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Price is a major factor in the sales of the PS-Vita but it is not the only factor ...

If you go back to 2011 before Nintendo reduced the price of the 3DS it was selling at about 80,000 to 120,000 units per week while similar non-holiday PS-Vita sales are around 40,000 to 50,000 units per week. Essentially, at the same price the PS-Vita is selling at roughly half the rate the 3DS was.

Personally, I think the PS-Vita has a significant demographic problem and also an existential problem. The demographic problem is that, while the PSP was initially marketed towards adults, the PSP's biggest market was teenagers who played their device at home and I suspect these gamers are far more likely to choose a new tablet or phone over a dedicated gaming machine than most other demographics; and their existential problem is the question "Why should the PS-Vita exist. What does it really provide that you can't get elsewhere?"