I'm fine with them supporting the last gen consoles until Destiny 2 comes out. It's not like the current gen has been out long enough for developers to fully tap into their potential, and it gives time to people who can't drop $400 to upgrade yet.
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It's been almost 2 years, though. If you haven't saved up a couple hundred bucks in that time, do you really need to be spending money on video games in the first place?
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Destiny launched a year and a half into the new cycle, which was new enough to justify being cross-gen. And it's really bad form to drop support for a game halfway into its cycle. By Destiny 2, enough time will have lapsed to move support fully to next gen without fear of losing a significant portion of your player base.
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I don't think it's bad form if it's done to offer a better product. They could offer waivers to download all content you have last gen on a current system.
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It's content and support though. Charging $20 for DLC and making portions of the game only accessible through that purchase rubs enough people the wrong way. Now bump that price up to $400 and it's really bad PR for Bungie and Activision. They simply wouldn't do it. Launching a game then cutting support for it a half a year in would look really bad on Bungie's part. The benefit simply isn't there yet.