The big picture: Once on PS5 and Xbox Series, Grand Theft Auto V will have found a home on three major console generations. That's impressive, but maybe not as much considering GTA V is the second best-selling game ever behind Minecraft with more than 155 million copies sold.

Rockstar Games at long last has confirmed that the next entry in the Grand Theft Auto series in well underway.

Nobody has arguably done more with a single game than Rockstar has done with Grand Theft Auto V. The open-world action-adventure game debuted in late 2013 on the PlayStation 3 and Xbox 360, before finding its way to the PlayStation 4 and Xbox One more than a year later. A version for PC dropped in 2015.

Rockstar parlayed its success with GTA V into GTA Online, the game's multiplayer mode. The online version has proven wildly successful, giving Rockstar yet another lucrative revenue stream to milk without having to build an entirely new game.

GTA V and GTA Online will be coming to PlayStation 5 and Xbox Series with support for 4K resolution, up to 60 frames per second, texture and draw distance upgrades, HDR options and ray-tracing, and more on March 15.

Eventually, GTA V's time in the spotlight will fade and Rockstar is well aware of that. The company has already started working on its successor, presumably dubbed Grand Theft Auto VI, but that's as much as they are willing to share at this time.

"With every new project we embark on, our goal is always to significantly move beyond what we have previously delivered," Rockstar said, adding that they "look forward to sharing more as soon as we are ready."

Rumors relating to the next major game in the GTA series have persisted for years but this is one of the first times that Rockstar has come out and confirmed it does exist and is in development.