Sony stopped production of the PS vita hand-held console on March 2nd 2019.The company announced that the two remaining consoles have been discontinued on the Vita’s official product page that is no longer live.
The console has had a 7-year lifespan though this was expected to happen since the console had a shaky launch back in 2011, from mixed reviews to low sales. The console itself was way ahead of its time but it did not do well due to its price point of $250, where as you could get an Xbox 360 slim console at that price.
The original PlayStation Vita (PCH-1000) was launched in Japan on Dec 17 2011 and a slim model was released three years later in 2014. PlayStation really dominated the hand-held market with the PlayStation portable (a predecessor of the PS VITA) and Sony brought in the Vita as an ideal portable gaming device where you can play flagship AAA games, though the Vita struggled for attention. This was a time when smartphone companies began developing mobile games for tablets and smartphones. The Vita took a huge hit from the smartphones and so Sony’s idea of making a dedicated gaming handheld console became more of a niche product.
Sony stopped developing games for the Vita in 2015 and so third-party developers made games that would sustain the console. Though Sony still supported the console for 7 years by issuing regular system updates and adding PS vita games to the PS plus subscription, unfortunately they pulled the plug on February of 2019.
Nevertheless, the system has had really good games such as Killzone Mercenary and Uncharted Golden Abyss. This was unheard-of at the time that you could actually play FPS and AAA games on the palm of your hands. Up to date, the system is still very relevant, there are die-hard fans of the console that spawned large communities over social media for instance the Facebook group PS Vita gamers Unite where you can share your experiences and get squads to play multiplayer games on the vita.
Other than the large communities, if you still want to own a vita, you can grab a second hand one for as little as 60$ on eBay and there are thousands of digital Vita games in the PlayStation store.