For a couple of years now, it has been rumored that the console video game industry is on its way out. This, however, is greatly exaggerated. Both Microsoft and Sony are heading into the Electronic Entertainment Expo this week with quite a bit of gusto.

Since the release of the Xbox One and the PlayStation 4 back in November, more than 12 million consoles combined have been sold. That’s about double the number of PS3 and Xbox 360 consoles in the same time period.

While gaming consoles are being sold in the millions, a big question is whether or not console sales can maintain the momentum, and if other consoles, such as Nintendo’s Wii U, can gain momentum.

Sony has been the clear leader of console sales, largely due to the lower price tag. Sony has sold 7 million PS4’s at $399 each, while Microsoft has sold around 5 million Xbox Ones, each of them costing $499. Sony also has more game titles available to the PS4.

Sony is also expected to show off the new PlayStation Now service at E3. PlayStation Now is a Netflix style gaming service that allows players to access a library of game titles for subscription or rental. This service is, however, expected to focus more on older games.

Microsoft, on the other hand, is expected to try and garner more interest in the Xbox One, and they will likely drop the price of the console in order to be more competitive with Sony. To be able to drop the price they are expected to start selling the console without the Kinect. They are also set to release a number of new titles, including the much anticipated Halo 5.

Nintendo will be skipping a formal news conference at the event, but they are expected to drop the price of the Wii U.