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So yes, they filed a patent for essentially something that infers the PS5 will play ps1/x,ps2,ps3,ps4,ps5 games, but it is not confirmed yet. It seems incredibly likely it will happen (at least in some form).
Like @Samster I am very happy for this because I have never owned a playstation console, and obviously I've missed a loooooooooooooot of good games.
Grab a PS2. It can play both PS2 and PS1 games (You would need a PS1 memory card ontop a PS2 memory card though) and they're at the age currently when you can pick one up for real cheap. Classic games are a bit on the pricy side (RE, Silent Hill ect ect) but I've amassed quite a collection now of PS2 games, all where like £0.50-£10 each and all are really good games.
For this though, I'm not sure what they'll go for. Considering if this goes ahead, they'd loose sales of the PS classic. Also, how would it work? People would have to buy the expensive original games which would mean the price of them would go up by a lot? Would it be like the virtual console on nintendo devices? If the first one, then goddamn I'd hate Sony so much.
EDIT: Thinking about it, if it does happen, and it goes with the "Virtual console" approtch..Then hell yes please make the demand go down so the original copies of the games get cheaper please as well as people selling their old copies to get them on the "new console" so supply goes up <3
I'm probably gonna hold out to see if this does happen and pick up a ps5 if it does. If not, I still want t play ps3 games and ps4 games too.
I'd think they would make it so the physcial ps5 console reads the discs for ps1,ps2,ps3,ps4,ps5 games and that's how they would do it. Playstation games are very cheap (for the most part), so this is not a really big problem. Plus they would assume people will trade in their ps4s to buy ps5s (they can keep their games and play them in their ps5s anyway).
The amount of tech that would be needed in that to be able to read each generation of the discs, including the new generation would be majorly expensive. That would in turn push the price of the console really high, and end up being much more expensive then the next xbox. Overall, it might not be the best buisness plan long term.
Also, like I said, if it does require the old discs, then the issue would be that demand would skyrocket up, with no more supply since I doubt they'd want to re-publish the old games, so prices would skyrocket along with the demand.