Persona 5 Royal is an upcoming updated version of Persona 5, which will be adding a significant amount of content to the game. The Phantom Thieves will be gaining a new member in the form of Kasumi, while the third school semester that was skipped in the base game will now be playable. There are new combat mechanics that the Phantom Thieves can use, while the existing dungeons have altered mechanics to keep things fresh for returning players.
Persona 5 Royal is already out in Japan and the international fans have been waiting for the game to be localized, as the only release date that has been given so far is 2020. It seems that the fans won't have to wait much longer to find out when the game will be released, as the official Atlus Twitter has announced that the release date for Persona 5 Royal will be revealed soon.
There have been rumors that Persona 5 Royal will launch in March 2020, which will put it in one of the most packed release months of the year. It would make a lot more sense for Atlus to ship in the game in February when it isn't facing competition from the likes of Final Fantasy VII Remake, Half-Life: Alyx, and Animal Crossing: New Horizons.
Persona 5 is one of the most beloved JRPGs of the modern era and fans have been clamoring for more Phantom Thieves content (outside of cameos and crossovers) for years. Persona 3 and Persona 4 both received updated versions that were well-received by the fans and the word from Japanese gamers about Persona 5 Royal has been positive so far. The fans want to see how the story of the Phantom Thieves will conclude in Persona 5 Royal and we can only hope that Atlus won't keep us waiting for long.
Barring a surprise shadow drop in a few days, Persona 5 Royal will be released for PlayStation 4 in 2020.