Insomniac Games is a big team as they have enough staff members to work on multiple games. The developer says that a huge team is working on Spider-Man PS4 for over a year now.
This shows that the team is dedicated to Spider-Man PS4 and won’t just rush it out the door. Licensed games have had a patchy history mainly because game developers were rushed to complete them to coincide with a movie release.
Insomniac Games also confirmed that the game is not exactly using the game engine as the recently released Ratchet and Clank video game. They replied to a fan: “We always iterate our engine between games. We don’t have more than one though.”
The fact that the game has been worked on for a least a year now means the release date won’t be absurdly too far off. Many thought the game would be out in 2018, but a late 2017 release could be possible.