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After Era of Bloat, Veteran Video-Game Developers Are Going Smaller
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Uncharted and Last of Us are first party Sony games. If they were to say that a game can still be enjoyable without cutting edge graphics no one would want to buy the latest PlayStation iteration.
I think they're already running out of people who want to buy the latest PlayStation, and Sony clearly can't afford to throw hundreds of millions of dollars after this level of graphics anymore, because it's not resulting in equivalent growth of console sales to make up for it.