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Many reasons:

1. Wii's momentum slowed down significantly after 2010. Wii sold 85 million units from 2006-2010, but from 2011-2013 sold only 15 million. Aside from Zelda, 2011 and 2012 were quite barren for the Wii as well.

Compare this to the PS3 which was in its prime from 2011-2013. This helped the PS4 get a ton of goodwill and thus sold like crazy.

2. Lack of killer apps. Nothing really screams "gotta have it!" besides for Smash Bros. and Mario Kart. There is no 3D Mario adventure, no Animal Crossing, no Zelda, and no Wii Sports or anything. Wii launched with Wii Sports and Twilight Princess which was huge.

3. Underpowered and overpriced. The Wii U is barely above the 360 and PS3 yet sold for $350 at launch. Not to mention this means less to no multiplats. Also 32GB was a joke in 2012.

4. Online is huge in gaming now and Nintendo still hates it. Nintendo once said "Customers do not want online games" and 10 years later they are still sticking by it.

5. The controller doesn't appeal to anyone. It's super expensive too. The Wiimote appealed to so many different demographics it was crazy: old people, women, hardcore gamers, kids, etc. etc. On the other hand the gamepad has no mass market appeal. Even Nintendo doesn't know what to do with it.

I predicted 40 million total sales for the Wii U in 2012. Admittedly I let some of the hype get to me (as my original prediction was 25 million) but I doubt it can get half of 40 million now. I say it finishes with 15 million by the end of 2016.