now ready to begin large-scale recruiting on its second project once they see it fit - although I don't expect to hear about this project until after the release of Forbidden West in the second half of 2021.

Marvel's Spider-Man 2
The recently released Marvel's Spider-Man Miles Morales entered development in May 2018 under the direction of Brian Horton, while Bryan Intihar was finishing up his work on the original Marvel's Spider-Man, which came out in September of that year. So right after wrapping up the first game and with Miles Morales in the hands of a separate team, Intihar started preparing the next main entry in the series as teased in January 2019 when he posted on Twitter "Few things are more nerve-wracking than sharing your first story draft to others."

RaySpace
Sometime in spring 2014, a couple of weeks before E3, Reddit user Ruin4r leaked a number of titles in development exclusively for PS4, including a new God of War, The Last Guardian, a The Last Of Us sequel, Dead Don't Ride (later confirmed to be Days Gone's codename) and an "unnamed space game" - which by the way wasn't Santa Monica Studio's cancelled new IP for PS4, as that project was axed earlier that year.
A year later, Shuhei Yoshida stated in an interview at E3 2015 that "Japan Studio is now producing a really great project that I'm really excited about" - which also wasn't Gravity Rush 2, as that title was referenced as a different project later in the interview.
In April 2016, Ruin4r said that all the games previously teased by him were still in development and clarified that many of them - God of War, TLOU2, Days Gone and the "unnamed space game" - were in early stages when he first talked about them.
Then on June 6th 2016, during a livestream in celebration of Famitsu's 30th Anniversary, SIE's Yasuhiro Kitao teased a a new title to Famitsu's editor-in-chief Katsuhio Hayashi by letting him read some text from his tablet, as Kitao didn't have any images to show. Hayashi was blown away by whatever thing he read and stated that "this will definitely be worth waiting for."
In December 2017, SIE trademarked "RaySpace" in Canada - which most probably was the final title for the "unnamed space game" mentioned by Ruin4r. That same month, Japan Studio's award-winning creative director Tsutomu Kouno stated in an interview "I have not been able to announce a new title in a long time, but in 2018, I would like to announce what I am preparing". Japan Studio producer Teruyuki Toriyama - who has been teasing this project since 2015, describing it in multiple occasions as an "ambitious title" - also promised an announcement in 2018.
Sometime in 2018, an interview to a Japan Studio employee was posted on the SIE website; in it there was an image that contained shots of two upcoming games in the background: the Demon's Souls remake (top right corner) and some sort of sci-fi first-person game.
But 2018 went by without any sort of reveal regarding this project and in December, Toriyama once again teased an announcement for the coming year "In 2019, we are preparing for the debut of unannounced title(s) currently in production". It is worth noting that Japan Studio didn't reveal any new games in 2019.
I doubt that RaySpace was cancelled, as you don't pull the plug on a project that has been in the works for four or five years and was so close to being revealed. So what I believe is that they decided to move it to PlayStation 5 - just like they did with other projects such as Sackboy: A Big Adventure or Horizon: Forbidden West - and maybe even bring it back to the drawing table a little - which would explain why we haven't seen it this year during the PS5 reveal events.
Silent Hill
In 2018, Konami reached out to various developers to pitch ideas for two Silent Hill games: one a soft-reboot of the franchise; the other an episodic Telltale/Until Dawn-style game to go alongside the reboot. In fact, one of the studios contacted by Konami was Supermassive Games, creators of Until Dawn, although they ultimately didn't get the job.
Japan Studio's creative director Keiichiro Toyama, who had been wanting to work on a new horror game for quite some time, was developing a new entry in the Siren franchise at the time. Sony, who weren't fully keen on the idea of investing on a niche series such as Siren, decided to pull the plug on the project as they started negotiating a deal with Konami for getting Japan Studio to work on the Silent Hill soft-reboot - a prestige project for the PS5 lineup based on a globally renowned IP, something that would allow Toyama to have a bigger budget and more resources at his disposal.
Eventually the deal would get finalized, putting Sony Interactive Entertainment in charge of developing, funding and publishing the title in exchange for keeping the exclusive and most of the revenue, with Konami being indirectly involved by outsourcing the IP against an 8% of the revenue. And that way, the game entered development in early 2019, salvaging as much from the technological work done for the Siren game as possible.
At some point in 2019, an interview to a Japan Studio employee posted on the SIE website showed a developer working on a handgun model - something that, if we consider the other projects Japan Studio has in the pipeline, would only align with Silent Hill.
On January 21st 2020, Rely on Horror reported that they've heard from a source of their own that a new Silent Hill game was in development. A day later, movie industry insider Emre Kaya posted on Twitter that he has learned that Sony is working on a new horror game for PS5.
On March 12th 2020, Rely on Horror stated that Silent Hill composer Akira Yamaoka and creature designer Masahiro Ito are returning alongside the series creator Keiichiro Toyama to helm a soft-reboot of the franchise developed by Japan Studio, just called Silent Hill. Both of their sources mentioned Sony as the driving force behind bringing the series back. That same day, Emre Kaya said on Twitter that this was the Sony horror game that he talked about back in January.
In April 2020, ResetEra user KatharsisT backed Rely on Horror's information regarding the Silent Hill soft-reboot and confirmed a third-person perspective and that the game was playable already. She also said that it is planned to be announced before PS5's launch, with a release in spring 2021 - although these reveal and release windows were from before COVID started to fuck up their schedule. Shortly after, a mod stepped into the discussion to state that they've verified her information on the subject.
In May 2020, Reddit user snort_cannon, who had already discussed the game months ago, said that "the game was planned on being shown off this summer. Unless something bad happens, it should happen. The plan at first was just to do a CG trailer to announce that the game exists, but I personally think at this point [they] might delay the reveal and add some gameplay footage as well". When asked about his sources, he answered "Same source that told me about the Sony deal, albeit last update came in early February and COVID didn’t rampage as hard as it’s going now."
On August 3rd 2020, ResetEra user Navtra, who leaked a list of games that went on to be present on both PS5 events days in advance to June's The Future of Gaming, commented on the Silent Hill rumors "I can only confirm one thing: it was never on the table for June's event. FFXVI and Marvel's Avengers Spider-Man character announcement were among other things that were supposed to be there and were moved last minute. Silent Hill never was". If we look at both KatharsisT and snort_cannon's comments in regards to the reveal window for the game after having learned this, it becomes clear that the reveal was initially planned for the second PS5 event, that being September's PS5 Showcase - an event that the game missed because of delays in production related to the COVID pandemic.
On October 31st 2020, KatharsisT stated that something had just made her expect a reveal at The Game Awards. A couple of days later, Rely on Horror reported that recent rumors of a Silent Hill announcement at The Game Awards line up with some information they received a while back but choose not to report on.
On November 21st 2020, KatharsisT once again teased a Silent Hill reveal at The Game Awards "You'll celebrate it before the end of the year if everything goes as planned" while also stating that she thinks the game is still planned for 2021.

