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Darwinianevolution said:

The PlayStation brand has a lot of 3rd party series that are iconic for its userbase. If Sony had licensed some of those for the Vita, it could have helped. A Crash Bandicoot Vita made by Sony, or an exclusive MGS or a GTA...

It would still have been a failure.  Crash or MGS would have barely moved the dial at all.  GTA is probably the only thing that could have helped but they aren't in charge of that IP, obviously, and Rockstar has little reason to go back to handhelds.  Even if the Vita had gotten a GTA, the boost would not have been all that significant, not with GTA 5 on the horizon.

Having legacy franchises that appeal to kids is what saved the 3DS in the west.  Sony has no handheld options that can match that.