Are Consoles in the Twilight of their Lifecycle?

I am lucky enough to have worked with some of the leading companies in gaming for quite some time and one of the things that I was privy too was the under reported inclusion of Microsoft XBOX Game Cloud in all Samsung Smart TV's post 2020.

As we are blessed with faster and faster internet speeds the need to have a box of hardware sat in out gaming rooms and under our TV's becomes less and less a necessity and more and more a piece of nostalgia for obsolete tech, remember cd players anyone or even DVD's?

Are hardware manufacturers who admit that they make very little on each piece of hardware once r&d costs, tooling and manufacture are factored in really going to spend hundreds of millions, possibly billions on hardware to meet the requirements of a platform that can and possibly will be served better as a streaming service. This has been tried before with Google Stadia and others but there is an argument that they could have been brought to market too soon in an uncertain immature market not ready to give up their discs and consoles and they also required a console of sorts anyway.

The big difference for me is having the app built into TV hardware with the abilty to connect controllers/headsets and other peripherals and using my subscription service that I already pay for ie Gamespass or PS Plus. No more hardware issues, product lifecycle, having to optimise performance for different hardware as you will be running it straight from the server.

I think there will be another generation of console hardware but as with all things time and technology stands still for no man and the days of the console are getting shorter........