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Soundwave said:

This is a global event for the international audience, not something for the game industry alone. Mario is recoginized everywhere in the world, Sony doesn't have a character like that. 

Indeed, this is true.

It's interesting that Nintendo isn't officially associated with 2020 and they're not sponsoring the games. The decision to use Mario came from the Tokyo organising committee, apparently, so - a lucky bit of publicity for Nintendo, it seems. http://money.cnn.com/2016/08/22/technology/nintendo-mario-olympics-rio-closing-ceremony/