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As others have said, launching without a killer app and then immediately falling into like a 9-month long game drought effectively murdered the system's momentum and got it bogged down in a rut from which is never escaped.

It would have done significantly better if say it had launched with Mario Kart 8 and then had stuff like Super Mario Maker, BOTW, and Splatoon in its first year.

By the time the games finally arrived it was too late and the system had gained the reputation as a console with "no games".