The Battle Over America's Living Rooms

Armed with new consoles, Sony and Microsoft are fighting to win over video gamers

Gaming consoles weren't supposed to last another generation. That's the fortune-cookie logic, anyway. Android and iOS, smartphones and tablets--they're the future, right? Why spend hundreds of dollars on big black boxes that feature expensive games and hunker down in your entertainment center when that entertainment center now fits in your pocket or purse and costs a buck or less a game?

Forget conventional wisdom: Grand Theft Auto V, which arrived in September for the PlayStation 3 and Xbox 360, racked up more than $1 billion in three days, shattering the all-time fastest-selling record--not just for games but for entertainment of any...

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