Examining Square Enix’s tough fiscal year ’23, its reliance on the Final Fantasy IP, and its new CEO’s plans for the company’s future.
It’s been a busy month for Square Enix.
The company’s flagship franchise just launched its latest mainline release, Final Fantasy XVI, to largely positive reviews (with some exceptions) after nearly seven years in development.
The Japanese publisher also used the FFXVI launch to showcase its newest chief executive, Takashi Kiryu. At 47 years old, the freshly minted CEO brings a younger face to the corner office, replacing former CEO Yosuke Matsuda after a decade-long stint. Kiryu immediately sought to win fans over with his bona fides as “a Final Fantasy fan for life,” committing to deliver “entertainment that promises new and unforgettable experiences.”
Kiryu takes over at a pivotal time for Square Enix. The company is coming off a poor showing in its FY2023 earnings, in which it reported year-over-year dips in total revenue (-6%), digital revenue (-12%), and profit (-3%), driven in part by underwhelming sales of HD releases (Forspoken, Octopath Traveler II, and a host of smaller RPGs) and a lack of major expansions to its MMORPG titles (Final Fantasy XIV, Dragon Quest X).
The current fiscal year (April ’23 to March ’24) also represents the final third of a…
