Podcast Summary
The Incredible Rise of Nintendo in Revitalizing Video Game Industry: Nintendo's unique approach and contributions to the video game industry paved the way for its widespread popularity and success, making it a story worth exploring.
Nintendo revolutionized the video game industry, achieving 95% global market share and dominating the multibillion-dollar industry, which was left for dead. The rise of video games and the rise of Nintendo is an incredible innerwoven global tale. Nintendo of America wouldn't have happened without Nintendo Japan, and Nintendo of Japan would not be what it is without Nintendo of America. The story of Nintendo is of how Nintendo single-handedly resuscitated this industry, and it's an incredible history worth exploring.
The Foundation of the Video Game Industry: Nolan's entrepreneurial spirit, combined with background in arcades and electrical engineering, laid the groundwork for the video game industry to take off as technology became cheaper and people became more interested in escapist fantasy worlds.
Nolan's entrepreneurial spirit and background in arcades led him to create the first commercialized programmed video arcade game in history, based on the game Spacewar!. Along with fellow Ampex employee Ted Dabney, he founded Syzygy, later renamed Atari. However, it was not profitable and the required amount of silicon was still too expensive. Consumers in America were not ready for space games yet. But as technology became cheaper and people became more interested in entering escapist fantasy worlds, video games became a huge industry. Nolan's background in carnivals and electrical engineering, combined with the innovation of Silicon Valley, set the foundation for the video game industry we know today.
Designing High-Functionality Technology at an Affordable Cost: A simple idea can become a successful innovation, even if it's not originally intended for that purpose. Creating a new market takes time and understanding the job the product fulfills is crucial to its success.
In order to make technology affordable and cost-effective, it was important to design systems with the highest amount of functionality with the fewest number of chips. The first home video game console, Magnavox Odyssey, was invented by Magnavox as a gee whiz device that they could have their sales reps in their stores around the country demonstrate to consumers to help them sell TVs. However, it accidentally became a huge success despite Magnavox's failure to market it properly. This goes to show that sometimes, before a category is created, you don't know how to describe the job to be done of the very first product in the category, and it may take time for a market to be recognized and developed.
How Pong became the game that changed everything.: Simple yet relatable concepts can create mass market success, as seen with the success of Pong and the emergence of the arcade game and personal computer industries. Accessibility is key, even without a story.
The creation of Pong by Atari was initially a proof of concept game, but it ended up becoming a mega hit due to its simplicity and relatability. The game became an immediate success in bars and arcades, leading to the emergence of the arcade video game industry. By the late 70s, the arcade game market was worth $5 billion per year, surpassing even movies and music. The success of Pong also led to the creation of additional video game consoles and the personal computer industry, which all stemmed from that one moment. The success of Pong was a perfect example of a hack to get a new technology into the mass consumer market and the power of accessibility without needing a story.
The Success of Atari in the Home Video Game Business: Atari's release of the VCS (2600) in 1977 became a smash hit, selling over a million units in the first year and doubling sales every year for the next three years. The use of swappable game cartridges and building an install base became key factors in their success.
The shift from arcade to home video game business was capital-intensive and required retailers and marketers to build demand. Atari sold the company to Warner Brothers in 1976. In 1977, they release VCS, which gets renamed the 2600. It's a smash hit selling a million units in the first year, and then sales double every single year for the next three years. Swappable game cartridges became popular as toys and informed business models for decades to come. Ataris' profits surged in the software industry. Atari's success was mimicked by other toy companies and media companies. The importance of having an install base to make money on games was realized by Atari.
The Cautionary Tale of the Home Video Game Industry: Oversaturation, lack of consolidation, and chasing profit at any cost led to the downfall of the home video game industry in the 80s. Consolidation and ecosystem effects are crucial for long-term success.
The rise and fall of the home video game industry in the 80s is a cautionary tale of oversaturation and lack of consolidation. The huge rush of competition resulted in a flood of low-quality games that made a quick profit. This created an unsustainable market, and within two years the industry experienced a 97% drop in market size. The companies that risked capital were hit the hardest, with many experiencing heavy losses. This highlights the importance of consolidation in creating an ecosystem effect that leads to network effects for success. The rise and fall of the home video game industry is a reminder that chasing profit at any cost can lead to long-term failure.
