Sony Computer Entertainment today announced a new initiative to give a shot in the arm to its PSP business. Firstly, they will start offering a new “Favorites” software line which will offer a variety of titles, including LocoRoco, Patapon, and SOCOM: Fireteam Bravo at the price of $9.99 at certain retailers.

“PSP is the premiere destination for full-scale, console quality gaming experiences on-the-go, and we’re very pleased to be able to bring our consumers such tremendous value,” said Scott A. Steinberg, Vice President, Product Marketing, SCEA. “These initiatives not only add value to the platform overall, but also complement the robust software lineup we’ll see from both first and third-party publishers in 2010. It is easier now more than ever for new and existing PSP owners to build up their gaming libraries with amazing content.”

Additionally, new PSPgo owners will have access to a “Digital Game Pack” where they can download LittleBigPlanet, Ratchet and Clank : Size Matters and SOCOM: U.S. Navy SEALs Fireteam Bravo 3 for free.  Sony also will add four new titles to the $19.99 Greatest Hits line up, incluing Gran Turismo, Resistance: Retribution and Secret Agent Clank.