The PS3 was originally touted as a machine with a "ten year life span." Well, we can see why Sony is banking on such a long console life -- PS3 is on its way to gaining some serious momentum, if analysts can be believed. With a shaky first year, many have ridiculed the PS3 for its high price and limited software library. Upcoming exclusives in 2008 and the recent price drop are just the first steps for Sony to regain the audience it captured in the PS1 and PS2 eras.

"Despite increasing PS3 sales, we do not expect any significant shift in PS3 market share in Sony's favor until mid 2008," analyst Jesse Divnich said. "A shift will likely be the result of continued hardware price cuts and the release of several AAA titles such as Metal Gear Solid 4 and Grand Theft Auto IV-both of which is expected to be released near the half-way point of 2008."

Looking beyond that, Screen Digest is predicting that PS3 will overtake the Xbox 360, and will even match the success of the Wii years into the future. "As more games become available for the PS3 next year, sales are expected to rise even further, says Mr Harding-Rolls, so that by 2011 the PS3 will have caught up with the Wii." While that would be fantastic for PS fans everywhere, it certainly won't be an easy feat for Sony to accomplish. Will Sony really be able to make good on such optimistic outlooks next year?

[Via Joystiq]

This article was originally published on Joystiq.

Morgan Webb talks gaming's double standards