The PlayStation 2 had a difficult start.
In September 2004 Sony unveiled the third major hardware revision (V12, model number SCPH-70000).
The PlayStation 2 was such a hot item after its release that it was near impossible to find one on retailer shelves, leaving those wanting a PlayStation 2 to either wait or purchase the console online at sites such as eBay, where the console was being sold by many people for twice and sometimes five times as much as the manufacturers listed price.
With a price of $299.99 per console, Sony made gross sales of roughly $153,000,000.
Two propositions were to name the old model (EE and GS, separate chips) V11.5 and the newer model V12, and to name the old model V12 and the newer model V13.
Many analysts predicted a close 3-way matchup between the PS2 and its soon-to-be-released competitors Microsoft Xbox and Nintendo GameCube, noting that the PS2's graphics were inferior but that it had the advantage of a head start, and had a wide assortment of games of every genre (Xbox's strength was in its hardware; GameCube was the cheapest of the 3 consoles).
After an apparent manufacturing issue caused some initial slowdown in producing the new unit, Sony reportedly underestimated demand, caused in part by shortages between the time the old units were cleared out and the new units were ready.
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