After an initial teaser late last year, Atlus has revealed that the previously hinted "P5R" is Persona 5: The Royal and has posted a new teaser video. The footage shows a new female character and can be found below.
Our friends at Gematsu translated the dialogue spoken in the commercial:
In it, a voice asks, “What do you think of the Phantom Thieves?” A new female character responds, “I think helping people is a wonderful thing, but if I had to say, I don’t like them. I don’t think the Phantom Thieves’ methods will make the world a better place or help anyone. In the end, I feel like you can only solve that yourself.”
While details are still scarce, this seems to a new version of Persona 5, something certainly expected as Atlus is no stranger to releasing updated versions of many of their games. Persona 5: The Royal also shares a similar title format to that of Persona 4: The Golden (known as Persona 4 Golden in the West). Despite rumors of a possible Switch version following the addition of Joker into Super Smash Bros., so far Persona 5: The Royal is only announced for PlayStation 4.
Our take: Considering the new female character speaks and seems at odds with the Phantom Thieves, it seems unlikely that she is a new main player character option for Joker. Perhaps she could be a new (eventual) party member, or a new storyline character like Marie in Persona 4 Golden, or perhaps the lead in an alternate route like 'The Answer' in Persona 3 FES.
For now, all we can do is speculate. More about the game will be revealed at the Persona Super Live concert on April 24.