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Several reasons:

1) A very strong business acumen that goes back for decades.
2) A reputation for being consistent and reliable.

3) Great hardware.  Is there any company in the world that understands the electronics business better than Sony?
4) Building strong partnerships with certain third party developers.

5) Empowering promising small developers.  Both Rockstar and From Software were little guys before Sony partnered with them.
6) Gradually growing their first party studios in both quantity and quality.

7) A tech company oriented toward entertainment from (nearly) the beginning.  Their first big success came from selling portable radios to teenagers in the 1950's when Rock and Roll first became popular.  This means they've always looked at tech from an entertainment angle.  This is very different from the many other tech companies who have tried their hand at the video game business (Microsoft, NEC, Google, etc...).