Nintendo President Gets Pay Cut Due to Sales Slump
In response to Nintendo’s plummeting stock and ending its fiscal year tremendously short compared to its projected sales, company president Satoru Iwata announced that he will now be in charge the big N for only half of his current pay grade.
Polygon reported Iwata’s price cut is in response to a 30 percent decrease in company profit during the fiscal year which ended on Dec. 31. This decreased salary will continue for the next five months, with other Nintendo execs taking similar cuts but ranging between 20-30 percent.
Polygon also revealed that today Nintendo’s third quarter financial included a $15 million loss attributed to abysmal sales of the Wii U system and 3DS sales, which did not meet expectations (mind you this was a Pokemon and Zelda year for the 3DS).
Given the overall lackluster library of the Wii U, its recent decrease in console price wasn’t enough incentive for people to buy a Wii U while both next-gen consoles were on the horizon. While Nintendo remains adamant as to not putting their games on the mobile market, millions of fans continue to play pirated and emulated Nintendo content on their smartphones.
There are obvious sources of revenue that Nintendo could tap into if they simply focused on areas they have been lacking in when compared to their competitors. Offering SNES, Game Boy Advance and previous Pokemon titles onto the 3DS’ Virtual Console library could be an easy way of producing revenue. Considering that these titles are no longer in the physical market, it would make sense to make them available digitally, since the only people profiting off of them now are retro game stores and third-party online vendors. We want to see Nintendo rise out of this slump, but it must swallow its pride and pull itself out on its own accord.