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Sony announces 18.5 million PlayStation 4 consoles sold WW

Not exactly. There are absolutely tipping point games, they differ for different audiences, for some, it's going to be Bloodborne, but typically the bigger proven franchises, like Gears, Halo, GT etc releasing earlier in a generation moves hardware. They don't have to be bundled.
I understand that, but when was the last a game, in most cases an exclusive game, had a lifetime sales that was a considerable fraction of its platform's? Halo 2 is the first one that comes to mind for me.

I'm not inherently disagreeing with you though. Halo's been around longer than Uncharted, but Uncharted has propelled itself into one of the biggest franchises for PlayStation, I'd say the biggest if it weren't for GT although GT is a sim racer. So if there's any exclusive game on Ps4 that could break 10 mill this year, I say it is Uc4.




Circumstances have changes since then though. Halo was selling to the defacto go-to console of choice for the US last time around, and then the following happened:

Halo 4 - There's a famous online chart that explains this.
MCC - There's multiple threads than explain how disparate the experiences are, from "it works sometimes" to "refund".
XB1 - No longer market leader.

So releasing into that environment where both brands are damaged is a bit different than before. It takes a lot to damage the brand power of something like it, and its still really popular. But it's no longer a foregone conclusion. I'm not sure about US sales, there's an argument that can be made for both sides.

Also, it's pretty much only the US. Sony outsold them in the UK for Nov/Dec, and since they lost Nov, they won Dec by a significant amount to do this. So US is the main battleground.
true, but xbone's fight for market leader here isn't over. There's the price cut, and we've yet to see Sony come up with one. By the way, the price cut is effective worldwide right? Not just in the states?
That's just a part of it. Again, see CozMick's post to see what I'm talking about here.
I honestly did not think this thread would spiral off into a tangent like that.
 
I thought AMD was only getting licensing fees for every console manufactured?

Unless AMD are actually getting Global Foundry to manufacture the chip themselves then selling it to MS, Sony, and Nintendo?

But I heard that Sony, MS, Nintendo were manufacturing these chips themselves and just giving AMD a license fee for every console manufactured. Like for instance, if Sony is manufacturing 1 million consoles per month, they would pay AMD the licesing fee for those 1 million consoles whether they are sold to retailers or not. Sony would pay Global Foundry (or is it TMC) for the cost of manufacturing the chip.
 

truth411

Member
I thought AMD was only getting licensing fees for every console manufactured?

Unless AMD are actually getting Global Foundry to manufacture the chip themselves then selling it to MS, Sony, and Nintendo?

But I heard that Sony, MS, Nintendo were manufacturing these chips themselves and just giving AMD a license fee for every console manufactured. Like for instance, if Sony is manufacturing 1 million consoles per month, they would pay AMD the licesing fee for those 1 million consoles whether they are sold to retailers or not. Sony would pay Global Foundry (or is it TMC) for the cost of manufacturing the chip.

I think that is correct.
 
I think that is correct.

So basically AMD would only have an acurrate picture of how many console consoles were manufactured since the start. If you factor in time allotted to shipping it, they would see how many were manufactured by Nov 30th, account for announcements made by Sony and MS MS, and then come out with their best guess as to how many consoles were sold to retailers.
 

chithanh

Banned
This thread has long since run it's course. No idea why it's still even up.
I guess it will continue until Sony Q4 numbers are out, at which point everybody will flock to that thread and this one will fizzle out.

So does AMD's statement only include X1 and PS4, or does it involve the 360 as well? Wait what about the WIIU, doesn't that have an AMD chip in it? Is that included as well?
The Xbox 360 and Wii U contain PowerPC CPUs with AMD GPU. PS4 and XB1 contain APUs which are all AMD. I guess that is what counts here.

well, the 18.5 announcement didn't come after an event, did it? It was just the after-holidays sales mark.
Actually, it came right before an event:
I'm sure kaz will talk about it tonight during the press conference.
And lo, he did.

But AMD were talking about year-end numbers, just like Sony. (Technically, Sony's numbers also included the remainder of the then-current business week.)
The statement was published under "Recent Highlights", next to reports about CES launches and other stuff which happened after the end of the quarter.

