How awesome would it be if Nintendo, Sony and Microsoft could sit down together, agree on some specs and bash out a single console that would run all of their future games?
This is good for everybody. None of the big three make much off hardware sales to begin with, but now they've got "their" hardware into the hands of everyone. There's no reason one console couldn't run all three online services and storefronts either on demand or even simultaneously. There would be no more cross-platform developing costs for third party developers and those who only develop for one console to begin with would double and triple their potential customer base. Silly parents who still call every console a "playstation" (or even "Nintendo" if they're in their sixties) would no longer have to worry about confusion in the game aisle at Christmas time!
You know who benefits the most? That's right! Us. The gamers. Every game is now an exclusive, but it doesn't matter because everyone has the same console! Cross platform multiplayer? Not a concern! Everyone has the same platform! I really want to play Bayonetta 2 and Sunset Overdrive but I don't have room for more than one console in my life and this generation it's not a WiiU nor Xbone. If there was only one console, I could have all the games!
Obviously, the lack of competition is of concern. They could charge any damned amount they wanted for the thing. And there will be less impetus to improve the existing hardware as long as they hold 100% of the market. But what if you allowed third-party console manufacture? The music and movie industries long, long ago went this way. They've toyed with simultaneous competing formats over time, like VHS and Beta, but one or the other inevitably fails.
Post your speculations! What hardware specs? Who should make it? Is this a horribly, terrible idea that would end in tears and the death of video games as we know them? Is it the best thing ever? Am I crazy? Dream with me!
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