If you're a console manufacturer, you've had a pretty good run. Millions of users around the world with plenty of appetite for new content, games, and DLC. On top of that, consoles have always had a wonderful secondary market: people picking up cheap bundles or standalone consoles to serve as media players and low-cost entertainment options for the family.
That principle of the console as a media device is a handy part of the market. It's been a huge success for the Xbox One S, being pitched as the cheapest 4K Blu-Ray player locally. But with the next generation of TVs finally offering stiff competition on the usability front, the value of owning a separate media device (or gifting a hand-me-down console) is starting to shrink.