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Lost in Translation
Nintendo President Satoru Iwata told Bloomberg News on Wednesday that his company will develop completely new game machines for emerging markets, instead of offering a cheaper version of its existing systems. He explained, "We want to make new things, with new thinking rather than a cheaper version of what we currently have. The product and price balance must be made from scratch."
Bloomberg notes that China just lifted a 13-year ban on selling game consoles, and Iwata had said on Tuesday that Nintendo is exploring its options for entering that market. Microsoft will offer the Xbox One there in September (the same month the company is offering its latest console in Japan). PricewaterhouseCoopers projected that China's game market will have US$10 billion in sales next year.
Nintendo reported a net loss of 33.4 billion yen (about US$329 million) for the fourth quarter which ended in March. It has reported that its latest home game console, the Wii U, has not met its sales targets as more people play on smartphones and other companies' consoles.
Nintendo confirmed last week that it has no plans to unveil new hardware at next month's E3 convention. However, Nintendo revealed earlier this year that it is developing new hardware for a "quality of life" platform. Iwata said the company will unveil the system during the current fiscal year that ends in March 2015. Iwata also stated in January that the company is considering a "new business structure" that could incorporate smartphones.