The Profitability of the Home Video Game Industry: Focus on creating a good product that customers love, rather than worrying about competitors. The true competition is with the status quo.
The video game industry, specifically the home video game industry, has an incredible business model with high product market fit and demand for good games. Video games are software that is media, making it a highly profitable industry. There are zero marginal costs to make another copy of the game and zero distribution costs as games can be shipped over the internet. Nintendo is an example of a company that utilized this business model and achieved success. It is important for founders to focus on building a good product that customers love, rather than worrying about competitors who are often irrelevant. The actual competition is not with other firms but with the status quo.
Don't overlook the importance of adoption in growing your business.: Focus on delivering a quality customer experience rather than worrying about competition, and tap into universal appeal to widen your market.
Competition is not always the biggest challenge; lack of adoption can be a major obstacle too. Even if there is a dominant provider in your space, there is still lots of room for you to grow as long as the market is big. Even seasoned entrepreneurs make the mistake of focusing too much on their competition rather than on making the customer experience good. Nintendo's success in entering the gaming market can be attributed to their observation that high-quality games have universal appeal. Despite a strict effort to eliminate Western influence from Japanese society, the allure of playing games and gambling for money was too strong to resist, leading to the development of a substitute parallel track called the Hanafuda cards.
Nintendo's early history and the role of the Yakuza in their success.: Nintendo's success was due to their ability to navigate through difficult situations and capitalize on opportunities, even if they seemed risky. It's important to have a strong distribution capability and a good understanding of what will resonate with customers.
Nintendo started as a playing card manufacturer and became successful by catering to their biggest customer, the Yakuza, who ran gambling parlors and casinos across Japan. Despite the risks of having organized crime as their main customer, Nintendo developed a strong distribution capability and gained power in the market by navigating this successfully. Nintendo's early history also involved a complicated family dynamic, as the company had no male heirs to take over the business until Hiroshi Yamauchi was born. Despite his youth and lack of experience, Yamauchi developed a killer instinct for what games would be successful, which would prove valuable in the future success of Nintendo.
Nintendo's Creative Evolution: From Playing Cards to Profitable Toy Company: By licensing Walt Disney characters and using the scarcity of their branded cards to gain power over distributors, Nintendo was able to establish itself as a profitable toy company. Their success was due to a combination of shrewd leadership, innovative talent and foresight.
Nintendo transformed itself from a card-making company to a Japanese toy company by licenscing Walt Disney characters and putting them on playing cards; drafting off the Disney brand, they started licensing other kids toys to sell in Japan, and then demanded the retailers to carry not only the Disney toys but also the Nintendo branded toys; the scarcity of Disney branded cards helped gain power over the distributors, and now they have a reason to be in stores and have those relationships; this resulted to Nintendo becoming a very profitable toy company by the late 60s, early 70s, and their success is attributed to Yamauchi's sixth sense for products and talent, such as Gunpei Yokoi who designed the Gameboy and the Virtual Boy.
How Nintendo's Failed Business Venture Led to the Creation of Their First Video Game Console: Nintendo's success in the video game industry can be traced back to their innovative investment in indoor shooting ranges and development of light gun technology for arcades, which eventually led to the creation of their first home console.
Nintendo initially invested in failed bowling alleys and turned them into indoor shooting ranges, which led to the company entering the arcade business. Creating light gun ranges not only made Nintendo good at exporting technology to North America and Europe, but it also allowed them to build a relationship with Magnavox, leading to the creation of the Color TV-Game 6, their very first home video game console. The success of the Color TV-Game consoles transformed Nintendo and led the company to become a Japanese video game business. The engineers at Nintendo created a clever invention with the light gun, allowing it to function without shooting actual bullets or lasers.
Nintendo's Long-Term and Innovative Approach to Console Development: Nintendo's focus on quality, strategic innovation, and taking a longer-term view paid off with the iconic and beloved NES, setting the standard for future gaming technology.
