Largely I agree with your analysis, TheSource: Nintendo is not the only company to find Blue Oceans.
I'd add a few things, however. First, while almost every generation sees some new target audience included, it's thus far seemed to take a much larger jump every two generations: the first generation was obviously important simply because it established the market, the third generation (NES) was the introduction of Nintendo and not just a ressurrection of a fallen market but a vast increase from what it was before; the 5th generation, PS1/N64, saw a similarly large increase as more 15-25 year olds were brought into the fold, not just 5-15 year olds. And lastly, the seventh generation, where we are now, appears to be opening up a similarly massive increase in market size.
From my perspective, the 2nd, 4th and 6th generations all did increase market size, but did not do so in any revolutionary way. Most of the growth could be attributed to increases in population and affluence.
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