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Qwark said:

Aside from making a lot of great games and securing a lot of good content via moneyhatting or due to Nintendo dropping the ball, I think it's also being persistent. Sony continued even after the financial disaster that was the PS3.

This too. They also sold both PS2 and PS3 for the lowest possible price for as long it was possible. PS3 after 3 years in the market was like 300 USD

PS5 is the only console they kept the pricing high in hopes of getting higher profit margins