It's not even just that, though the lack of money and experience certainly helps. It's the fact that we already have 3 major platforms with all the mindshare and market share (PC, Nintendo, Playstation)
Even if Sega were to enter in full force, they'd still sort of end up like MS where they're the straggler that doesn't succeed much. The brand of being attached to the failure dropout Sega doesn't help much, either.
There are far more desirable options for entering the gaming space in 2023, such as streaming or ofc going third party. Making a brand new console with hardware and constant exclusives to keep in mind is just too taxing when you can shit out a subscription or place your games on Steam and PS store, call it a day. less effort than making hardware, games and marketing for a brand new hardware box that people may or may not be psyched to plug into their tv.
Yeah it's a maddening balancing act of hardware R&D, keeping 1P titles coming consistently, arranging 3P deals, maintaining online services and infrastructure, marketing etc. not to mention losing a lot of money on the hardware at least initially.
I do think there are gaps in the market another platform holder could satisfy, demand that's maybe gone unanswered to some degree. But it'd probably be in a joint home console/arcade (FEC) type of venture, so a lot of capital and resources would still be required. More than Sega have on their own, and by many magnitudes.
ok fuck all 3. Sony & Nintendo have no interest and Microsoft are clearly insane.
Hear me out here, partnership with Nvidia.
Arcades would need amazing looking games to stand out. Like games that make Forbidden West look like redfall, level of graphical superiority. Who else to provide the hardware for these machines than a joint partnership between Sega & nvidia. The former makes the games, Nvidia creates the hardware. It'd be one set, and the games would be purely optimized to run on that machine. Imagine ONE SINGULAR GAME being devoted to take as much advantage and squeeze as much power out of the power of say, 2 4090s. With all the DLSS, RT acceleration and AI, they can make something groundbreaking.
Nvidia in the past has been a harder partner to work with because of their high prices. But high prices don't really matter when you're producing high power arcade machines that are expensive to manufacture anyways. a 1000 dollar GPU doesn't mean shit when the entire machine is 20k to manufacture. Not to mention that arcade machines simply do not sell as well as consoles for obvious reasons. A lot less stock to order and keep up with. lower manufacturing costs for both parties involved.
Not to mention that while these are still video games, they're arcades. They're meant to have a few short pieces of content that are endlessly replayable. The budget for them would cost way less than your average 40-60 hour AAA RPG, and they'd look just as good too. I'm convinced that a lot of the gaming industry's issues with budget and dev time is due to game length and content. Imagine how quick and easy it would be to pump out games when said games are meant to be at most 30 minute arcade experiences.
The idea of short (but highly replayable) arcade games using top-of-the-line CPUs & GPUs to deliver something just not doable on home consoles is quite tempting. Again though, I still think you need consoles in the equation somewhere, part of the business model and in a way where operators & chains can get kickbacks. So, such an arcade game would have to either be scoped with weaker consoles in mind, or there'd have to be a lot of paring down to the console.
And of course, the home versions would need a lot more content with those ports. Like I was saying earlier, I've spent some time over the past 3-4 years just writing out and brainstorming ideas for what a new business platform tightly integrating the home & arcade/FEC market could look like, and what it could do. No way to apply any of it or test any of it in the real world, sadly, but it's been fun toying with those ideas and refining them. I don't know if the modern-day arcade/FEC market would be receptive to yet more machines costing $20K or such, or if that's the best approach to drive growth of that market forward again.
But the idea of having 4090-tier systems with games specifically targeting that spec, not bogged down with the need to have dozens and dozens of hours of content (or in most cases, even complex scripts, lore, Hollywood-level VAs & writers, etc.) could result in some amazing spectacles from a graphics POV.
Sega will save gaming as they always have.
Props for stepping up from booth babes to pole dancers. Next step: strippers.