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It's not a done deal, but it does depend on Sony getting profitable again.

The Playstation brand is now one of Sony's lifelines. It's what makes them money and its what makes them popular. I expect that in five or ten years the smartphone market will level out, and IF Sony is in the black when that happens you can bet there will be a real Playstation phone, which would effectively be a Vita II.

But right now they don't have the cash to risk it. The last one was a flop because the company is bleeding money too fast to support it. Now is not the time to experiment on a failure.