Nintendo's 137-year journey from a playing card company to a global gaming giant is examined, highlighting its reinvention and expansion into movies, theme parks, and mobile apps. The company navigated industry booms and busts, including the 1983 crash and the Wii U flop, by focusing on family-friendly entertainment and innovation. Key to Nintendo's success were iconic franchises like Mario, Zelda, and Pokémon, and a strategic shift towards a recurring revenue model akin to Apple's iterative hardware approach. The launch of the Nintendo Switch and Switch 2, with their software-based ecosystem and third-party developer support, marked a significant step in customer lock-in and value capture. The company's competitive advantages include strong IP, counter-positioning against graphics arms races, and network effects, positioning it for continued success.
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