Since the last generation, the PlayStation 3 shortly featured backwards compatibility on PS2 games unlike its previous generation. However, this nice add-on was ditched out when the PS3 slim came out and this is apparently because of the issue that the emulation chip had. This new patent made by Sony points out a big probability of a backwards compatible PS5.
Technology-wise, the PS4 uses the x86 architecture similar to what PCs have. Unlike the CELL processor, the x86 is made to be accessible for developers to easily make games. With Mark Cerny’s goal to make the console easy for studios to develop their games, and with the PS4’s positive outlook for developers, it’s likely that the PS5 will also take advantage on the x86-64 architecture. However, this can be taken with a grain of salt knowing what Sony Interactive Entertainment’s Jim Ryan said in an interview with TIME: “When we’ve dabbled with backwards compatibility, I can say it is one of those features that is much requested, but not actually used much,” Ryan told Time. “That, and I was at a Gran Turismo event recently where they had PS1, PS2, PS3 and PS4 games, and the PS1 and the PS2 games, they looked ancient, like why would anybody play this?”
If the PS5 is fully backwards compatible, then it’s a major advantage for the PlayStation brand as there are tons of games this generation that other gamers might not have experienced it. Sony, do it!
Source: PlayStation Universe