Honestly, I think the issue with physical disc is really treating the symptom, not the actual disease. The main issue we're seeing is that the players aren't buying a game, they're buying a license to use software and the license generally does not cover what happens when the publisher decides to pull the plug. Even if the physical disc had all of the game data on it at launch, it wouldn't stop the same problems with requiring PSN accounts to play the games or locking certain features behind an authenticated account.
In essence, what really needs to happen is that ownership of digital products (beyond games) really needs some kind of legal established set of user rights - (potentially) including the ability to transfer those rights to other people. Maybe that would include certain limitations like only the base version of the game being transferable to another person, but that's the kind of core set of digital consumer rights that should be ironed out.
It goes far beyond physical media and goes to the heart of the matter - what do we actually own? What should we be able to own as people? What's a reasonable scope for the software companies to provide long term? I don't think that it's reasonable to expect software companies to support and offer game data until the heat-death of the universe, so it has to end sometime... so how long and what kind of scope would that be for both consumer and producer to agree is acceptable and sustainable for everyone involved? If we can answer that, it wouldn't matter whether game data is on a physical disc or not.
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