In Japan, now there is only one model of PlayStation 3: The charcoal black 500GB version.
Sony executive Ken Kutaragi had previously said that the PS3 would have a ten year life cycle but in November 2016, the console entered its 11th year in production.
Meanwhile, Microsoft will also release Project Scorpio by the end of the year.
Going forward, it will be interesting to see if Sony can maintain this level of success- this year, the PS4 has a stream of hits and high profile exclusive games.
Much of the PS3's early life was marred by a high retail price and reports that it was hard to develop for, but the console enjoyed a resurgence of sorts later on thanks to high-quality exclusive titles like Uncharted 2: Among Thieves, Journey, LittleBigPlanet, and The Last of Us.
Following the wildly successful PlayStation 2 the third console had a rocky start with developers struggling with new custom architecture, and consumers were left baffled by a series of adverts featuring clowns and ballerinas rather than showing off the powerful console.
For users of the PlayStation Now service, a new update will allow players to enjoy streaming PS4 games, as opposed to just PS3 and older gen games which have been available until now. The 500GB model is now the only PS3 model still in production.
"All of the games in the service, including PS4 games, will be included with a single PS Now subscription", stated Sony.
It was inevitable for the Wii, the Wii U and the Xbox 360, and now, it appears that the PlayStation 3 is ready to be put out to pasture.
How Sony's decision to end production will affect the USA market is unclear, but with the company putting all its focus into the PlayStation 4 and PS4 Pro, expect support for the much-loved last-gen console to start disappearing worldwide.