So basically AMD would only have an acurrate picture of how many console consoles were manufactured since the start. If you factor in time allotted to shipping it, they would see how many were manufactured by Nov 30th, account for announcements made by Sony and MS MS, and then come out with their best guess as to how many consoles were sold to retailers.
Every quarter, AMD can compare their APU shipments and GPU royalties with the financial report shipments of Sony, Microsoft and Nintendo. I expect that after a couple of quarters, AMD gets the idea of how these are connected.
 

Welfare

Member
That'd make their estimated* 2014 XB2 shipments:
Q1 0.8M
Q2 0.7M*
Q3 0.8M*
Q4 2.1M*

Leaving this for XB3:
Q1 1.2M
Q2 0.4M*
Q3 1.6M*
Q4 ????

That all sound reasonably solid? Even if we bump Q2 and Q3 to 40% drops, that would only add 200k to XB3's total, giving them 3.4M* shipped Jan-Sep.

Basically what I did. I think Q2 would fall more in line with a 40% drop, since Q4 2013 experienced a 41% drop from 2012, and Q1 2014 experienced a 38% drop from 2013, so it seems with the launch of the Xbox One, it is dropping ~40% YOY, and Q3 is going to see the Xbox One go up significantly, and the past 2 years has seen the 360 go down by almost 30% YOY, so I think the continuation of the 360 dropping 40% YOY is alright.

So I'd say for 360:
Q1: 800K
Q2: 600K*
Q3: 700k*

And for the One:
Q1: 1.2m
Q2: 500k*
Q3: 1.7m*

So yeah, 3.4m is what I can see the Xbox One shipping in all of 2014 before Q4. One thing that is interesting about this is that this means that shipping wise, the Xbox One was equal to the Wii U in total shipments. 7.29m to 7.3m (Wii U - Xbox One).

Now Q4 is going to be something. Now personally, I see the "Xbox family" shipping 6m units in Q4, with 2 million going to the 360, and 4 million going to the Xbox One. 360 continuing it's consistent 40% drop, and the Xbox One being only slight up from 2013. I don't think MS want the Xbox One to be down YOY in the holiday after launch, so that could explain the channel stuffing we've been hearing about.

So 360:
Q1: 800K
Q2: 600K*
Q3: 700k*
Q4: 2.0m*
Total 2014: 4.1m*
Total LTD: 87m*

And for the One:
Q1: 1.2m
Q2: 500k*
Q3: 1.7m*
Q4: 4.0m*
Total 2014: 7.4m*
Total LTD: 11.3m*
 
Every quarter, AMD can compare their APU shipments and GPU royalties with the financial report shipments of Sony, Microsoft and Nintendo. I expect that after a couple of quarters, AMD gets the idea of how these are connected.

But AMD are not shipping the APU's. They have licensed out the design of the APU to Sony and MS. Sony and MS are paying GF or TSMC, don't know which one, to mass produce the APU.
 
true, but xbone's fight for market leader here isn't over. There's the price cut, and we've yet to see Sony come up with one. By the way, the price cut is effective worldwide right? Not just in the states?

If you don't actually need a price cut to outsell your competitors, you don't do one. It doesn't matter what the price cut is if the customer wants more of the other thing. The GC was $99. Didn't matter.

This is really the only area of contest. Everywhere else, it's already decided. The lack of a Sony price cut just means they don't have to do one yet.

So that would be 3.2M* Bones shipped Jan-Sep. By comparison, Sony shipped 3.0M PS4s Jan-Mar. Then another 2.7M, and then another 3.3M. So Sony shipped 9M to Microsoft's 3.2M* in the same period.

That all sound reasonably solid? Even if we bump Q2 and Q3 to 40% drops, that would only add 200k to XB3's total, giving them 3.4M* shipped Jan-Sep.

Sounds logical. Quite scary/impressive to see.
 

farmerboy

Member
For what it's worth (my opinion, that is) I have no idea of the timing of a price cut for the ps4 but I do believe this; when it does happen it will be a significant one. They designed and built it not only to be easy to develop for but also to reduce costs quickly.

They slayed MS on price when it released and I think they'll do it again when there is a revision of the hardware or pricepoint. In the meantime they're gonna ride that gravy train as long as they can.
 
But AMD are not shipping the APU's. They have licensed out the design of the APU to Sony and MS. Sony and MS are paying GF or TSMC, don't know which one, to mass produce the APU.

