Sony Computer Entertainment's worldwide studios president, Shuhei Yoshida has admitted the company became complacent after gamers responded positively to the PS2-like experience the PSP offered.
Reflecting on the PlayStation Portable's lifespan, Yoshida admitted the initial response from the market meant Sony wasn't motivated to explore the PSP further.
"We were too happy with ourselves, having a PS2-like experience on a portable at that time. We didn't go too much further from there," the Sony boss told Kotaku.
However, after a few years Sony found it was unable to coast along as the public started to look beyond the visual fidelity, Yoshida explained.
"The initial couple years were great. People were excited to be able to play 3D graphics on the go, but after a couple years, people get used to looking at pretty pictures," he said.
Although the PSP may be a diminished system in Western markets, the handheld's popularity has remained consistent in Japan thanks to titles such as Capcom's Monster Hunter (and the various clones of it). Yoshida attributed the continued success of the PSP in Japan to support from Japanese developers, who have continued to produce games despite concerns that the announcement of the Vita will affect its momentum.
"Some of the people in Japan insisted that Japan can wait longer for the Vita. The PSP is still so popular... Some of them fear that once we announced Vita, like we did in January, that we might lose momentum, but it didn't," he explained.
"Development support from Japanese companies has been incredibly strong; they have some of their best teams working on portable systems. And that's one of the biggest reasons why the PSP is so popular," he added.
UK retailer ShopTo is listing PS Vita games for release on November 4, with individual titles carrying an RRP of £39.99.