With Nintendo announcing a huge price cut for the Nintendo 3DS, it looks like Sony's under pressure to lower the price of the PlayStation Vita, which is presently scheduled for release later this year and early 2012 for $249 and $299.
The price of the PSVita was announced at E3 this year, much to the satisfaction of the media and public, especially since it was priced competitively with the Nintendo 3DS and offered a lot more bang for buck. However, with the recent price cut of the 3DS, that $249 price tag is looking a bit high for a handheld.
"Gamers are increasingly anticipating Sony to lower prices, especially after the 3DS cut," said Tokyo-based Ace Securities analyst Hideki Yasuda. "Sony is under major pressure to cut the price of the Vita or risk a major failure."
Regardless, Sony doesn't appear to have any plans of reducing the price of the PSVita any time soon, with Sony's Kazuo Hirai saying, "We have a very good product at a very affordable price. There's no need to lower the price just because somebody else that happens to be in the video game industry decided they were going to."
Hirai isn't alone with those sentiments. Shiro Mikoshiba of Nomura Holdings believes that Sony's targeting those willing to spend the cash on a new handheld game system: "The customers Sony is targeting with its Vita are those willing to spend a lot of money. That's a valid strategy even if the volume's low as long as it can sustain the higher price."
SMBC Nikko Securities analyst Kazuharu Miura believes that should there be a lack of strong titles for the device, sales numbers may dip. Miura's current estimates puts the Vita at 2.5 million units sold by March 2012.