I believe the x86 licence makes it a bit more complicated than that. Neither Sony or Microsoft have the right to manufacture x86 devices themselves.
 
If you don't actually need a price cut to outsell your competitors, you don't do one. It doesn't matter what the price cut is if the customer wants more of the other thing. The GC was $99. Didn't matter.

This is really the only area of contest. Everywhere else, it's already decided. The lack of a Sony price cut just means they don't have to do one yet.

well, the price cut just happened this month. if sony's gonna do one, it won't be probably for a few weeks. but like someone else said, the Ps4 was designed to be easily reduced in costs going forward. you're right that at this point it doesn't seem like they need one, but doing one will definitely make it that much more attractive.

But... is the xbone's price cut effective worldwide or just the states?
 

RexNovis

Banned
well, the price cut just happened this month. if sony's gonna do one, it won't be probably for a few weeks. but like someone else said, the Ps4 was designed to be easily reduced in costs going forward. you're right that at this point it doesn't seem like they need one, but doing one will definitely make it that much more attractive.

But... is the xbone's price cut effective worldwide or just the states?

It's even cheaper here in Japan. 3 man with any 2 games of your choice and some XBL time at the only local retailer that sells them new currently (Yodabashi). Not that it will matter in the slightest. It's deader than dead here.

I dont think the US pricecut is available in EU at all. Not sure about UK though.
 

truth411

Member
well, the price cut just happened this month. if sony's gonna do one, it won't be probably for a few weeks. but like someone else said, the Ps4 was designed to be easily reduced in costs going forward. you're right that at this point it doesn't seem like they need one, but doing one will definitely make it that much more attractive.

But... is the xbone's price cut effective worldwide or just the states?

Just the U.S. I believe.
 
I believe the x86 licence makes it a bit more complicated than that. Neither Sony or Microsoft have the right to manufacture x86 devices themselves.

Hmm interesting.

So that would mean that Sony and MS are paying AMD upfront for the full cost of the fabrication process.

So chithanh was partly right in AMD are shipping the APU's themselves but wrong about the royalty and I was wrong about the license fee.

Either way AMD would only accurately know how many consoles are being manufactured.
 
It's even cheaper here in Japan. 3 man with any 2 games of your choice and some XBL time at the only local retailer that sells them new currently (Yodabashi). Not that it will matter in the slightest. It's deader than dead here.

I dont think the US pricecut is available in EU at all. Not sure about UK though.
ah. well as dead the xbone is, the Ps4 isn't that far behind either, eh?
Just the U.S. I believe.
I'm guessing this is because they're selling at a loss with the $349 price tag, and only want to do so in the region they can gain ground in.
 

Biker19

Banned
If you don't actually need a price cut to outsell your competitors, you don't do one. It doesn't matter what the price cut is if the customer wants more of the other thing. The GC was $99. Didn't matter.

This is really the only area of contest. Everywhere else, it's already decided. The lack of a Sony price cut just means they don't have to do one yet.

For what it's worth (my opinion, that is) I have no idea of the timing of a price cut for the ps4 but I do believe this; when it does happen it will be a significant one. They designed and built it not only to be easy to develop for but also to reduce costs quickly.

They slayed MS on price when it released and I think they'll do it again when there is a revision of the hardware or price point. In the meantime they're gonna ride that gravy train as long as they can.

I agree with both of you. IMO, I think that Sony's going to hold out for a little while longer & then go straight for a $100 price cut instead of just $50, making the price tag $299.

It'll make a huge impact worldwide once that happens.
 
I never thought the whenandif Ps4 price cut would be $50. It'll definitely be like $299.

if the slim pictures were real and really will happen this year, maybe they'll do the price cut then for it and also have a Uc4 bundle or something.
 
I never thought the whenandif Ps4 price cut would be $50. It'll definitely be like $299.

if the slim pictures were real and really will happen this year, maybe they'll do the price cut then for it and also have a Uc4 bundle or something.

Those pics are highly questionable, but I do foresee a $299 price point and some great holiday bundles this year. In typical Sony fashion, expect the Uncharted bundle to be $350 though
 

RexNovis

Banned
ah. well as dead the xbone is, the Ps4 isn't that far behind either, eh?

