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Sony's Remote Play handheld Project Q has been renamed PlayStation Portal and will be available for $199
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It's been over a decade since Xperia Play, and two since ngage. The market has changed, people are now spending a grand on phones, gamers are now buy some very expensive hardware for their hobby.
The biggest hurdle would actually be the Google Android rules about accessing Play Services on a device that would also need its own store for PlayStation branded games.
Don't recall mentioning price as an obstacle.
The fact people are buying expensive-ass phones is an obstacle to any console trying to be a cell phone or vice-versa. Phones already play modern-ass video games. Any new iPhone is surely more capable than a Switch. Who's going to be swayed into buying some custom Sony bullshit just to access an entirely separate wallet vacuum?
If Sony was going to release a handheld, it'd just be an under-powered PS5 variant, as a Nintendo Switch knockoff. AMD would be happy to provide appropriate chips.