For the handheld console market, price is everything. Both the games and the portable consoles themselves cost less than their living-room counterparts.
Both the Nintendo 3DS and the PlayStation Vita were considered overpriced when they launched, and both consoles failed to sell the way Sony or Nintendo would have wanted. Nintendo promptly dropped the price of the 3DS last year, leading to increased sales and making the 3DS the most popular console in Japan. Sony, on the other had, had maintained that their price was fair for the Vita's powerful on-the-go gaming.
Today, though, Sony has finally capitulated to the demand of the portable console market and the pressure from Nintendo. The company has announced that it is dropping the price of the PS Vita in Japan from ¥ 29,980 (around $323) to ¥19,980 (around $215).
This pricing announcement comes just days before Sony is expected to announce its newest PlayStation console at an event in New York on Wednesday, February 20. The hype for that event is immense, and a Vita price drop for the U.S. and Europe can now be added to the list of possible announcements for the 20th.
Even if a worldwide price drop is imminent, U.S. gamers shouldn't expect a $100 price drop for the Vita. The console is already relatively less expensive in the U.S. than in Japan. A $50 price drop is more likely, which would put the Wi-Fi model of the console at around $200 - the same price as Nintendo's 3DS XL.