Sony Exec Comments On Backwards Compatibility
The PS4 plays PS3 games through the streaming service PlayStation Now and PS2 games through the PlayStation Store. However, people need to buy the games again, even if they owned them on the earlier hardware.
By contrast, the Xbox One offers a catalog of more than 300 Xbox 360 games--including Red Dead Redemption and Call of Duty: Black Ops II--that don't require a second purchase.
At E3 2015, where and when Microsoft announced backwards compatibility support for Xbox One, PlayStation boss Shuhei Yoshida said Sony had no plans to offer a backwards compatibility solution of its own on PS4. "Backward compatibility is hard," Yoshida explained at the time. "I won't say we'll never do it, but it's not an easy thing to do. If it was easy we would have done that."
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Source: GameSpot.com