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Will cloud gaming kill off gaming PCs in the long term?

A gaming PC is relatively large, expensive and it's hardware goes obsolete eventually. You have to download games which can take hours and then install them and then you can only have so many games installed on a PC at any one time before you run out of memory storage space. Also there are sometimes comparability issues with older games. 

With cloud gaming you just get a small streaming box and a controller which is about an 8th of the price of a basic gaming PC. You also have more or less instant access to all the games all the time. The issues with cloud streaming are the graphics are compressed slightly and slightly worse latency at the moment when compared to PC gaming. But do most gamers really care about this especially casual gamers and people on a tight budget or kids who are just getting into video games?

Gaming PCs are big business now but will they still be profitable if/when cloud gaming really takes off?

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