PT will not be backwards compatible on the PS5, Konami has confirmed to GamesRadar.
In an email sent to us earlier today, Konami said that "the content will not be available on the PS Store, so users won’t be able to re-download the content through the backwards compatibility feature to the PS5."
Last week, we reported on how PT would likely have been saved through the PS5's backwards compatibility function. Sadly though, Konami has now revealed that PT will unfortunately only exist on the PS4, due to the reasons outlined above.
It's a real shame. I generally consider PT to be one of the more influential horror games of the last decade, perhaps even ever made, all things considered. I doubt we'll ever really see anything like PT for a hell of a long time to come, especially the manner in which it was stealth-launched by Konami with zero fanfare, and revealed another game at its very end (this obviously being Silent Hill, a game that would unfortunately never see the light of day).
Still, you can see PT's influence on the general gaming sphere to this day. Earlier this year, the demo was remade in Half-Life: Alyx, and dataminers are still uncovering buried secrets within the game, for example the ghostly Lisa had some pretty terrifying off-screen antics.