PlayStation 5 becomes Sony's fastest-selling console ever

Overall consumer spending on video games totaled $14B in the second quarter, according to the NPD Group

The PlayStation 5 has become Sony Interactive Entertainment's fastest-selling console in history with over 10 million units sold globally as of July 18.

"I can’t express enough the deep gratitude we feel for our passionate community of PlayStation fans who have embraced PS5, and the world-class development and publishing partners who bring such incredible gaming experiences to our platforms," Sony Interactive Entertainment president and CEO Jim Ryan said in a statement Tuesday. 

According to Niko Partners analyst Daniel Ahmad, the achievement comes 248 days after the next generation console's launch on Nov. 12, 2020. In comparison, the PlayStation 4 took 268 days to reach the same milestone. 

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The announcement comes as an ongoing semiconductor chip shortage has made it difficult for the video game giant to keep its PS5 supply on pace with customer demand. 

"While PS5 has reached more households faster than any of our previous consoles, we still have a lot of work ahead of us as demand for PS5 continues to outstrip supply," Ryan added. "I want gamers to know that while we continue to face unique challenges throughout the world that affect our industry and many others, improving inventory levels remains a top priority for SIE."

The PlayStation 5 has become Sony Interactive Entertainment's fastest-selling console in history with over 10 million units sold globally as of July 18.(Photo courtesy of Sony Interactive Entertainment)

According to Sony, Marvel’s Spider-Man: Miles Morales, Ratchet & Clank: Rift Apart, Returnal and MLB The Show 21 remain the company's top-performing PS5 launch titles.

As of July 18, Marvel's Spider-Man: Miles Morales has sold more than 6.5 million copies since releasing on November 12, 2020, while Ratchet & Clank: Rift Apart has sold more than 1.1 million copies since its release on June 11 and the critically-acclaimed Returnal has sold more than 560,000 copies since releasing on April 30. Meanwhile, MLB The Show 21 has become the fastest-selling title in franchise history with more than 2 million copies sold across all platforms.

Upcoming PlayStation Studios exclusives coming to the PS5 include a new God of War from Santa Monica Studios, Gran Turismo 7 from Polyphony Digital, and Horizon Forbidden West from Guerrilla Games. 

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As for the PS5's competition, Microsoft CEO Satya Nadella told analysts on the company's latest earnings call on Tuesday that the Xbox Series X and S have also become the fast-selling console in the tech giant's history, though he declined to share specific numbers.

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Ahmad estimates Microsoft sold around 6.5 million Xbox Series X and S consoles as of June 30, compared to Niko Partners' respective estimates of 5.7 million for the Xbox One and 5 million for the Xbox 360 during the same timeframe.

The NPD Group notes overall consumer spending on video gaming in the U.S. totaled $14 billion in the second quarter, a 2% increase year-over-year.