Personally, I don't think there will be a PS5, but rather a PSTV 2 (Though they may just call it the PS5 due to brand recognition). It'll basically be a PSNow box, but with the ability to use things like Netflix too. Because of this, I could see the PS4 last a very long life possibly till 2020. On the handheld side of things, I think the Vita will have a extremely long life in Japan, and Sony won't make another handheld. It'll be discontinued MUCH sooner in the West though. The one curveball to all of this is if PSNow completly flops.
Xbox and especially Nintendo are harder to predict, though. I guess I can see Xbox doing the same thing, though maybe a generation later. Then again, Xbox could very well stick to consoles. Nintendo could go in any direction though, Knowing Nintendo, I feel like they would just continue to make consoles and handhelds. Assuming they would be the only ones left doing this, I think they would sell well since there isn't really a choice for people who don't want to go Streaming/Digital only. This will cause them to regain third parties, so the third parties can cash into the market that doesn't want to go Streaming/Digital. This would presumably go on until Nintendo goes bankrupt, which would happen when this strategy becomes unprofitable. There's also the possibility that another company steps in with this strategy to get a slice of this marketshare, though as to what company this could be, I don't know.
I hope this doesn't happen, and if it does I feel like its the day I'll probably quit gaming, but it is the way I see things going.
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