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Multiple factors including:

  • Cheaper hardware- Sega Saturn and N64 were both more expensive than the PS1. With N64, the higher priced games didn't help
  • Large variety of games from a variety of genres.
  • Advent of 3D meant many genres were created or popularised on PS1. This was new and novel at the time.
  • Large number of exclusives. Easily the most important point. Many franchises were started on PS1 as well as more established franchises moving into 3D:
    • Tekken,
    • Resident Evil,
    • Metal Gear Solid,
    • Final Fantasy VII-IX,
    • Wipeout (technically not exclusive but the studio was bought by Sony),
    • Syphon Filter,
    • Crash Bandicoot,
    • Ace Combat,
    • Dino Crisis,
    • Silent Hill,
    • Tony Hawk,
    • Vagrant Story, 
    • Gran Turismo,
    • Time Crisis
    • Ridge Racer.
  • Some multiplats were also very popular on PS1 like Tomb Raider and didn't have an equivalent on N64. Even the wrestling games like Smackdown were great on PS1.
  • Some games gained notoriety for being violent. Some like Thrill Kill were also banned but available online. 
  • More mature focus- it became more acceptable for young adults to own a console meaning a larger market to purchase the console on top of the younger generations. 
  • Linked with the top point, the games were a lot cheaper than the N64 carts
  • Easy to pirate meant lots of hardware sold.