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If everyone was limited to PC's then for AAA games to survive they would need to command a higher price. With a higher price and no pre-owned market, piracy would be through the roof and developers wouldnt sell anywhere near the amount of copies they do currently across all systems (at full price).

Steam sales and humble bundle sales would be higher, but the sales x price would still be lower than it is with consoles and so game budgets would decline.

Hardware prices, new and preowned would also go up since suppliers would have greater power and consumers wouldnt have consoles to go to as an alternative.