Square Enix is currently primarily releasing single-player games, including some remakes of older titles. According to the latest financial report, the company is incurring losses with this strategy. But it is precisely the MMORPGs that save them: Final Fantasy XIV and Dragon Quest X.
What does the financial report say? Square Enix published its financial report for the first half of the company’s fiscal year, from April 1 to September 30, 2024, on November 8. In it, the company states:
- Total revenue has declined to 98.1 billion yen. In the same period last year, it was still 122 billion yen.
- The
HD Games
such as the new Life Is Strange Double Exposure, the Steam release of the Kingdom Hearts series, or Visions of Mana have generated a total of 27.5 billion in revenue, but are 1.2 billion in the negative. - Mobile games like Final Fantasy VII Ever Crisis and Dragon Quest Tact, on the other hand, have generated 4.8 billion yen in profit from 38.2 billion yen in total sales.
In the MMO category, things look the best: With total sales of 32.4 billion yen – an increase of 8.5 billion yen compared to the previous year – Final Fantasy XIV Dawntrail and Dragon Quest X generated 13.1 billion yen in pure operating income.
The release of Dawntrail is presented by Square Enix as their major release of the period. This is Patch 7.1:
The MMORPGs save Square Enix’s revenue
What does MMORPG involve? The big player at Square Enix is Final Fantasy XIV. The latest expansion, Dawntrail, was released on July 2. Although the DLC received mixed feedback for the first time in 10 years, this is not (yet) reflected in the sales figures.
Additionally, the financial report mentions Dragon Quest X. This MMORPG, running since 2012, is therefore the second most important MMO from Square Enix’s perspective. However, it is currently not officially available outside of Japan. Final Fantasy XI, released in 2002, is still running but is no longer actively mentioned in the report.
What does this mean concretely? As seen in previous financial reports, the major single-player titles are no longer profitable for Square Enix. We have reported on this several times – among others here:
- May 2024: Square Enix is struggling: Too little profit, too many PS5 – Gaming giant fires employees, cancels new games
- August 2024: An MMORPG is currently ensuring that one of the largest publishers in the world remains profitable
Since Dragon Quest X is not officially playable in English and outside Japan, the majority of revenue is likely coming in through Final Fantasy XIV. As one of the last pay-to-play MMORPGs on the market, it brings several revenue streams:
- The base game and each current DLC must be purchased
- Monthly subscription fees apply
- Optional mounts and items can be purchased for real money in the online shop
While Square Enix does not publish player numbers, the current 24-hour peak on Steam is over 35,000 concurrent players according to Steamcharts. According to Active Player, the total peak across all platforms (Steam, Square-Enix Client, Playstation, and Xbox) is over 14 million.
Many players are likely to be using the free free-trial version. However, if even a portion of the 14 million has purchased the game and regularly pays the subscription fees, that adds up quickly.
After a brief pause following the release of Dawntrail, it is no surprise that player numbers are currently rising: Since November 12, 2024, the new Patch 7.1 is live. This includes, among other things, the first part of the new alliance raid series. More details can be found here: The MMORPG Final Fantasy XIV is finally moving forward – Here’s what to expect in the new Patch 7.1
