Main reason: Different CPU architectures.
Example: Moving to a completely different country and trying to read the news paper in their language with no prior lingual experience of that country.
Imagine the code of the PS1 games being one language and the code of the PS5 games being another language.
Several reasons. But the main ones are quite simple.
Fully emulating a console so it works with all discs would be difficult. Games they control can be modified to work (assuming they use emulation in the first place – they might be ports)
They don’t make any money from you if you use existing games.
A lot of useful replies relating to the disc reading technologies, but there’s another reason, even if emulation is possible, it takes quite a toll on the hardware,.
Since there’s competition, they’d rather choose a master of one instead of jack of all trades approach.
Also, as technology grows, there are a lot of changes in a console/computer/smartphone architecture, which further complicates emulation beacause the build platform (instruction sets, 8/16/32/64 bits, number of cores, gpu and cpu hardware, etc).
Another major issue that you might not have considered is that CdS have a sampling rate of 44.1khz and blue ray have a sampling rate of 96 khz so not only would you need different lasers for reading you would also need different digitizing circuits and probably different filters for both. That would get very pricey very quickly.
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