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There would be a huge void of new IP exclusives pushing tech in the gaming industry. A lot of gamers would either switch to PC, quit gaming or game with nintendo exclusively. The PS3 gamers who mainly enjoy third party titles will make the switch to Microsoft since they are dead even with Sony in that respect, even being forced into paying for Xbox Live for a similar experience. My roommate (who only plays PC) said Sony holds the banner for exclusives, so without them a lot of competition would probably stop trying as hard as they do, and the console market would just plain suck without them.