There are several factors that influence PlayStation's approach to re-releasing and upgrading older games from its previous platforms:
: PS5 is only backward compatible with PS4 games, not with PS1, PS2, and PS3 titles2. To play games from those older consoles on a PS5, they would need to be remastered2.
: Remasters are relatively cheap to produce and represent low-risk releases that can fund larger projects3. By cleaning up the graphics and fixing bugs without recreating the entire game, companies can generate profit3.
: Nostalgia is a significant factor in people wanting to play older games5. However, some PlayStation executives have expressed that older games look "ancient," questioning why anyone would play them5.
: Licensing issues can be a significant obstacle to bringing older games to newer consoles7. The older a game is, the more difficult it can be to license7.
: While some older games are available through the PlayStation Plus subscription service, many users would prefer to purchase them individually2. The "Classics" catalog, which includes PS1, PS2, and PS3 games, is primarily available through the highest tier of PlayStation Plus2.
: Instead of focusing on games from the PS1, PS2 and PS3 era, the trend has been to remaster games from the PS4 era, like Horizon Zero Dawn1. These remasters don't require much effort and synergize well with other releasing projects1.