Horizon VR
On October 2019, VR consultant Callum Hurley posted on Twitter that he had learned about an "exciting new PlayStation VR game coming out of London Studio" through someone who had just playtested the title. He also vaguely implied it was a Horizon VR game and, when news outlets started to report on his tweets, he apologized to the development team as he didn't expect such coverage.
Same as the unannounced VR titles from Supermassive Games, I do expect this Horizon VR game to be a cross-gen release sometime next year.

In July 2018, we've learned thanks to a job listing that MediaVision was working on a new PlayStation 4 RPG. It is worth noting that a year earlier Sony stated that, even though their investments have been mainly focused on titles aimed to a global audience do to the soaring in development costs, the success of recent titles such as Persona 5 or Nier Automata amongst overseas audiences has made them consider a return to first-party JRPG development.
Then in June 2019, DasVergeben posted on Reddit "Something I have heard for a while now is that a new Wild Arms game is in development but it has been over a year long journey getting that verified. I still struggle to get definite enough confirmation but I think it might have been because I heard about it too early". In a separate post, Vergeben added "I don't know much other than that it apparently is in development by Media Vision for PS4. I haven't been told anything specific yet at least. I do wonder if Sony might try and shift over to push it as a PS5 launch game or something if they don't reveal it this year [...] but that's simply speculation on my behalf."
At this point I expect the game to be a cross-gen release, as it wouldn't make sense to leave the PS4 users behind with a title that surely won't be a technological showcase unlike native PS5 games such as Ratchet & Clank: Rift Apart.