Nintendo took a long-term and different approach to game console development compared to competitors, focusing on creating a high-quality, profitable, and unique product. They also took advantage of technology innovation, with the benefit of Moore's Law, and pioneered new markets through their Game and Watch business. Emphasis was on R&D2 team's work for years to create a truly amazing programmable ROM cartridge console like the Atari 2600 ahead of their competitors by at least a year. This approach paid off, and the NES became an iconic and beloved console, setting the standard for future gaming technology. This shows the value of taking a longer-term view, focusing on quality, and strategic innovation for sustained success and market differentiation.
Nintendo's Early Success and Expansion into the American Market: By investing in research and development and finding success in the arcade industry, Nintendo was able to expand into America and establish their own distribution, demonstrating the importance of adapting to market demands and investing in innovation.
Nintendo's success in the late 70s and early 80s in Japan enabled them to finance their R&D teams and focus on making arcade titles and find out what games are great to eventually unleash them on their next generation console. They also aimed to get a foothold in the American market to have their own distribution and not get commoditized. Yamauchi's son-in-law, Minoru Arakawa, was sent to set up Nintendo of America, despite not wanting to work for Nintendo, to enable revenue. Vanta, by automating up to 90% of the work required for important compliance standards, enables companies of all sizes to achieve these standards and get customers they want to sell to way faster and for way less cost.
Nintendo's Innovations and Risk-Taking Strategies for Success in America: By avoiding copying the success of others and trusting their team, Nintendo found their own fun products, leading to success in the American market.
Nintendo's success in America came from being inventive and taking risks. They learned from their failure of copying something hot like Space Invaders and never did it again. Instead, they discovered their own fun products. Minoru convinced Yamauchi to send a knockoff of Space Invaders to America, but by the time it arrived, the mania for the game had peaked and died. Nintendo of America was left with 2000 unsold Radar Scope cabinets. This failure convinced them that copying others' success was not the way forward. Yamauchi's promise to let Minoru run things his way in America was a big concession, showing the importance of trusting his team.
Shigeru Miyamoto's Vision for Games as an Art Form: Miyamoto's creative approach to game design, not limited by traditional engineering constraints, revolutionized the industry and proved that games can be a form of art.
Shigeru Miyamoto, who was not an engineer but a designer, created the game Donkey Kong using the same chips that were on the motherboard of the failed game Radar Scope. This was a constrained problem since he could only use a joystick and a couple of buttons but he was able to create a game that became a huge success, earning hundreds of millions of dollars and saving Nintendo of America from bankruptcy. Miyamoto believed in games as an art form and he brought his genius to game design, which was different from the conventional engineers who were responsible for game design until then. Miyamoto's vision for games as an art form completely changed the gaming industry forever.
Miyamoto's Creativity Shapes the Video Game Industry: Miyamoto's innovation with Donkey Kong proved that video games could tell stories and that hardware constraints could lead to game mechanics that stand the test of time.
Miyamoto revolutionized the video game industry by creating the first narrative-driven game, Donkey Kong, which had a classic three-act story and a wacky, yet simplistic plot. He also innovated by retrofitting Radar Scope's hardware to create a non-shooting game with a unique game mechanic of climbing ladders and avoiding barrels using the same controls. Nintendo moved its company to Seattle, hoping to save the business for Nintendo of America and the CEO's marriage. Despite initial confusion, the game was a success and became a recognizable IP, helping with sales. Miyamoto's creativity and resourcefulness changed the industry's direction by proving that video games could story-tell like books or movies and that hardware constraints could lead to innovation.
The Legacy of Super Mario Bros.: Super Mario Bros. revolutionized the video game industry by expanding the target audience beyond teenage boys. Naming characters as a sign of gratitude is a tradition at Nintendo, and the game's success paved the way for future console releases.
Super Mario Bros. was a work of genius designed to be easy to play but hard to master. Despite doubts from senior management, it became a quarter magnet and expanded the target audience for video games beyond teenage boys. The decision to keep the distribution in-house at Nintendo of America was a multibillion-dollar correct decision that re-earned Yamauchi's trust. Naming the protagonist Mario and his girlfriend Pauline was a thank you to the warehouse manager who took the heat from the landlord, Mario Segale. Nintendo has a history of naming characters as a sign of gratitude. The game's success expanded the total addressable market for video games and paved the way for the much-anticipated console release.
