Old video games get a polish for new audiences

Nostalgia has always been a powerful source of revenue for Hollywood. Turns out, it’s equally lucrative for video games.

From its beginnings with the likes of Pong, a two-dimensional table tennis game, the video game industry has grown into a $120 billion business. Over the years, memorable games have garnered strong followings.

Such as Hollywood remakes or remasters of old movies, video game publishers are overhauling and rereleasing games to tap into ready-made fan bases for popular franchises such as The Legend of Zelda, Crash Bandicoot, Spyro the Dragon and World of Warcraft.

“I think nostalgia is the major driving force for the success of a remake,” said Doug Clinton, managing partner for venture capitalist firm Loup Ventures, which focuses on emerging technology and gaming. “Any game that doesn’t have meaningful nostalgic value isn’t likely to be successful.”

In May, Activision Blizzard, the developer behind World of Warcraft, announced that two games from the Tony Hawk’s

Pro Skater series, originally released in 1999, would be brought back later this year.

The remake trend isn’t extending only to the most highly rated games, either. Children (and adults) who received SpongeBob SquarePants: Battle for Bikini Bottom in Christmas 2003 can now buy a “rehydrated” remake, which hit stores in June.

“Because you can actually revisit those virtual spaces, it’s a more powerful type of nostalgia,” said Alyse Knorr, assistant professor of English at Regis University and author of the book “Super Mario Bros. 3.” “It’s the same when you go back to it; it’s the same as it was when you were 7.”

But developers saw an opportunity to make even more money by investing in substantial upgrades. One of the biggest this year was the release of Final Fantasy VII Remake.

In 1997, Square Enix released the original Final Fantasy VII, a futuristic cyberpunk epic with multiple characters and twisting plotlines that became one of the most beloved titles in the Final Fantasy series.

After years of teasing, Square Enix remade the game to match a modern experience. Final Fantasy VII Remake used entire teams of voice actors, artists, animators, engineers and producers to create a game that could stand up to any contemporary release.

The strategy paid off: It became the best-selling game of April, according to data from the NPD Group, a research firm that covers the video game industry.