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While I still like the formalized Player's Choice catelogues, I think one of the main reasons that no platform is actively pushing these catelogues like they used to is that they're not that necessary anymore ...

From my understanding, Nintendo already has a licencing fee structure which scales according to the price of the game meaning that publishers have the choice to discount their game at any time. As a result, most publishers readily reduce the price of their games when they become "old" and their sales fall to keep the game on store shelves longer.