It seems a little backwards though right? Imagine if they offered a Netflix-style service (or akin to PlayStation Plus).

They could grant access to their back catalog for something like $10/mo, and roll out segments of the back catalog over time to promote it.

Then use nostalgia-based franchise reboots and new IP (lol, but occasionally something like Splatoon catches on) to push new console sales and then slowly phase-out back-catalog support from older consoles.

You could time the phase-out with a holiday season 2 years into a new console (aligns with discounts and once initial new console buzz wears out).

Seems like a much more predictable revenue stream than hinging on the success of a new console.

You could also create leaderboards and niche competitions for the hardcore audience (Super Mario Maker has a sizable hardcore following).