Good news for all PlayStation (PS) Vita owners. Per reports, the firmware for PlayStation Vita has now been updated by the company to provide more functionality to the popular hand held gaming console.

As far as updates are concerned, the company has updated the YouTube app for PS Vita, which was already pretty awesome considering it actually works and is easier to navigate. Now Sony has decided to update the app even more with a new firmware update that also updates the app and adds new features to it.

“Since June, PS Vita owners have enjoyed watching videos via the YouTube app on the device’s brilliant 5” OLED screen, bringing you entertaining, hilarious, and viral videos, plus trailers for the hottest games coming to PS Vita and PS3 on the official PlayStation channel,” the official PS Blog states. “While PS Vita’s YouTube app launched with a robust set of features, today you can update the app to version 2, bringing several new features that will enhance your viewing experience even further.”

The YouTube app was added to the Vita in a last firmware update and has proved to be very successful for users since how easy it is to use. Sony has done some great work with the apps on the system, with the Twitter app being the only exception and still needs some work.

Check here for the full list of updates.

Additionally, it has also been reported that Analysts are asking for a PS Vita price cut. Billy Pidgeon, an analyst with Inside Network, has asked Sony to follow Nintendo’s market strategy and cut the price of PlayStation Vita.

In an interview with NowGamer, Pidgeon argued that cutting costs is necessary for the company in order to give PS Vita a shot at success. He also warned that publishers aren’t going to invest in the machine if the installed base doesn’t increase dramatically.

"Although the hardware is high quality, Sony may need to follow Nintendo's lead and cut price drastically next year if the installed base remains below five million or the platform will not be viable for publishers," saidPidgeon.

"Also the proprietary memory cards for PS Vita are prohibitively expensive. There should be more downloadable software, including inexpensive or free games, and these must be higher quality than popular iOS and Android games," he continued. "It would in fact be helpful if the best and most popular smartphone and tablet games were also available for download to PS Vita."