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Iwata admits that Nintendo “misread the market”

Nintendo’s Satoru Iwata has reportedly admitted that the company “misread the market” with Wii U, and, in light of which, will consider a “new business structure.”

Such comments came as he announced that the company had slashed their financial forecast for the fiscal year, their overly ambitious target of achieving 9 million Wii U hardware sales being cut down to 2.8 million, with 3DS targets lowered from 18 million to 13.5 million.

Iwata shared that he had not issued “the appropriate instructions” within the company, and that they needed to “propose something that surprises our customers. He continued, “The way people use their time, their lifestyles, who they are—have changed. If we stay in one place, we will become outdated.”

In the wake of the PlayStation 4 and Xbox One having nearly outsold the Wii U in the space of three months, Iwata noted that Wii U sales in Japan were performing better than western markets although admitted that Nintendo needed a better way of recognising trends outside of their home country.

“In Japan, I can be my own antenna, but abroad, that doesn’t work,” Iwata reportedly said. The next year will be make or break for the console, with Nintendo discussing their plans on January 30th.

[Thanks The Wall Street Journal]

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