Knowing how competitive the gaming console industry has become over the last few years, it was only a matter of time before Sony started perfecting backwards-compatible games for the PlayStation 4.

Many PlayStation 2 owners have been excited about this possibility. However, unlike on the Xbox One, PlayStation 2 discs can't natively play on Sony's latest-gen console. Prior titles have to be bought again at relatively steep prices.

On the latest PSNation podcast, Sony Computer Entertainment President Shuhei Yoshida explained why PlayStation 2 games on PlayStation 4 cost between $10 and $15 apiece.

He said old PlayStation 2 games are valued higher since they are more than just ports. Aside from the inclusion of Trophies, a lot of licensing and quality assurances have been made to bring back the said titles. With all these factors considered, the executive believed the prices are quite agreeable.

Needless to say, Yoshida's response did not sit well with nostalgic PlayStation 4 owners.

Even though licensing, QA testing and Trophy support require a considerable amount of time and money, the fact of the matter is that these games run through an emulator system on the PlayStation 4. Furthermore, PlayStation 2 emulators are freely accessible on PC, allowing gamers to display PlayStation 2 games even up to 4K resolution.

The only major drawback in bringing PlayStation 2 games to PlayStation 4 is in the licensing phase.

In the past, several games, including "GTA: Vice City" have proven to be challenging to re-release digitally. This is due to the game's music and iconography that the publishers need to pay for in order for the licensed content to be used in the game.

AttackOfTheFanBoy pointed out that Microsoft also had to deal with this problem when trying to port Xbox 360 games to the Xbox One. Gamers noted that some tracks from prior "GTA" games were nowhere to be found in the re-releases, due to the expiring music licenses.

There's still hope that these pricey PlayStation 2 games would eventually get a price cut as GameSpot noted that "PaRappa the Rapper 2" is now worth $7.50 for PlayStation Plus subscribers, a $2.50 discount from its original price.

Sony reiterated that it is open to fan suggestions for backwards-compatibility on the PS4. Gamers are free to specify what PS2 games they want to play on the company's latest-gen console.

PlayStation Worldwide Studio chief Dave Thach announced on Twitter that gamers can cite their favorite titles using the hashtag "#ps2ps4."

The campaign has since received a plethora of suggestions, ranging from "Gran Turismo" to the "Harry Potter" games.