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Otter said:

There's definitely a business sense to bringing out a Switch 2 sooner rather than later. Especially with the scalability of software development and the fact that all companies actually strive to maintain profit and revenue at their highest levels, as opposed to experience years of continual decline. People mistake what has come before in terms of console cycles as some fixed intentional design versus a product of many technical limitations relating to hardware progress and the ability to support hardware with relevant software.

Even historically its worth noting that Sony shipped its highest number of PS1s during the same year that the PS2 launched. Either way it should be expected that Switch will not resemble past console generations either way it goes. It'll have an active life longer than any past Nintendo system

Now this I could see, the Switch itself surviving well past its successors introduction. They could treat Switch/Lite like the cheap older brother to the new shiny device (which we call Switch 2 for lack of an actual name) and keep pumping them out along with studios wanting to make cheaper budget games that come out ob both Switch 1 and Switch 2, while the heavy hitters come out with modern engines on the Switch 2 exclusively.