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A game company could possibly make it back but only if the costs were so low and it was pre-installed with all kinds of software that was paid for by different companies and tons of advertisement. Even then it would be impossible to get your hands on one because the entry cost was too low.
At 400$ ps4 saw droughts for months. Imagine what it would be if it were free. I would probably still be waiting for one.

Instead, maybe a 2 year subscription plan for 15$ a month for 2 years? Why not just use a credit card :/