This evolution was to be built around an open distribution platform, Steam style, and the monetization of Nintendo's vast intellectual property portfolio, notably via cinema and theme parks.
The watchword at Nintendo - as in Japan in general - remains, however: "slowly but surely". Perhaps this explains why several of the investors in question have since backed out.
The pioneer, American ValueAct, an expert in subscription-based platforms with its investments in Adobe and the New York Times, is now out of the picture.
The other big name that caused a stir when it entered the scene, the Saudi sovereign wealth fund - Crown Prince MBS is, as we know, a seasoned gamer - has reduced its stake by a third in recent weeks.
Is this due to a disappointment with Nintendo's results, or is the evolution too slow? In five years, however, the Japanese company's market capitalization and net income have doubled. At least in yen.
In dollars, it's a different matter. As the yen continues to depreciate against the US currency, in Uncle Sam's greenbacks, sales are declining and net income remains erratic.
Converted into dollars, the share price had hardly changed for five years. Until last month, with rumors of the imminent launch of the Switch 2.
The original investment thesis remains valid. Nintendo's new handheld console will play host to blockbusters like Call of Duty; new films based on Mario and Zelda are in development; and future theme parks are generating huge enthusiasm.
Less and less dependent on the console cycle - this is the group's strategic ambition - Nintendo, it should be remembered, also exploits the world's most lucrative intellectual property: the Pokemon franchise, on track to generate $100 billion in revenues since its creation.
These assets are emphasized by shareholders, who maintain that the Japanese company's enterprise value of around twenty times operating profit - twice its five-year average - is amply justified.
Even if this means turning a blind eye to the yen's long-term trend against the dollar...
