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Well, where does UMi's profit come from? Selling new hardware, or keeping the already sold devices updated? Sure, if a phone manufacturer gets a reputation for not supporting their old devices, their sales may decline, but...
Seems like a pretty simple decision to churn out new hardware to gain attention, sales and money.
I think we need a new business model for software updates. Compare it to computers where you usually have to pay for an upgrade (like from Windows 7 to 8) and noone seems to complain (too much). Security updates should of course be free, but a small fee for version upgrades should work (at least I would be willing to pay for continued support for my phone).
That way the phone manufacturer would have a better incitament for supporting "old" phones and I can keep my hardware longer.
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