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Square Enix Lost Almost $2 Billion in Market Value Since Final Fantasy 16’s Launch

Final Fantasy XVI has failed to live up to its sales expectations.

Square Enix Holdings Co., the company behind Final Fantasy XIV and the Final Fantasy franchise, has reportedly lost nearly $2 billion of its value since the release of Final Fantasy XVI in June 2023. According to a report by Bloomberg, investors in the company are rapidly losing faith as Square Enix reports underwhelming sales in its latest mainline Final Fantasy game.

Despite launching in June to critical acclaimFinal Fantasy XVI has struggled with sales, not reaching the heights expected from the franchise. Bloomberg reports that sales fell again in August, causing shares to plummet. 


But, analysts and fans are quick to caution Square Enix’s downward turn solely to Final Fantasy XVI. Posts on Twitter and reports within industry and business publications suggest that titles such as Marvel’s AvengersThe DioField Chronicle, and perhaps most notably, Forspoken, harmed Square Enix’s reputation with gamers. These games, which were released to lukewarm or worse receptions, have earned Square Enix a reputation for untested, unfinished, or low-quality games. 

This has been amplified by other issues within Square Enix, such as the company’s dedication to a blockchain-based NFT, web3 game and the seemingly quick abandonment of mobile titles such as Bravely Default: Brilliant Lights, which shuttered after just 13 months.

Similarly, there is resentment about the status of FFXIV, which, in several recent Square Enix financial reports from 2022 and 2023, was the primary earner for the company. Online commenters have dubbed the title Square Enix’s “life support,” which has, in turn, drawn the ire of some fans.

Whatever the case, a series of false starts and misfires has left Square Enix in a very difficult position. After an underwhelming performance from one of its franchise pillars (Final Fantasy and Dragon Quest), Square Enix has a lot of work to do to earn back the trust of shareholders and investors.


About the Author


Michael Hassall

After giving up a "real" job in Marketing in 2019, Michael started working as esports, gaming, and entertainment journalist and hasn't looked back. He lives in the UK, but wishes he lived in Eorzea. When not dutifully grinding Tomestones and being designated furniture crafter for his FC, he enjoys travel to warm places, cold drinks, light reading, and heavy metal.