Between Embracer laying off thousands of employees and Microsoft shuttering studios like Arkane Austin and Tango Gameworks, the recent wave of high profile multibillion-dollar acquisitions have proven to be terrible for the games industry. It's hard to look at any game studio that's been gobbled up by a new parent company and not be worried that it may soon be gutted just to promise shareholders 11% higher profits for the next fiscal year. This vile trend was on my mind when I visited FromSoftware in May for PC Gamer's cover story on Elden Ring: Shadow of the Erdtree—despite seeming quite independent, the studio does have a parent company, Kadokawa Corporation.
Kadokawa isn't Microsoft big, but it is still big, with revenue of about $1.65 billion in its last fiscal year. FromSoftware is one of Kadokawa's major earners, but the company also makes significant money in the manga publishing and anime markets (Delicious in Dungeon is one of its recent hits).
