Nintendo held a Q/A meeting during their 2025 shareholder meeting today, and we are going to be using the translations of the Twitter user NStyles posts to report the questions and answers concisely.
Question: About the film business, I’ve heard that a sequel to the Mario movie is being planned, and a Legend of Zelda movie is also in production. I’d like to know about future plans or if there are any plans for other IP projects.
Answer: We released The Super Mario Bros. Movie and received positive feedback. Regarding future plans, we have announced the release of a new Mario movie in April 2026, and in May 2027, we will release a Legend of Zelda movie. While our core business is the integrated software-hardware business, we have also been working on other initiatives. As part of this, we are engaging in film production, but rather than simply licensing, we are actively participating in the production process and establishing a framework that allows us to contribute to the quality. We cannot discuss future plans, but please look forward to them.
Question: Since the release of Nintendo Music, opportunities to engage with Nintendo’s music have increased. Are there any plans for initiatives such as orchestra concerts?
Answer: Nintendo Music is a smartphone app designed for customers subscribed to the online service. This initiative is one way to expand the audience engaging with Nintendo IP. The service’s features include enjoying music alongside game screenshots or listening to songs themed around characters or battles. We hope it evokes memories of your gaming experiences and becomes an opportunity to reconnect with the games. We are considering possibilities like concerts or live events.
Question: About the Nintendo Switch 2. It was released this month, and I understand that it has not been able to meet domestic demand. Is the reason for this a shortage of production units or a failure to predict demand? Are there any improvements to be made when launching new products in the future?
Answer: Currently, in many countries, the demand for Switch2 exceeds the supply, and we are unable to meet it. We understand that some shareholders have also been unable to obtain it. We started accepting lottery sales at My Nintendo Store in April. The response far exceeded our expectations, and I announced in my name on X that there were 2.2 million applicants, along with an apology. Since then, we have conducted four lottery sales, but some people were not selected. We have announced that the fifth lottery will take place starting in July. Many general retailers have also conducted lottery sales. The number of stores offering in-store sales is gradually increasing. As a company, we are working to improve our production system to deliver as many units as possible. We apologize for the inconvenience caused by this initial demand, which greatly exceeded our expectations.
Question: Currently, Nintendo’s stock price is reaching an all-time high. Regarding this high, how do you think Nintendo’s culture of originality has contributed? Also, as a Nintendo fan, I am looking forward to the general shareholders’ meeting being held at the headquarters.
Answer: With strong sales of the Nintendo Switch 2, the stock price is hitting high marks. Recognizing that this is a business where predictions are difficult, we are not resting on our current success but striving to offer new services and products. I believe that continuously providing new enjoyment and surprises is the most important thing. I am sharing this message within the company as well. What I think is particularly important is passing down the culture of originality from long-term employees to new employees and fostering an environment that values the company’s culture. (There were parts here that were slightly hard to hear, so the nuance may differ.) Regarding the venue for the general meeting, with the increase in shareholders due to the stock split, holding it at the headquarters is challenging.
Question: The lottery for the Nintendo Switch 2 was based on Nintendo account information. I thought maybe there was an intention to ensure it reaches dedicated fans. Please tell me what you think worked well with this lottery method and what you think could be improved.
Answer: We made a Nintendo Account a condition for applying to the lottery. We created the account system to build a long and positive relationship with our customers. In the past, relationships sometimes ended when hardware generations changed. I believe the account system prepared for the Switch generation has functioned well and is a point of progress. On the other hand, we have received both positive and negative feedback. We haven’t fully sorted through it internally yet, but we aim to make further improvements for future product launches.
Question: My kids are enjoying Mario and Pikmin, too. Is there any plan to expand into the education sector? Is there any development like Nintendo Labo?
Answer: Regarding the expansion of IP, it is being conducted outside of gaming consoles. This includes apps and products from the official store. While there is nothing specific to discuss regarding educational purposes, we are constantly exploring opportunities for children to engage with our IP. We believe Nintendo Labo was a product true to Nintendo’s spirit, and we would like to continue creating such distinctive products in the future.
Question: At the previous shareholders’ meeting, there was talk about addressing issues related to visual impairments. As a person with hearing disabilities, I would like to speak. In Nintendo Direct, subtitles were initially absent and added later. I would like to hear about future initiatives.
Answer: The Nintendo Switch 2 offers various accessibility features. We will continue to strive for the expansion of accessibility.
Question: Other companies’ shareholder meetings include online streaming or pre-submitted questions. Are there any plans for this in the future?
Answer: We recognize that there are companies undertaking various initiatives. Our company is also considering similar efforts, but at this time, there is nothing we can discuss.
Question: The number of directors is increasing. Please introduce the new directors.
Answer: For the reasons for the recommendation, please refer to the notice of the general meeting. Chris Meledandri, who resides in the United States, had not attended the shareholders’ meeting until now, but he (will) participate for the first time this time. Since (this is) a special occasion, after Miyamoto speaks, Chris will also make some comments.
Shigeru Miyamoto: I’m hesitating about where to start. I’ve known the newly appointed Hatayama-san for a while. He’s been researching games. As an artist, he’s engaged in various activities. If you search online, I think you’ll find a lot about him. He’s amazing… (and) an incredible person. Regarding the movie, I can’t talk about anything beyond what has already been announced. We announced the next Mario movie after it was completed and deemed to be entertaining. From the user’s perspective, we want to release something that feels satisfying. I want to work on visuals, and I’d like to do it together with Chris. Chris, please go ahead.
