Nintendo Announces Wii 2

Nintendo will follow up its popular Wii with a new console system next year, the company announced today. The new system, which IGN notes is codenamed Project Cafe AKA Wii 2, will be showcased at Los Angeles's E3 Expo in June. The announcement comes as Nintendo reported sagging earnings and sales, AFP notes. Despite the Wii's popularity, sales have been declining as Nintendo faces increased competition from other console systems as well as iPhones and iPads.

IGN rounds up rumors about the new system: It could cost between $350 and $400; one of the names being tossed around is "Stream"; and it is expected to look like a modern Super Nintendo Entertainment System and be about the size of the original Xbox 360. The controllers will have integrated touchscreens, and the console will be able to stream games to each controller. (More Nintendo stories.)