Seems to be a GULF between PS4 and XB1. Sales of PS4 are are dissapointing. Sales of XB1 are downright right depressing and without considerable Japanese development support I doubt it will change for the better. The really odd part is that in the second hand goods stores (a massive market here unlike the US) XB1s are plentiful with every single store I've visited holding at least a single unit for sale whereas PS4 seems fairly rare on the secondhand front with the occasional store putting one up for sale as the exception. The fact that the few ppl that are buying XB1s in my area are turning around selling them off paints a picture that's even more grim than I had expected to be entirely honest.
 
Those pics are highly questionable, but I do foresee a $299 price point and some great holiday bundles this year. In typical Sony fashion, expect the Uncharted bundle to be $350 though
You mean after slashing the price to $299, and supplementally having a $349 Uc4 bundle yeah?
Seems to be a GULF between PS4 and XB1. Sales of PS4 are are dissapointing. Sales of XB1 are downright right depressing and without considerable Japanese development support I doubt it will change for the better. The really odd part is that in the second hand goods stores (a massive market here unlike the US) XB1s are plentiful with every single store I've visited holding at least a single unit for sale whereas PS4 seems fairly rare on the secondhand front with the occasional store putting one up for sale as the exception. The fact that the few ppl that are buying XB1s in my area are turning around selling them off paints a picture that's even more grim than I had expected to be entirely honest.

Damn... that sounds pretty bad. Can you elaborate some more?
 

Marlenus

Member
I believe the x86 licence makes it a bit more complicated than that. Neither Sony or Microsoft have the right to manufacture x86 devices themselves.

While x86 is owned by Intel and licensed to AMD via a cross licensing deal I believe AMD were able to negotiate better terms due to the anti-trust case at the time. This is what enabled them to sell off their fabs and form Global Foundries. I am not quite sure if this extends to allowing them to design a SoC and then have MS/Sony take that design and get it manufactured themselves or if MS/Sony have to get AMD to manufacture it and sell them the finished product.
 
PS4 is the best ( fastest ) selling Playstation product ever and we still have people talking about disappointing sales? lol

PS4 will sell 20-25m in 2015. Can quote me on that if you like. The holidays will be insane with a $299 PS4 product out there with Uncharted 4 and No Mans Sky pushing a buttload of units.
 

Biker19

Banned
Seems to be a GULF between PS4 and XB1. Sales of PS4 are are dissapointing. Sales of XB1 are downright right depressing and without considerable Japanese development support I doubt it will change for the better. The really odd part is that in the second hand goods stores (a massive market here unlike the US) XB1s are plentiful with every single store I've visited holding at least a single unit for sale whereas PS4 seems fairly rare on the secondhand front with the occasional store putting one up for sale as the exception. The fact that the few ppl that are buying XB1s in my area are turning around selling them off paints a picture that's even more grim than I had expected to be entirely honest.

Where are you from, Japan?

If so, that definitely explain things.
 
I agree with both of you. IMO, I think that Sony's going to hold out for a little while longer & then go straight for a $100 price cut instead of just $50, making the price tag $299.

It'll make a huge impact worldwide once that happens.

This will only happen if demand goes down. However if they can't keep stock, like what's currently happening in Europe, why drop the price on a console they can't even keep stocked?

They will probably drop in NA.
 

RexNovis

Banned
You mean after slashing the price to $299, and supplementally having a $349 Uc4 bundle yeah?


Damn... that sounds pretty bad. Can you elaborate some more?

Not much more to elaborate on really PS4 monthly sales regularly exceed XB1 LTD by a rather large margin (edit to clarify it averages out to be about 9:1 in favor of PS4 in weekly sales just to give you an idea) yet XB1 is far more readily available in the second hand market. Not sure what else there is to be said.
 
Japan is a different story.

Well yeah, but show me a piece of software that is out right now that is meant to push units over there.

I'd say lets look at how March goes and then the rest of the year as the software comes in and then into the holidays. There just isn't the software right now for people to want to purchase.
 

RexNovis

Banned
Where are you from, Japan?

If so, that definitely explain things.

Well I'm not from Japan but I am currently living there yes haha

In Japan, during last week PS4 was 5 digit figure while XB1 sold like 300 units.
Exactly which is why it blows my mind that I'm seeing so many more XB1 consoles for sale in second hand shops than PS4s. Just through sheer numbers PS4 should easily be more available.
 
