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I don't think many people expected it trump the PS2. The competition is too strong.

I think PS4 will easily sell between 100m-120m, but the other 40-60m needed to reach the PS2 won't be coming from any core audience. The market simply isn't that big for core gaming machines at the moment. Not with Wii U selling 15-20m and X1 another 40m-60m. VR may help but I definitely have to see more of whats on offer and at what price.

The One way I could see it quite easily reaching 150m+ is for sony to release a PS4k in 2017, same functioanlity, same architecture but 2.5 the strength and marketing emphasis on playing PS4 games at 1080p+ resolutions (upscaled to 4k) or playing games with improved graphics+better framerate (especially useful for VR). People have tried it in the past (N64DD) but I think the market is finally ready, especially with PS4 reducing in cost as quickly as it is and both it an X1 being very similar to PCs. if they were to do this and hold of their actual next gen system til 2020, then I think they would beat PS2. That is a massive If. 

Doing that would possibly mean them giving up market share of the following generation to MS/Nintendo assuming they went ahead and released a fully next gen system around the same period.