Nintendo arguably has the most recognizable characters in video games, from Super Mario to Pokémon.

Now, more than ever, the Japanese giant is expanding the footprint of its valuable intellectual property (IP) across movies to merchandise and theme parks, betting on nostalgia and new gamers, to drive sales of its flagship Switch 2 console and key games.

“These characters, like Mario and Pikachu, they’re obviously Nintendo’s main IP franchises, and because they are so recognizable, they have a massive appeal,” Reuben Martens, a lecturer in film and media studies at Manchester Metropolitan University, told CNBC.

In November, Nintendo President Shuntaro Furukawa laid out the company’s thinking behind the IP push.

“We believe the combination of these three elements — the core of our business being Nintendo’s unique and original entertainment, and our guiding principles of growing the Nintendo IP fanbase and fostering long-term relationships with our consumers — will drive the medium-to-long-term growth of our business and allow us to leverage our unique strengths,” Furukawa said.

Nintendo is the focus of the new episodes of my show “Built for Billions” in which I delve into the gaming giant’s console hits and flops and look at how the company is positioning itself for the future with its treasure trove of IP.

In the last five years, Nintendo has significantly ramped up efforts to spread its well-known franchises and characters to reach a bigger audience.

In 2021, Universal Studios in Osaka, Japan opened Super Nintendo World, an area of the theme park based around the world of Super Mario, featuring areas such as Bowser’s Castle. Other Universal Studio locations also opened their Super Nintendo World areas later.

In 2023, The Super Mario Bros. Movie, which was released by Universal Pictures, grossed more than $1 billion, with a sequel planned for release this year. A movie based around Zelda, one of Nintendo’s most popular characters, is also in the works.

Then there’s merchandise from clothes to soft toys that are sold in Nintendo stores and elsewhere.

But IP itself is not a main driver of Nintendo’s revenue. In the first nine months of Nintendo’s fiscal year that began in March 2025, the company reported IP-related revenue of 54.5 billion Japanese yen ($347.7 million). That’s just under 3% of Nintendo’s overall sales for the period.

The movies and themes parks instead play a key role in driving fans towards Nintendo’s…