What's crystal clear, however, is Nintendo's need for a new, successful console. The Wii U has been an utter disaster, despite offering high quality games like Splatoon, Super Mario 3D World and Bayonetta 2. The GamePad never resonated with players and the console's reduced horsepower -- at least in comparison to the Xbox One and PlayStation 4 -- means that third-party support is now almost non-existent. The 3DS, while successful, is also starting to show its age. To stay relevant and turn around its recently dismal financial earnings, Nintendo needs a new system to act as a solid foundation. As such, there's a lot riding on the NX right now.

Nintendo's finances

Today's announcement coincided with Nintendo's annual fiscal report. The company earned 504.5 billion yen ($4.5 billion US dollars) for the 12 months ending on March 31st, down from 549.8 billion the year prior. Operating income, however, came in at 32.8 billion yen ($295 million), which is higher than last year's 24.7 billion yen ($222 million). Nintendo is predicting a rise to 45 billion yen ($404 million) in the next financial year, fuelled by both the NX and its growing slate of smartphone apps.