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The_Liquid_Laser said:

"Software sells hardware".  I don't care how many people argue against me.  It doesn't change reality.  Reality is still that software sells hardware, and hardware doesn't sell itself.  The mass market will not pay $500 extra for a PS5 if they can play the same games on a system they already own.

I fully agree with your closing paragraph as a general point, but cross-gen won't be a thing forever and, regarding the mass market, the PS5 won't be $500 later in its life.

I do think the jury is still out on the PS5 passing 100m with all of the progress Microsoft has made and it was never going to reach PS4's sales, but let's put things into perspective:

As you said, a lot of PS5 content can still be played currently on PS4.  Also, the console is still at its highest price with the smallest library it will ever have from here on out.  We both know that a system's biggest selling years come later in its life.  And finally, the chip shortage is obstructing the system's full selling potential at the moment.  All of this and the PS5 is still already 1/4 of the way to 80m in under two years, with its successor not arriving until 2027 at the earliest.