Sony may have lost the console sales race to Microsoft’s Xbox One in November and December, but it won the year as a whole.

Sony confirmed that the PlayStation 4 was the best-selling gaming console worldwide in 2014, and it is continuing on a sales pace that is faster than any previous PlayStation system ever. Globally, the console-gaming market generates around $50 billion in spending, which is why it is so important to both Sony and Microsoft.

“PlayStation 4 was the top-selling console in the U.S. and globally in 2014,” a Sony Computer Entertainment America spokesperson told GamesBeat. “And [it is] the fastest selling console in PlayStation history with 18.5 million sold through after just 14 months in the market. We are humbled by this success and want to thank gamers worldwide for helping us achieve holiday sales of more than 4.1 million across 123 countries and regions. We are looking forward to another momentous year in 2015 and bringing an epic line up of titles to PlayStation fans around the world.”

The United States is a big reason Sony was able to sell 18.5 million PS4s. The console was the top-selling home gaming system every month of 2014 in the U.S. except for November and December, according to industry-tracking firm The NPD Group.

PS4’s success is largely due to a rabid consumer base who sees the system as the top choice for gaming while also offering highly desired entertainment features like livestreaming gameplay and Netflix.

Sony may have a tougher time outselling the Xbox One in 2015. Microsoft has made it clear that it’s not going to let this generation slip away without a fight, and that led Xbox boss Phil Spencer to cut the price of Microsoft’s console to $350 during the holidays. That was $50 cheaper than the PS4. Earlier today, Microsoft announced it would once again drop the price of the system to $350 starting tomorrow.

We’ve asked Sony if it is planning a price drop for the PS4 to match Microsoft, but the company declined to answer the question.

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