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Ico sold 700, 000 copies worldwide, with 270, 000 in the United States and the bulk in PAL regions, and received strong reviews, becoming a cult hit among gamers.

The game has received aggregate review scores of 90 out of 100 at Metacritic and 90 % at GameRankings.

In Japan, Famitsu magazine scored the PlayStation 2 version of the game a 30 out of 40.

The game is considered by some to be one of the greatest games of all time ; Edge ranked Ico as the 13th top game in a 2007 listing, while IGN ranked the game at number 18 in 2005, and at number 57 in 2007.

Ico has been used as an example of a game that is a work of art.

Ueda commented that he purposely tried to distance Ico from conventional video games due to the negative image that video games were receiving at that time, in order to draw more people to the title.