I WOULD like to point out that the PS3 currently has an attach rate of 5 games per console sold. That is the exact same attach rate the 360 had after its first year...and people couldn't stop talking about how awesome the game sales were and how everyone is buying a TON of games. Yet when the PS3 has the exact same attach rate it suddenly sucks.
My own theory is that people THINK it has bad game sales because with the 360, everyone rushes out and buys the exact same games. So games either sells a lot, or nothing. There are peaks and valleys. However, PS3 owners buy a more broad array of games, and not all the exact same titles. This means that titles are less likely to sell huge numbers...but also means that games also don't sell abysmally if they aren't seen as one of the "cool" games.
Answering your question, if ANY console sells tons but doesn't move software it is a massive lose because consoles generally make all their money off of game sales. Lately, consoles launch at a sizeable loss (sold below cost) in order to get them into homes right away and then hope that people buy software to avoid massive losses.
I would also point out that if software doesn't sell, it will anger developers who will leave the console and make games where they DO sell. That results in circular behaviour where people will buy the console with the games, which attracts console sales, which then attracts developers who go where the market it...which attracts consumers, and around and around we go.
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