The Last Of Us: Factions
On September 26th 2019, Naughty Dog posted a statement on Twitter in which they basically announced that the multiplayer mode they had planned for The Last Of Us: Part II had grown beyond an additional mode that could be included alongside the game's enormous singleplayer campaign, so they decided to turn it into a standalone game in order to not compromise on the ambitions of the studio's multiplayer team.
Then in April 2020, a short gameplay clip from a March 2018 build of the multiplayer leaked online as part of a bigger leak that revealed tons of story spoilers and cutscenes from The Last Of Us: Part II. Assuming that this TLOU multiplayer game is planned for a release on both PS4 and PS5 sometime next year, we would be in front of a title with over four years of overall dev time - meaning that the project might be greater in scope than what most of us are expecting it to be.
Unannounced
On October 10th 2018, movie industry insider Daniel Ritchman reported that Naughty Dog was in the process of casting an actor to play the lead role on an upcoming game. According to the casting description, the studio was looking for a "Black/African American male, 40s to 60s, short to medium length hair, with a body type similar to those in the images below, strong but not chiseled". But since this doesn't tell us much about the game, apart from hinting at it being a new IP, let's go a little back in time in search of more potential details.
During the The Last Of Us: Part II panel at PSX 2017, Neil Druckmann stated that Naughty Dog will "forever continue to make singleplayer, linear, narrative-based games". He also mentioned during an interview from February 2018 that the studio was totally open to make a first-person game in the future - and, since they seem to be making a new IP, this new project might be the perfect time for them to try a different camera angle in their games.

In April 2018, David Hall - former Double Helix/Amazon Game Studios - joins an unnamed SIE studio in San Diego as game director on an unannounced title. Since then, rumors about a new Sony first-party studio have been circulating due to a job listing - also from April - in which it was stated that "PlayStation is building a new game development team in partnership with the Visual Arts Service Group" to work on a "high visibility project" described as a third-person action/adventure game "developed in collaboration with a major Sony studio."
A month later, Quentin Cobb - former singleplayemultiplayer designer at Naughty Dog on the Uncharted series and The Last Of Us - also joins this new studio in San Diego and in December a new job listing mentions that the team was looking for a lead character artist to work on "the next chapter of cinematic storytelling."
In January 2019, James Martinchek - former cutscene/gameplay animator on The Last Of Us, Uncharted 4 and Red Dead Redemption 2 - joins the studio as a lead gameplay animator. Also in January, Cobb was asked on Twitter why he couldn't even reveal what studio he was working for, to what he replied that "it is difficult to explain why" - further reinforcing the theory that Sony has assembled a secret studio in the San Diego area.
Then in November 2019, Sony announced their plans to set up a support studio in Malaysia and, just a couple of weeks ago, a job listing from SIE Malaysia unveils that they're currently working on "one of PlayStation's [most] well-known and well-loved franchises" for which they are looking for "talented, highly-motivated and creative animators to breathe life into the next chapter of cinematic storytelling."
In November 2020, both Quentin Cobb and John Bautista left the studio and the internet started to speculate that Sony had shut down the studio and cancelled the project, something that Bautista denied by stating that "the studio is still there and the project is still ongoing."

Unannounced
On April 12th 2018, Cory Barlog spoke during an interview about his desire to work on a new IP "I really would love to create something of my own next. Something that really, really is truly 100% coming from my original vision. That would be awesome, but we have to see if I can convince Sony on that one". Over half a year later, in November, film director Duncan Jones - who had just met with Cory looking for his opinion regarding a certain script - said on Twitter that "If you think that God of War is [Cory’s] magnum opus, just you wait!"
Since then, little we've learned about the development of this project, other than the recent news that Alanah Pearce has joined Santa Monica Studio as a junior writer on, apparently, Cory's game. And I say that mainly because, while members of the team behind the next God of War were able to publicly announce their involvement in the making of said title on social media, Alanah is not allowed to reveal what she is working on over at SMS - that being due to the fact that, unlike the upcoming GOW game, Cory Barlog's new project hasn't been revealed yet.

