Nintendo president Satoru Iwata confirmed today the company is developing a new next-generation hardware concept known for now as "The NX."

Iwata revealed the news of the upcoming "dedicated game system" during a media event today, which also saw the announcement of a partnership with Japanese mobile games company DeNA.

"Nintendo, together with DeNA, will jointly develop a new membership service which encompasses the existing Nintendo 3DS and Wii U systems, the new hardware system with a brand-new concept, NX, and smart devices and PCs, and Nintendo will be the primary party to operate this new membership service," Iwata said through official translation.

"As proof that Nintendo maintains strong enthusiasm for the dedicated game system business, let me confirm that Nintendo is currently developing a dedicated game platform with a brand-new concept under the development codename 'NX,'" he added. "It is too early to elaborate on the details of this project, but we hope to share more information with you next year."