Starting Feb. 28, both the Wi-Fi and 3G versions of the PS Vita will cost 19,980 yen ($215), down from 24,980 yen ($269) for the Wi-Fi model, and 29,980 yen ($323) for the 3G/Wi-Fi model.
Sony has a New York event set for this Wednesday, Feb. 20 where it is expected to unveil the Playstation 4. For now, it seems likely that a price drop announcement for the PS Vita in at least North America will happen at the event along with the next-gen console and game announcements.
Forecasts for the PS Vita have continually been slashed since its release in early 2012 with sales poor enough for Sony to bundle the numbers of the PS Vita and PSP together. Originally, Sony estimated that it would sell 16 million of both handhelds through the fiscal year ending March 31. This was cut to 12 million before being slashed again to 10 million in November and then to 7 million in February.
The common theme among analysts is that the smartphone and tablet market is encroaching on the dedicated handheld market.