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First off, both the PS4 and Xbox One have been out for half a year. Stopping to support the PS3 and Xbox 360 now would not be stopping to support them the instant the PS4 and Xbox One came out. Secondly, last generation was the longest lasting generation and frankly, many people are tired of that generation. I remember reading articles about how the last year before the PS4 and One came out that it was one of the lowest selling years for videogames.

http://blogs.wsj.com/digits/2013/06/17/videogame-software-sales-in-may-were-lowest-in-over-a-decade/
http://business.time.com/2013/02/11/game-over-why-video-game-console-sales-are-plummeting/

Finally, according to your reasoning, video game developers should never completely let go of old generations. What reason did they have to stop supporting the PS2 in favor of PS3 and Xbox 360, knowing that the PS2 has sold better than the PS3 and 360? Do you think it would have been a wise decision to continue supporting the PS2 just because of the large install base?

At a certain point, you have to move on. Last gen has lasted long enough, people have had enough time to save up for a current-gen console.