PS4 Launch

Sony recently reported that the Japanese company's new gaming console, the Playstation 4, sold one million units in 24 hours after launching in North America on Friday.

This comes as great news for the company, and the gaming industry at large, after reports from Amazon suggest that the Playstation 4, and the Xbox One that will be released on November 22nd, will have the best console launches in history after record breaking preorders.

To put the numbers into perspective, the PS4's predecessor, the Playstation 3, sold only 250,000 units in America in its first month on the market. It took three months for the console to hit the million mark, and then sales stalled due to a $600 price tag and a lack of quality games in the pipeline.

The key indicator of the PS4's success will come after the next few months, when the holiday buying season ends. The Wii U started last year extremely strong, with Nintendo announcing over three million units sold in its first month; however, after that initial explosion of demand, sales of the console became nonexistent; after December 2012, only 800,000 units have been sold, causing Nintendo to severely cut its forecasts for the year.

Sony remains conservative with its sales projections, estimating about 5 million units sold by March 2014, averaging out to about one million units a month. With North America being Sony's traditionally weakest market, and with the console releasing in Europe and Asia in the coming weeks,  that projection seems very much attainable by March. Things are looking up for the troubled electronics company.

-Aureen Sarker (Photo Credit: Sony)