Although its PlayStation predecessors had been very dominant against the competition and were hugely profitable for Sony, PlayStation 3 had an inauspicious start, and Sony chairman and CEO Sir Howard Stringer initially could not convince investors of a turnaround in its fortunes. The PS3 lacked the unique gameplay of the more affordable Wii which became that generation's most successful console in terms of units sold. Furthermore, PS3 had to compete directly with Xbox 360 which had a market head start, and as a result the platform no longer had exclusive titles that the PS2 enjoyed such as the Grand Theft Auto and Final Fantasy series (regarding cross-platform games, Xbox 360 versions were generally considered superior in 2006, although by 2008 the PS3 versions had reached parity or surpassed), and it took longer than expected for PS3 to enjoy strong sales and close the gap with Xbox 360. Sony also continued to lose money on each PS3 sold through 2010, although the redesigned "slim" PS3 has cut these losses since then.

What was PlayStation 3's toughest competitor in the video game market?