What killed the PSP?

Could you elaborate on the factors that ultimately led to the demise of the PSP, a once popular handheld gaming console? Was it the rise of smartphones and mobile gaming that rendered it obsolete, or were there other contributing factors such as a lack of innovative games and a struggling market position? How did the company's strategies and decisions play a role in its decline, and what lessons can be learned from its downfall for other companies in the tech and gaming industries?