Nintendo's Legal Battle Leads to the Birth of Kirby and R&D Division: Having great legal and antitrust lawyers is crucial when dealing with dominant global entities. The value of talented and creative game designers like Shigeru Miyamoto is significant and integral to a company's success.
Nintendo's legal victory in the trademark case against MCA Universal led to the creation of the beloved character 'Kirby' and opened the door for Shigeru Miyamoto to continue creating successful games, leading to the creation of a separate R&D division at Nintendo. The case highlighted the importance of having great legal and antitrust lawyers when dealing with dominant global entities. Yamauchi understood the value of talented and creative game designers like Miyamoto, and their work was worth many multiples of what other game designers made. Miyamoto's success was not a fluke, and his games were integral to Nintendo's success, leading to the creation of the Famicom and Super Mario Brothers, cementing Nintendo's place in the gaming industry.
Nintendo's Approach to Game Design and Innovation: Nintendo prioritized fun over everything else and recognized the value of talented creators, resulting in innovative technology and a unique approach to game design that has influenced the industry for decades.
Nintendo's approach to game design, led by Miyamoto, was to prioritize fun over everything else and build around that core mechanic. Yamauchi recognized Miyamoto as a genius and valued finding the handful of people who have what it takes to create the best games. Nintendo's success was also built on innovation, such as their development of a specialized GPU within their console, the NES, which was likely the first of its kind. With all the pieces coming together - games, IP, talent, distribution, and technology - Nintendo was poised for success, and their unique approach to game design would influence the industry for decades to come.
Nintendo's Invention and Application of Cheaper Technology for Greater Gaming Graphics: Nintendo's innovative philosophy of lateral thinking and cost-saving measures allowed for the creation of a powerful and successful console using cheaper technology. Their dedication to inventive computing chips allowed for continued competitiveness and success in the gaming industry.
Nintendo's innovation in using cheaper technology to achieve graphical capability years beyond its competitors, combined with the marriage between the circuitry in the console and cartridge, allowed for accurate ports of arcade games and the creation of fun experiences without expensive hardware. Their philosophy of lateral thinking of seasoned technology was applied to cost-saving measures like the PPU, a slightly customized MOS Technology 6502 CPU, and the Game and Watch. Nintendo's broader ambitions with the Famicom led to the creation of a powerful console successful in Japan and eventually, the world. Their utilization of innovative computing chips on cartridges for games like Super Mario 3 and Zelda kept the Famicom and NES competitive, showing their continued dedication to inventive, cost-effective technology.
How Nintendo's Risky Move Led to the Revival of Home Consoles in the US: Taking risks and finding innovative ways to enter new markets can lead to great success, even when faced with uncertain markets and hesitation from others.
In the 80s, Nintendo's Famicom became an enormous success in Japan, selling nearly 20 million units and reaching almost 50% penetration into the market with only 38 million households. Meanwhile, the US had 90 million households, with a higher GDP per capita and a market that was previously worth billions suddenly reduced to $100 million. Despite the uncertain US market, Yamauchi overruled Arakawa's hesitation and partnered with Atari to distribute the Famicom in North America and worldwide, except for Japan. This move ultimately led to the launch of the NES and the revival of the home console market. This shows that sometimes taking risks and finding innovative ways to enter new markets can lead to great success.
Nintendo's Success Through Timing: Waiting for the right time to launch a product can lead to success, as it allows for preparation and building a strong brand and customer relationships. Timing can make or break a company's success in the industry.
Timing is everything. Nintendo was able to weather the storm of the video game crash and become a dominant player in the industry by waiting to launch the NES in the US. The two years between 1983 and 1985 allowed them to build up a library of amazing games and make billions of dollars in profit. The high attach rate of 11-12 games per console and the reasonable price of game cartridges provided a cash flow spigot for the company. Arakawa's decision to delay the launch of the NES in the US was a wise one and allowed Nintendo to build a strong brand and a direct relationship with customers and retailers. By waiting for the right timing, Nintendo was able to become a leader in the video game industry.
Nintendo's Third-Party Licensing and Gray Market: Nintendo's strategy of increasing licensing fees and manufacturing cartridges helped them gain control over publishing, while the lockout chip in the NES hardware prevented the gray market and played a crucial role in maintaining their ecosystem of publishing.