There really hasn't been much of a reason for Japanese gamers to buy a PS4 since was released. The lineup is still heavily western. That's going to start to change next month, and will hopefully continue on from there.
 
Not much more to elaborate on really PS4 monthly sales regularly exceed XB1 LTD by a rather large margin yet XB1 is far more readily available in the second hand market. Not sure what else there is to be said.

you're saying as bad as they're both doing, Ps4 is still selling considerably better than xbone and by the second hand market you mean Japan?
 
you're saying as bad as they're both doing, Ps4 is still selling considerably better than xbone and by the second hand market you mean Japan?

I think it is a combination of the weekly sales information and the apparent flooding of the secondhand market with xb1s. It isn't selling well and that small install base is actively getting rid of them. So it is much harder to truly guage how many individuals in Japan have the console on top of the units sold being a paltry number
 
So yeah, 3.4m is what I can see the Xbox One shipping in all of 2014 before Q4.
Sure, I'll buy that. 4M in Q4 seems kinda optimistic though. That's a fairly significant increase over their Q1-3 numbers. By comparison, we're probably looking for Sony to ship maybe 6.5M to hit 20M LTD? That would make Sony's Q4 only 72% of Q1-3, but you're calling for MS to do 118%.

Also keep in mind that XB3 got a fairly significant bump in Q3 thanks to the Tier 2 launch. I don't think many of those launches were likely to be sellouts, nor did I hear anything about those markets being subject to the outbreak of Discount Fever which swept the US and UK.

The 1.7M they shipped in Q3 for the T2 launch was 40% larger than their Q1 shipment, which was an over-shipment itself. If we average in the drawdown which took place in Q2, their average quarterly shipments had been 850k, and the Q3 shipment doubled that. Sony's Q3 was only 116% of their Q1-2 average. I don't think T2 gave MS quite as much momentum as you may think. Warehousing is probably relatively cheap there though. ;)

So yeah, 4M in Q4 seems like a lot given the year they had leading up to it. Even taking in to account the T2 launch bump, I could probably see them doubling their Jan-Sep numbers and doing another 3.4M. That's not a ridiculous number in and of itself, so I could see MS moving that many. That would give them 6.8M on the year and 10.7M LTD. That will let them hang on to "outpacing the 360," so I don't see much need for them to push through much more than that. Anything extra they ship in Q4 is just going to come out of the Q1/Q2 shipments anyway. I'm sure they'll do at least 10.5M LTD, if only for the 360 thing, but I don't seem them doing more than 11M, given their seemingly slow year. Yeah, yeah, big turn-around, but only in 50% of 40% of the market, remember?


Either way AMD would only accurately know how many consoles are being manufactured.
Well, they almost certainly know that, but they also seem to speak quite confidently on how many units their customers deliver to retail. /shrug
 

RexNovis

Banned
you're saying as bad as they're both doing, Ps4 is still selling considerably better than xbone and by the second hand market you mean Japan?

No second hand market is used goods. Its a major market in Japan. Much larger than in the US. In the used market the XB1 is far more readily available despite being outsold by >9:1 on a weekly basis. It implies that the few people purchasing XB1s here in Japan are not keeping them and are turning around and selling them in what appear to be staggering numbers given the total # of consoles sold.

I think it is a combination of the weekly sales information and the apparent flooding of the secondhand market with xb1s. It isn't selling well and that small install base is actively getting rid of them. So it is much harder to truly guage how many individuals in Japan have the console on top of the units sold being a paltry number

Yes what he said. Thank you for explaining that better than I could haha
 
No second hand market is used goods. Its a major market in Japan. Much larger than in the US. In the used market the XB1 is far more readily available despite being outsold by >9:1 on a weekly basis. It implies that the few people purchasing XB1s here in Japan are not keeping them and are turning around and selling them in what appear to be staggering numbers given the total # of consoles sold.



Yes what he said. Thank you for explaining that better than I could haha
Damn. If sales are that bad I would not be surprised if mS pulls out of Japan completely and shuts down support there.
 

RexNovis

Banned
There really hasn't been much of a reason for Japanese gamers to buy a PS4 since was released. The lineup is still heavily western. That's going to start to change next month, and will hopefully continue on from there.

