There's a new Final Fantasy game on the way for PS5 – and it's going to be a PlayStation console exclusive.

Sony boldly opened its PS5 event live stream tonight (September 16) with a trailer for Final Fantasy 16, showing off a war-ridden world plagued with chocobos, crystals, and giant flaming phoenixes. If there's one thing Final Fantasy isn't known for, it's understatement – and you can see for yourself in the video below.

The new instalment comes several years after the 2016 game Final Fantasy 15, making it the perfect time for a new title in the long-running fantasy franchise. It looks pretty similar to that game in terms of its real-time combat, at first glance. Final Fantasy 14: A Realm Reborn super producer Naoki Yoshida is behind the game. It's been confirmed as a singleplayer entry by Square Enix.

"The exclusive footage, comprised of both battles and cutscenes running in real time, represents but a fraction of what our team has accomplished since the start of development on this, an all-new Final Fantasy game," Yoshida says in a blog. "In that span, the team’s size has grown from a handful of core members to a full-fledged unit that continues to polish and build upon what they have created so far, all to provide players an experience unmatched in terms of story and gameplay.

• PS5 games we know about
• Follow our PS5 event live blog
• What we know about the PS5 price

When is out?

While we haven't yet heard a release date, the earliest it could come is late 2020 – with the PS5 expected to launch in late November, which will hopefully be confirmed before the live stream is done.