Licence said:
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Its not about what Sony is doing wrong, but rather what Nintendo is doing right. You see Nintendos handhelds are easily sold because of their mascot characters. Kids grew up loving the Gameboy with their platformers old school adventure games and more. Sony has a lot of characters but they are console worthy characters. Everything on the PSP that isn't made for the PSP feels like a down ported game on a less defined platform. Nintendo ushered in the mascot era durin the 80's and 90's where mascots and cartoons were commercially very large. Kids could bring these characters to school with them and they still are. Its just not as big as it once was though during the mascot era.
Sony pushes tech and disc space, which allows devs to go crazy with development, which is why they left Nintendo. Also because they brought multimedia to gaming they increased the marketshare stability of the gaming industry. Sony demands large third party support much like Microsoft. Nintendo creates consoles for themselves, but at least their handhelds are old tech which Japanese devs dont need to go through hell to figure out.
Sony could make some mascot characters but they will have to become beloved by consumers. Most of their mascot characters are uninspired in looks even though the gameplay was amazing.