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The problem Nintendo has is a lot of their most loyal fans have either dwindled or simply grown out of gaming. A lot of younger fans don't have the same attachment and appreciation for the brand. There is no doubt that they still make amazing 1st party games, but unfortunately they are so behind on what connects with younger people. They have the least advanced/social hardware and network, they have the most restrictive rules on streaming and making videos/content on their games. So many games today get discovered or move units due to high exposure on Youtube and Twitch. And they have pretty much no 3rd party support, often making dry spells between 1st party releases longer than anything the other console players have to deal with. They have a long way to go with today's gamer base and a lot of burnt bridges and spurned feelings in their path.

Good news is its not over, they can rebound. But this is probably their last hardware chance before likely having to just publish so the stakes are high. And not sure revealing the release window of your flagship console on the 3rd page of your financial report, not being present at the largest gaming event of the year, and missing a holiday launch window when all signs point to Sony and MS both having updated consoles by this holiday is a good showing. I mean it really either shows a sign of weakness they don't think they can rise through the noise at E3, or that there is delays in production due to last-minute changes or delays in game production which after such dry spells is probably the most concerning if their studios are not prepared at this point.

I was pretty skeptical to begin with, which really pains me as a kid who grew up on Nintendo. But they are somehow finding a way to even raise my skepticism which is never a good thing when preparing for perhaps your most crucial hardware launch in your company's history.