Not having any major franchises is far and away the biggest problem. The other factors would be minor issues if the Vita had a title at the level of Monster Hunter or Pokemon. Sony never created any major, unique franchises for the PSP that could carry over and now they're preoccupied with the PS4. In North America, having a kid-friendly IP is critical, yet they have nothing on that front.

They miscalculated, pure and simple. That, and the head start of the 3DS, which hurt a lot.

The Vita actually is getting a lot of quality games. The "it only has ports" line you some people parrot is ridiculous. They just aren't the games that pull consumers into the store en masse, as most of them are not established franchises.

Hopefully they'll get WWS working on a few Vita games after the PS4 takes off safely.

Two biggest issues...

The market changed. Its very clear the US lost interest in the PSP well before Vita launched.

Sony is not investing in software. Even ports of popular 7th gen games would help the Vita.

I saw the games coming in 2014 and its pitiful. Its now a device for a niche audience.

Everything ...

At teh start teh machne was expensive and that they forced you to buy their memory cards which was ridiculously priced and still is and plus theres no game sfor it tahts a system seller and SOny is not putting efforst in marketing it ro getting thrid party peopel to make game sof rit let alone gttting big first party stuios to make games for it.

While I think the High Price and lack of games effected it. I think perception was made worse by the extra charges for the memory card - when you nickel and dime consumers with extra little fees, it's a big turn off. It makes anything seem lacking value.

Mostly I think it's a dying market. Kids still want and will get a 3DS or a 2DS, but why carry around a Vita when your phone can do more? The Vita is more expensive and the market it should appeal to has a phone. True a phone is not as good as a gaming device, but that's what consoles are for on a nice big screen.

Because it made the same exact mistakes as its predecessor... it's too expensive for the dedicated handheld videogame market, and it cannibalized itself by trying to be a portable version of Sony's current-gen home console. If people want to play PS3-quality games, then why don't they just buy a PS3?

The "Vita only has ports" line is actually true.  Like I said a couple of comments ago, the Vita only has 20 retail exclusives, and retail games are what sells your console.  Having a mere 20 exclusives is weak.  Not only is that less than one per month, not all of those are going to be good, plus everyone has different tastes and won't enjoy all the same games. 

With hardly any exclusives, the system has no identity of its own.  Might as well just purchase a PS3 and not even bother with the Vita.  I got tired of defending the Vita's shitty line up when Sony got tired of giving a damn about the system.

Lack of big hitters, psp had GTA, MGS, Final Fantasy, Gran turismo, God of War , Monster Hunter those are some of the biggest franchises in gaming all of which are missing from the Vita.

it has no gaemz

Smartphones happened...