¿Ghost 2?
Look, I haven't played Ghost of Tsushima yet, so I don't know how it ends or if it sets up a sequel or not - but a few weeks ago a job listing from Sucker Punch mentioned that the studio "is looking for a narrative writer for our upcoming projects" and that the ideal candidate would "have previous success as a game writer, outstanding dialogue skills and an excellent understanding of how to tell impactful, character-driven stories within a AAA open-world game" and also "knowledge of feudal Japanese history". That last bit kind of screams some sort of GOT sequel to me.

Unannounced Titles
In November 2018, Supermassive Games managing director Pete Samuels confirmed that the studio was "working on several unannounced PlayStation exclusives" and stated that their relationship with Sony "is still excellent", even though they choose another publisher for The Dark Pictures Anthology as they wanted to reach the widest possible audience.
What that might mean is that they wanna go the multiplatform route with their biggest titles - that being The Dark Pictures Anthology, their response to the requests of an Until Dawn sequel - while keeping the most experimental and smaller stuff exclusive to Google or Sony - meaning that these unannounced titles would probably be cross-gen PSVR games, as Jim Ryan stated that they will not be releasing VR titles exclusively for PS5 until the new headset comes out in a couple of years.

WiLD
During Sony's GamesCom conference in 2014, Michel Ancel took the stage to introduce WiLD, a new PS4 exclusive developed by his recently formed indie studio. It was described as a title with an open-world "potentially as big as Europe", day and night cycles, dynamic weather and seasons, as well as a seamless online system, in which you could play not only as a human but also as any living creature. Ancel also stated that for the past year, the studio had been working very hard on the proprietary technology and tools they would be using in order to create this very specific type of game that was WiLD.
A year later, this time at Sony's Paris Games Week conference, Ancel showed a super early gameplay demo of WiLD. This was the last time we saw WiLD in action, as the information drops regarding this title started to slow down over the years - with most updates consisting of Sony denying cancellation rumors, trademark renewals or off-screen pictures of the game posted on Michel Ancel's Instagram.
The most notable piece of news from this period however, was an interview with WiLD producer Mitsuo Hirakawa from November 2017. During said interview, he stated "We are not going to rush [Michel Ancel] to make something that he doesn't want to compromise on." and then he followed "Even experienced developers make mistakes. We have to make mistakes to find the right choices for the design of the game and we want to provide [Wild Sheep Studio] with all the support necessary, so that's why things sometimes do take a lot longer than we expect but we feel that WiLD deserves the extra time and quality before it comes to public."
A creative that doesn't want to compromise on his vision? Mistakes that lead into things taking longer than expected? Call me crazy, but I think those statements are pointing directly to some heavy project mismanagement on Ancel's part, as we've seen reports of similar things happening during the development of Beyond: Good & Evil 2.
According to snort_cannon "[BG&E2] has been a mess behind the scenes for a pretty long time. To give you a rough idea of how bad it's going, the game was supposedly gonna come out next year [in 2021], but it's not even 50% done. I wouldn't be shocked, if we get an investigation article on its development troubles, soon". Which did in fact happened, as, a couple of months ago, national newspaper Libération published an article on BG&E2's troubled development "Ganesha City, which [he] asked us to do with a completely stupid level of detail, we only just finished it three years later, and we've had to redo it four or five times. Knowing that we have to do several planets, you can imagine the absurdity of this kind of reasoning." "When [Ancel] was spoking to the press, we were taking notes because [...] it could concern points on which we would have been stuck on for months, waiting for directions."
Moving onto something else, in July 2018, both Michel Ancel and Wild Sheep's CEO and art director Celine Tellier visited Guerrilla Games. This is interesting, because considering that WiLD went through some serious development hell difficulties, it is not farfetched to think that one of the solutions proposed by Sony to one of the several the problems the game was facing at the time was to drop the in-house engine that Wild Sheep was using up to that point and move the game over to DECIMA - the Guerrilla Games engine that has powered PS4 titles such as Killzone: Shadow Fall and Horizon: Zero Dawn but also Until Dawn and Death Stranding. Such a change could come in handy, especially when we take into account that, just like Horizon and Death Stranding, WiLD is an open-world title that takes place in natural environments.
On September 18th 2020, Michel Ancel announced his departure from the games industry and regarding Beyond: Good & Evil 2 and WiLD he stated that "since many months now the teams are autonomous and the projects are going super well. Beautiful things to be seen soon". Hopefully we get to see something next year.