Nintendo just announced that they'll be coming out with a new Wii in 2012! And for good reason, their profits are plummeting. Our reporters on the floor of the Consumer Electronics Show report that Nintendo didn't even show up to the party since they couldn't compete with the Kinect. There is no news yet about exactly what the new Wii will look like or what awesome features it will offer. But, "Nintendo is looking to repeat past successes in the gaming market. The Wii took the industry by storm five years ago by offering motion-based gaming that appealed to a broad audience rather than just 'core' video game fans." Mitsushige Akino, Chief Fund Manager at Ichiyoshi Investment Management believes that these gains won't be possible because they are now competing with the smartphone market that didn't exist in 2006. "Core users and game lovers will certainly buy it, but I think it will be hard to capture buyers outside of that group," he said. That competition might be killing all the big game companies. According to VGChartz all hardware sales in the Americas are down 79% overall.

Personally I can't wait to see what the new Wii has to offer, but honestly I can't imagine how they can improve bowling or American Idol karaoke.