Nintendo's third-party licensing was pivotal to their success in the video game console industry, and Yamauchi utilized the same model as Atari, with initial royalties of 20%. Subsequently, Nintendo increased the licensing fees to 30% and became sole manufacturers of cartridges, thus gaining control of publishing on its platform. However, an unofficial 'gray market' for games emerged in Japan, led by companies like Hacker International, who manufactured and sold unlicensed cartridges. Nintendo countered this by engineering a lockout chip in the NES hardware and software, which needed to handshake with specific chips in the cartridges for the new systems in America, effectively blocking any unapproved cartridges. This move played a crucial role in maintaining Nintendo's control over their ecosystem of publishing and preventing a video game crash in the US.
Nintendo's Genius Marketing Strategy and App Store's Success: Good marketing strategies can stand the test of time and be applied to different industries. Being ahead of your competitors and having a great product is not enough; legal innovations can make a great impact too.
Nintendo of America's marketing strategy with the Nintendo Seal of Quality and limiting the number of games third-party developers could make per year was a genius move. They also came up with the first store within a store concept, World of Nintendo, which helped them merchandise their product effectively. Apple borrowed these strategies from Nintendo and made it a success with the App Store. This is proof that good marketing strategies can stand the test of time and be applied to different industries. The Famicom's success lies on being ahead of its competitors and having a great device that everyone wanted. Nintendo of America did not stop there, and they had legal innovations that made them a lot of money, which was allowed at the time since it was a dead industry.
Nintendo's Innovative Retail Strategy Leads to Billion Dollar Revenue: Nintendo's strategic supply and demand management, along with their scarcity tactic in game production, increased demand and made the NES a highly coveted console. This unique approach resulted in massive revenue for the company.
Nintendo's success in the American market was attributed to their strategic supply and demand management, as they rationed product to create the illusion of scarcity and increase demand. They also took a page out of Disney's book by keeping most of their game catalog out of production most of the time, making it hard to get a game unless it's new. This innovative approach created an object of desire that was difficult to acquire and turned the NES into the hottest console in the market. Nintendo's retail strategy allowed them to sell 7 million NES units and 33 million game packs in America in 1988, creating a billion dollars in console revenue and another $1 billion in software revenue.
How Nintendo of America's Customer Relationship Led to Success: By prioritizing customer service and creating engaging content, Nintendo of America built a strong brand and profitable business. A fun work culture and employee perks also contributed to the company's success.
Nintendo of America's direct relationship with customers was a major factor in their success. They offered free game counseling via toll-free phone line, which was manned by hundreds of employees, and answered every letter they received from children asking for help and thanking Nintendo. They also started Nintendo Power, a monthly magazine that reached a circulation of 6 million and generated $120 million in subscription revenue. Nintendo Power not only built brand affinity but also helped sell games through game previews and secrets. Nintendo's culture was also affected by their success, with employees enjoying amazing perks and a fun work environment. All these factors combined made Nintendo of America a highly profitable enterprise.
Nintendo's Success and Global Monopoly in the Gaming Industry: Nintendo's direct relationship with customers and ability to build hype around their intellectual property, combined with their focus on R&D and manufacturing, led to a global monopoly in the gaming industry and profits that surpassed major movie studios and TV networks.
Nintendo's success in building hype around its media properties and intellectual property, combined with their direct relationship with customers, led to a six million-plus CRM of people who bought Nintendo. With $1.84 billion in revenue and $217 million in earnings in fiscal 89, they did 12%-ish net income margin, which is good, but not as good as big tech companies today. Although there were real expenses in R&D and manufacturing, operating margins were more in the 30%-ish range. Nintendo's success was so great that in 1992, their profits surpassed all major movie studios and television networks combined. The NES sold 62 million consoles worldwide, and Nintendo built an impressive global monopoly in the industry, reviving and rescuing it from death's door.
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Nintendo's Dominance in Video Game Industry and Carmack's Role in PC Gaming Development: Nintendo's success comes from its large user base and attracting more developers, while Carmack's innovation expanded PC gaming capabilities and his rejected Super Mario demo led to iconic games like Doom and Quake.
