The PlayStation 5 Showcase event started off with a monumental announcement. Square Enix officially revealed Final Fantasy 16 is in development. Further, Final Fantasy 16 will 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 16 will 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 16 was revealed with a stunning debut trailer that mixed both in-engine cinematics and what looked to be either simulated or live gameplay. Much like Final Fantasy 15, the game's story seemed to focus on a royal family in a fantasy-type setting. Intermixed were many of the Final Fantasy franchise'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 from Final Fantasy 15 on 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 the new RPG is on Sony's next-gen console in the future, of course.

Confirmed after the presentation is that Final Fantasy 16's development is being led and produced by Naoki Yoshida. Yoshida is the current producer and director of the MMO Final Fantasy 14. Directing the project is Hiroshi Takai, well-known for his Square Enix visual design work in the 90s, directing The Last Remnant in 2009,  and his more recent work assisting the direction of Final 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 the Devil May Cry 5 and Dragon's Dogma combat 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 that Final Fantasy 16 features action gameplay.

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

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

MORE: Final Fantasy 16 Should Go Back to the Series' Roots