Iwata names next Nintendo console

Speaking to reporters at a Tokyo hotel earlier today, Nintendo president Satoru Iwata has revealed that the company's next game console is currently known by the code name "Revolution." As first reported by Associated Press, Iwata refused to give details on the machine for fear that competitors might steal the plan, but stated that a prototype being shown for the first time next year will deliver "new ideas" for entertainment and will certainly not just be a more powerful version of the GameCube.

"What we need is not a next-generation machine but a next-generation way of playing games," said Iwata. "We need to propose a new idea so that the game industry can overcome its current crisis."

The crisis, as far as Iwata is concerned, is that the game industry can no longer rely on dazzling consumers with increasingly sophisticated visuals. He cited the fact that game sales have been steadily declining for years in Japan, and that growth in the US market is slowing.

We'll bring you more information on the Nintendo Revolution as soon as it becomes available.