Nintendo's power in the video game industry comes from its scale economies, fueled by its vast install base of users which makes building on its system more valuable to developers. The two-sided network effect also plays a role as more users attract more developers and vice versa. Carmack's software development that enabled generic PCs to do side-scrolling graphics like the NES was incredible because regular PCs only had a CPU, they couldn't do this. He created a demo version of Super Mario Brothers 3 for the PC and showed it to Nintendo, but Nintendo turned it down to promote console sales. Nintendo's decision not to have Mario available on PC led Carmack and Romero to create Commander Keen, Wolfenstein 3D, Doom, and Quake.
Nintendo's Success Factors: Nintendo's success in hardware platforms comes from leveraging their large install base for new platforms, investing in superior hardware, and Miyamoto's ability to turn creative game concepts into fun experiences.
Nintendo's success in the hardware platform and their ability to leverage a large install base for a new platform is linked to both scale economies and network economies. Console R&D is not a scale economy because you can't amortize the cost of the new console. Nintendo has whiffed on a really important lesson of backward compatibility at every early generation. Miyamoto's process power is absolutely process power because he can weed out things that aren't fun and turn an unbelievably creative game concept into fun. Zelda: Breath of the Wild was amazing at re-envisioning the open-world games which were dead. Nintendo has counter-positioned themselves with the concept of not being about the fastest and newest, where they invest an enormous fixed cost in developing a superior hardware platform.
The Keys to Nintendo's Success: Nintendo's formula for success involves counter positioning, differentiation, perfect timing, and focusing on high-quality games with strong intellectual property, all while reassurring parents about content safety. Their universal character appeal and Miyamoto's genius level design drive their industry dominance.
Nintendo's success can be attributed to various factors such as counter positioning, differentiation, perfect timing, and having cornered resources, network economies, scale economies, and process power. Nintendo's brand power is relatively weak, but they have strong IP and their seal of quality reassures parents of appropriate content for their kids. Mario's character is perfect for casual gaming and has a universal appeal. Nintendo offers a small number of high-quality games instead of a large number of mediocre games, making them unique in the market. They were able to achieve 95% global market share in the video game industry. Miyamoto's world-building and genius in making each level of Mario fresh and new every time contributed to Nintendo's success.
Nintendo's Winning Formula: Quality Products and Tight Control Over Ecosystem: Nintendo's focus on creating high-quality, exclusive IP and maintaining control over distribution channels led to their success. Balancing product quality and control is crucial in building a successful business.
Nintendo's success can be attributed to their focus on creating and maintaining high-quality, exclusive IP such as Mario, which became a universally recognized mascot. They also prioritize control over their ecosystem and distribution channels, and put a strong emphasis on the quality of their products. This is encapsulated in their unofficial slogan, 'The name of the game is the game'. By marrying both aspects of product and distribution, Nintendo was able to achieve a 95% global market share, making them a perfect case study for the importance of balancing quality and control in business.
Nintendo's Success Story: The Importance of Timing and Execution in Business: Nintendo's success in capturing 95% of the global video games market highlights the significance of timing, market addressability, and flawless execution in becoming a market leader with significant market share.
Nintendo's perfect timing in entering the global video games market allowed them to capture 95% of it, making it a highly successful company with a market cap of $15 billion in 1990. Despite under-regulation and being overlooked as a business story, its success remains undeniable, and its shareholder value would have been highly favorable during the 20 year span from the 70s to 90s. Nintendo's journey reflects the importance of timing, market addressability, and perfect execution in business success, as they were able to take advantage of the growth of the video games industry to become a market leader with significant market share.
Lessons from Nintendo's rise and fall: Execution problems and changes in the industry can cause unexpected outcomes. Understanding the similarities and differences between converging industries can provide valuable insights for investors.
Nintendo had a complete masterclass in business strategy and execution during the period of 1970-1990, but failed to stay on top of the growing gaming industry due to unforced errors, black swan events, and a changing world. As an investor, it's important to understand that numbers can tell one story, but execution problems or unforeseen changes can lead to different outcomes. Everything, Everywhere, All at Once is an exceptional movie that showcases state-of-the-art software used in VFX-heavy production. The converging industries of video games, music and movies are using similar technology, but video games require active participation from the audience. Michael Lewis interviews offer fascinating deep-cut stories on business and beyond, providing valuable insights for investors.
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