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From industry analyst Daniel Ahmad (ZhugeEx):

https://twitter.com/ZhugeEX/status/1321494050843840513?s=20

PS4 has now sold approximately 1.5 billion games! It’s about to surpass PS2’s lifetime software sales total to become the highest selling software of all time on one system- pretty incredible!

No other system has crossed a billion games sold.

The PS4 system may not reach the PS2 total lifetime unit sales - but a permanent price drop to $199 could help it get close. Let’s see what Sony does after the PS5 drops.  Software sales may even exceed 2 billion by the end as the PS4 was able to sell over 320 million games in the past year alone.

Remarkable feat by Sony!