The only way I see Nintendo doing something like a subscription fee work, is if it links to a cloud type storage that can be accessed on different devices or if it gives you exclusive access to reduced pricing for short period digital sales.
The free game approach Sony is doing, sort of devalues their games, people know if it sales bad enough or they just wait most if not all Sony titles will hit PS+ so why go out and buy it? Also as someone has already mentioned, Nintendo via Club Nintendo and other promotions already does offer free games although it is usually Virtual Console titles.
I can see Nintendo setting up a subscription program, they just need the right hook that won't shift how they make money or how people enjoy their titles.
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