Consoles can be discontinued like a light switch going off. One day they are being made, and the next they are not being made. However a platform actually winds down. Game development does not immediately stop, and support rarely stops. Basically the console lingers through one year with most of the titles it would have had, and by the second year your getting two or three titles a month. Only major publishers are still making games at that point.
That usually gives ample time for the players to migrate to new platforms. So it is a gradual process with little major impact on third party developers. In fact depending on emulation software it is a real possibility in this generation for the first time for another manufacturer to buy a platform, or for the platform originator to support the product for many years. The quality wouldn't be high, but then again as long as you get some good games it isn't too bad.
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