Dumb move, just plain dumb. Atlus is a small-time company with a small-time mentality, and decisions like this are precisely why. This doesn't make any business sense whatsoever. Why the hell would they release the latest installment of one of their flagship franchises as an exclusive on a legacy console? The X360 was arguably the home of JRPGs this past gen, so the audience is there among that user base.
The multiplat release of Ultimax later this year just rubs even more salt in the wound. So they're going to release a follow up to a spinoff title of Persona 4, but not release an actual Persona game for the X360? Seriously, WTF?
Whoa, slow down there a bit. Are you mad because you don't have a PS3?
Atlus doesn't release anything that would classify as "mass appeal", so releasing it on a new console with a small fanbase doesn't make a whole lot of sense in the first place. The PS3 isn't really a legacy console yet, its install base is still fucking massive compared to the PS4's. Why would they put it on the PS4 when there are a ton of PS3 owners out there waiting for it, many of which keep their PS3's plugged in for this game in particular?
The Xbox 360 might have been the home of JRPG's when Microsoft was trying to court a Japanese audience but we all know how that turned out. At this point, there are as many if not more JRPG's on the PS3. And besides, the main audience for this game is Japanese anyway, and once again, we all know how well the 360 did over there. There aren't even any Japanese 360's being produced, and there haven't been for a while.
Persona 4 Arena wasn't made by Atlus, it was made by the guys who made Blazblue. It likely uses a different engine and its developers probably decided from the start that it would be on both. Catherine was an Atlus game released on the 360. Perhaps it didn't sell well enough for them to consider porting it to the PS3? Or perhaps there's some sort of exclusivity deal with Sony somewhere? I believe they were making a new engine for Persona 5, perhaps they were optimizing that engine for the PS3 all along?
You don't release the kinds of games that Atlus releases without some sort of business sense behind it, or else you wouldn't have been around since the early '90's. You wouldn't even be a growing company.
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