Chris Meledandri: Thank you, Miyamoto-san! I’m delighted to participate in the shareholders’ meeting. I’ve been in the film and media industry for 40 years. I’m in this business because I love stories. I founded Illumination in 2007. For about 20 years, I’ve been coming to Japan regularly, thinking about collaborating with Japanese companies. Ten years ago, I met Miyamoto-san and Beppu-san. That’s when discussions about the Mario movie began. We are diligently working on the next project as well. I’m closely collaborating with Miyamoto-san and the Nintendo team, and we’re at a critical stage. I hope it will be a work that core fans will enjoy. At the same time, I hope it will be a work that new audiences, who have never experienced Nintendo’s world, can also enjoy. Lastly, having seen many companies around the world, I believe Nintendo is uniquely unparalleled, and I feel honored to work with them.
Question: I’m looking forward to the Nintendo Switch 2, but I’d like to know how many years you think it will be able to compete in the future.
Answer: It’s still just been released, so it’s not yet time to talk about its lifecycle. The Switch, which many people around the world have enjoyed for a long time, has been around for 8 years. We want to release a lot of software for the Switch 2 and have people enjoy it for a long time. The Switch 2 can also play Switch software. Customers who were in first grade at the time are now in middle school. Opportunities to pick up new software are increasing. We will carefully craft each piece of software.
Question: Our generation grew up playing with things like Game & Watch. With the Nintendo Switch 2 being quite expensive, aren’t there fewer opportunities for young children to experience it? Is it sufficient in terms of utilizing IP? Aren’t you considering developing lower-priced products?
Answer: Compared to products released in the past, more customers feel that the Nintendo Switch 2 has become more expensive. What’s important is ensuring customers have a fulfilling experience. To achieve this, we’ve incorporated various features into the Nintendo Switch 2. We are also undertaking various initiatives beyond just gaming consoles. One of our goals is to ultimately have people play on a dedicated gaming console. We are paying close attention to how much of a barrier the price will be at that time.
Question: I believe that creating a game with such a high level of perfection within the free framework of The Legend of Zelda was possible due to an open environment where people on the ground could speak their opinions frankly. As Nintendo, please tell us what you do to foster an environment where such free ideas can emerge.
Answer: As a fundamental approach, we consider human resources to be the most important management asset. We conduct various training programs and strive to align with individual careers to enable them to demonstrate their abilities, creating a workplace where each person can thrive. The rest is for Takahashi and Shioda.
Takahashi: There’s an open environment for sharing free ideas. We’re thinking about how to involve younger people. We collaborate with the hardware team, fostering an atmosphere where opinions can be exchanged freely, regardless of hardware or software.
Shioda: Nintendo’s approach to talent development is fundamentally about nurturing through development. The development of the Nintendo Switch 2 was a valuable experience. We conveyed to new employees, through development, what to focus on in creation and which points customers care about. The Nintendo Switch 2 expanded the range of experiences. Nintendo’s strength lies in development that transcends boundaries, such as addressing hardware aspects with system software.
Question: About Nintendo’s basic strategy and new management structure. Looking at the sales performance of the Switch 2, I believe the expansion of the population engaging with Nintendo IP has been successful. Please tell me about the objectives of the new management structure and any keywords indicating long-term vision.
Answer: While continuing sound management in the home entertainment field, we strive to deliver new forms of entertainment. Regarding the expansion of Nintendo IP, it has been quite some time since we established this policy, but for the time being, we aim to focus on the widespread adoption of the Nintendo Switch 2. As for the difference between the Nintendo Switch and the Nintendo Switch 2, during the Nintendo Switch era, we pursued IP expansion in parallel, such as with theme parks. The Nintendo Switch 2, on the other hand, was launched with its IP already expanded. In the long term, we aim to focus on maintaining a strong relationship with our customers.
Question: Are you considering a service aimed at core fans, similar to the previous Club Nintendo?
Answer: I believe efforts to delight fans have been ongoing, such as with the Nintendo Museum. Increasing the number of fans leads to long-term value and sustainable growth.
Question: I often hear that third-party games don’t sell well on Nintendo’s hardware. I think the Nintendo Switch 2’s key card has mediocre specs and lacks appeal, but it’s widely adopted by third parties. Could this spec lead to a drift away from third-party support?
Answer: The key card does not contain the game content itself, but rather a key for activation. A download is required when playing for the first time. It was adopted because the internal storage capacity (Of Nintendo Switch 2) is larger than that of the Nintendo Switch. We will make efforts to ensure that third-party software sells well (there was a part that was hard to hear, so the nuance might be slightly different).
Question: Isn’t the rising cost a negative factor for the expansion of the gaming population?
Answer: The scale and duration of game development are increasing, leading to higher costs. The risks in the game business are greater than before. We are making efforts internally to address this. We will invest if necessary. We are thinking about how to develop more efficiently. We are also creating compact software with shorter development periods.
Question: Regarding the plan for the land acquired next to the head office. (Basically, to help readers see this as a better question: What are the plans for the land you have acquired next to your head office?)
Answer: (We have) acquired it as a business operator for the effective use of city-owned land publicly offered by Kyoto City. (We are) planning a second development building to strengthen research and development functions. It is not yet at a stage where we can announce it, but it is scheduled for 2028 or later.
Shuntaro Furukawa ended the shareholder QA session with a video that had scenes from their major moments of the quarter, namely the Nintendo New York event for the midnight launch of the Nintendo Switch 2, the Nintendo Switch 2 midnight launch at Nintendo San Francisco, Nintendo World’s opening in Orlando Florida, and the opening of the Nintendo store in San Francisco.
Also, a caveat, NStyles was present at the shareholder meeting and posting on Twitter at the same time. They mention they may have misheard or mistyped due to this, so wait for the full Nintendo Shareholder notes at Nintendo before getting too excited about anything that was stated by Nintendo. I think it is important to at least get these notes out, and when we get the full meeting online, they can be amended or we can make a new article entirely. Make sure to keep coming back to see how this article updates.