The people who seem to have picked up a PS4 already here are the crowd who live and breath CoD. Yes despite what you may think CoD is well known and fairly popular here. Many fans bought a PS4 specifically for Advanced Warfare. As far as the remainder of the gaming enthusiast market, more than anything else I'd wager a new Biohazard (Resident Evil) game or Dragon Quest game will push units. Mainly because those are the games my students say they enjoy the most outside of Monster Hunter. I'm not sold on the sales potential of the Dragon Quest spin off though.

Damn. If sales are that bad I would not be surprised if mS pulls out of Japan completely and shuts down support there.

Nah I seriously doubt that would happen. They have to have a presence in Japan in order to be perceived as a competitor regardless of it's profitability. If MS pulls out of Japan they risk tainting consumer confidence in their brand across other regions. That said I doubt there will be any substantial advertising or marketing push for the system and they will likely maintain the absolute minimum shipments.
 
Didn't AMD just give rights to their technology usage? Doesn't Sony manufacture their own chips? Or did they give that up. I mean we know its a custom built APU, but who's doing the manufacturing of them. AMD or Sony? If its Sony, then AMD doesn't really have anything to do with the process beyond their architecture for the GPU portion of the APU
 

Inuhanyou

Believes Dragon Quest is a franchise managed by Sony
ah. well as dead the xbone is, the Ps4 isn't that far behind either, eh?

?????????????


The PS4 sells 5 to 6 times the amount of Xbones per week when the gap is closest in Japan. At the highest gap it sells 10 to 15 to even 20 times the amount. XB1 only sells about a 1000 each week compared to 5 to 10 thousand for PS4..and the PS4 number has been slowly creeping up so that its now in league with Vita and regular 3DS. This year i expect the number to get even higher
 
The people who seem to have picked up a PS4 already here are the crowd who live and breath CoD. Yes despite what you may think CoD is well known and fairly popular here. Many fans bought a PS4 specifically for Advanced Warfare. As far as the remainder of the gaming enthusiast market, more than anything else I'd wager a new Biohazard (Resident Evil) game or Dragon Quest game will push units. Mainly because those are the games my students say they enjoy the most outside of Monster Hunter. I'm not sold on the sales potential of the Dragon Quest spin off though.

that's quite the shocker. I would think Yakuza Restoration was the best selling Ps4 game in Japan.
?????????????


The PS4 sells 5 to 6 times the amount of Xbones per week when the gap is closest in Japan. At the highest gap it sells 10 to 15 to even 20 times the amount. XB1 only sells about a 1000 each week compared to 5 to 10 thousand for PS4..and the PS4 number has been slowly creeping up so that its now in league with Vita and regular 3DS. This year i expect the number to get even higher

Jesus Christ, I know the Ps4 was doing better than the xbone but just knowing that consoles are dead in general I didn't think it would be doing THAT much better than the xbone. deadass
 

RexNovis

Banned
that's quite the shocker. I would think Yakuza Restoration was the best selling Ps4 game in Japan.

Honestly, I'm not sure but what I can say for sure is that pretty much every single student of mine that has already purchased a PS4 has also purchased CoD and plays regularly. My students know I'm a gamer so they often come to talk to me about games and get some English conversation practice in. Just from those conversations it definitely seems like the CoD crowd are the early adopters in my area.
 
that's quite the shocker. I would think Yakuza Restoration was the best selling Ps4 game in Japan.


Jesus Christ, I know the Ps4 was doing better than the xbone but just knowing that consoles are dead in general I didn't think it would be doing THAT much better than the xbone. deadass

Think last week it was like 14,000 PS4's vs. 300 X1's, something like that

X1 truly is dead. Selling like a vita TV or a 10 year old system or something ... worse then even that really.
 
The people who seem to have picked up a PS4 already here are the crowd who live and breath CoD. Yes despite what you may think CoD is well known and fairly popular here. Many fans bought a PS4 specifically for Advanced Warfare. As far as the remainder of the gaming enthusiast market, more than anything else I'd wager a new Biohazard (Resident Evil) game or Dragon Quest game will push units. Mainly because those are the games my students say they enjoy the most outside of Monster Hunter. I'm not sold on the sales potential of the Dragon Quest spin off though.

I know that they're expecting DQ to be big for them. The week that the DQ PS4 was released sales went from 15k to 68. And that's just for a system with a download code for Heroes. That game isn't being released for another month. So, it was two months away at that point and it still caused a huge sales spike.
 
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