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BuckStud said:

To be fair, PS2 systems were sold in 3rd world nations at about $50 each which was cheaper at the time than a DVD player in most of those countries.

Here in Argentina PS2 systems sold cheaper than first DVD players too. 

But PS3 systems sold also cheaper than first blue ray players.

so, It might have impacted, but it wasn´t the only factor. I think piracy here contributed a lot. I never had one , so I can´t speak for myself, but I know the systems were chipped in order to run piracy games.