Sony has sold more than 40 million PlayStation 4 units worldwide

Sony announced today that it has sold more than 40 million PlayStation 4 units as of May 22, continuing to make it the fastest-selling console in the company's history.

The data, which was collected between Nov. 15, 2013, and May 22, 2016, also pointed out that software sales for the PS4 have remained strong, with more than 270.9 million copies sold through retail stores and the PlayStation Network. A corporate forecast released a couple of days ago estimated that an additional 20 million units would be sold worldwide in Sony's current fiscal year, which runs from April 1, 2016, through March 31, 2017.

Sony Interactive Entertainment president Andrew House said the main reason the PS4 continues to sell as well as it has is because of the exclusive and expansive gaming content offered to players. For example, Sony also pointed out that one of its most recent releases, Uncharted 4: A Thief's End, sold more than 2.7 million copies in its first week.

"We will strive to deliver even more exciting gaming experiences to our users, further driving the momentum and accelerating the expansion of the PS4 platform and its business this fiscal year by offering an unparalleled line-up of games, bringing our virtual reality system, PlayStation VR, to market and providing ground-breaking features and network services," House said in a press release.

Sony is reportedly working on an updated version of the PS4, codenamed "Neo." The new system will have much more powerful graphics hardware, according to earlier reports. Both the updated version of the PS4 and the current base model will reportedly coexist and be fully cross-compatible in all aspects, including software, PSN and multiplayer communities.

Microsoft is also reportedly working on two new Xbox consoles, according to Polygon's sources. One of the new consoles, codenamed Scorpio, will be four times more powerful than the current Xbox One model. The other console will be a 40 percent smaller version of the Xbox One that's available now, and will reportedly support 4K video. The company is expected to make an announcement about the consoles at this year's E3, spurred by Sony's faster-than-expected timeline for its upgraded PS4.

More information on the new and updated consoles both Microsoft and Sony are working on can be read here.