At Sony's Gamescom press conference today, Sony announced the price of the Wi-Fi PlayStation Vita would be dropping to $199 in the US and €199 in Europe. That's down from the Vita's current price of $249/€249. Sony also announced that "significant reductions in the price of PS Vita memory cards" would be coming. So it's currently unclear if the $299 3G model of the system will be similarly reduced.
Sony has been under pressure to drop the portable Vita's price as the system has struggled to meet sales goals since launching last year. Previously, the company said that 2012 was "too early" for a price cut.
Sony lowered the system's Japanese price by 20 to 34 percent in February, though, and it has periodically cleared out the more expensive 3G systems at lower prices through its Sony retail stores.
Sony didn't specify the size of the "significant reductions" in memory card cost, but the news is very welcome. Sony's proprietary Vita memory cards have routinely been priced many times higher than similarly sized SD card storage, a difference Sony attributed to access speed.
Just ahead of today's announcement, the Vita began showing up for the lowered price of $199 at retailers including Best Buy, Target, and Amazon. Ars is continuing to report from the conference and will update this post as more information becomes available.