i do think they should seriously look at making a gaming phone. it would be the most effective way to get people to carry around nintendo handhelds.
a lot of people play games on mobile phones but the devices themselves are crap and the games selection is incredibly poor.
if nintendo made a phone that was very good looking (nintendo can make good looking hardware) but also had proper gaming controls, access to the GB, GBA, NES, SNES, N64, DS and 3DS (2D only) backlog and had nintenos backing and the backing of other 3rd parites for much better games then it could make a dent. then have facebook, netflix, twitter and a web browser and sell it for around 250 quid at launch then it would be pretty kewl.
the trick would be to properly balance the needs of a portable gaming device against a normal smartphone. so a smartphone would probably focus on having the highest resolution possible. a gaming phone wouldnt for performance and battery reasons (so it would be Qhd rather than HD on a 4.5" screen probably). the device would need proper controls but how do you do that and still make it look sleek?
how powerful should it be? it will be running flat out when playing games and current top of the range mobile hardware will kill a battery and get very warm when running flat out for a while. so a balance would be needed there.
also they would need to adjust thier pricing for older games. N64 games should go for more than 5 quid. 3DS games for no more than 20 and thye should definately work on getting popular mobile games like angry birds over to it also and make it easy to port android and IOS games over and integrate the controls.
however if nintendo tried to compete directly in the smartphone market..release an android phone with some nintendo bits...they would be slaughtered. sony, asus, samsung, apple and so on will beat the absolute crap out of them.
As for tablets...same as above really (just better screen and not such a focus on fitting in a pocket). there was some excitement for the archos gamepad around a year ago. it was a 7" tablet with proper controls. but it suffered from poor build quality, crap games and poor implementation (most mobile games are not built for a controller).
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