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The Famicom/NES, Super Famicom/SNES, and Game Boy were supported for a very long time. Not just in software, but retail availability. This isn't unprecedented. Heck, if the Wii kept more momentum at the end of its lifespan (and the Wii U was not backwards compatible), I guarantee we would still see brand new Wii consoles still available in stores.
To survive, the Switch is going to need a power upgrade at some point. I know people who play the Switch don't care much about fps, resolution, power, etc. but it needs to be improved. The Switch is already absolutely pathetic in performance compared to the PS4 Pro and Xbox One X. It will be annihilated when the PS5 and next Xbox (if there is one) get released.



Lifetime Sales Predictions 

Switch: 161 million (was 73 million, then 96 million, then 113 million, then 125 million, then 144 million, then 151 million, then 156 million)

PS5: 115 million (was 105 million) Xbox Series S/X: 48 million (was 60 million, then 67 million, then 57 million)

PS4: 120 mil (was 100 then 130 million, then 122 million) Xbox One: 51 mil (was 50 then 55 mil)

3DS: 75.5 mil (was 73, then 77 million)

"Let go your earthly tether, enter the void, empty and become wind." - Guru Laghima