Licenses 'sold'.
"Microsoft’s 'licences sold' numbers include copies of Windows sold to PC makers, so they tell us what the channel has been willing to buy or what volume customers have swallowed rather than what’s actually being deployed on new machines."
I'd argue 90%+ of 'licenses sold' are sales from MSFT to PC makers with 10% accounting for direct sales to consumers.
The 90%+ doesn't give any indication as to
(a) how many of those PCs are actually sold to an end user,
(b) how many that are 'sold' to an end user are returned,
(c) how MSFT prices its Win7 licenses to PC makers vs. Win8 licenses.
I'd expect:
(a) not many - given the slowdown in PC growth and the poor profit results of the big PC makers,
(b) a lot of Win8 machines being returned,
(c) Win7 license cost >>>>> Win 8 license cost so that PC makers are compelled to buy Win8 or face no profit margin on a Win7 machine.
It's all academic, really, because this whole Win8 episode has been a failure for MSFT of epic proportions. All that shareholders' money wasted on software (ie. Metro) that no-one really wants.
Win8 = EPIC FAIL.