Analyst firm Cowen and Company have reduced their sales expectations for the PlayStation 3 after disappointing sales of the console in 2008. The company expects Sony will sell 4 million units in the US during 2009, down 2.25 million from previous estimates of 6.25 million units.
To explain the reason for the dramatic prediction reduction Cowen and Company's Doug Creutz told investors.
"Following another year in which PS3 unit sales lagged behind the Wii and Xbox 360, it is now clear that Sony has failed to establish the PS3 as the console of choice among hardcore gamers this cycle." He went on to add:
"Although there appears to be a reasonably robust slate of games for the PlayStation 3 this year, Sony continues to lack a clear 'must-own' title that will drive sales, while its platform continues to be the most expensive in the market in the midst of a consumer slowdown.