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There's multiple ways that this could be fulfilled. Let's not just consider that everything will be cloud based as the only option. There's also steam-like servicing on already established hardware, or a cycle similar to phones, where a new iteration of hardware comes out each year, which guarantees, for instance, 5 years worth of development for it. This way, there's no jumping in during the middle of a console generation. you're guaranteed 5 years, given the gradual annual transition.