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Why are licensed game engines being used more frequently?

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So recently, I noticed that some Japanese devs are starting to use licensed game engines rather than custom game engines such as how Nintendo is using Havok for Botw, or how Shenmue 3 is using Unreal 4 engine I think.... I always had this belief that custom engines are better than licensed engines simply because said engines don't require royalty fees and can be reused and modified over again saving a lot of time and effort and a good way to port games to newer systems unlike licensed engines which not only does the opposite but just makes devs like Epic games less reason to develop games since the engines they give for rent make more money than the games themselves.... Idk..I guess I have to accept that custom engines will start to become irrelevant or something of sort.

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