Square pulls out of the movie business, sees losses
SquareSoft announces that the lower-than-expected revenue from Final Fantasy: The Spirits Within will force the company into a second straight year with operating losses.
SquareSoft has announced that Final Fantasy: The Spirits Within will be its last foray into the film medium and said that the less-than-stellar performance of the film will result in a net operating loss for the company's current fiscal year. At a press conference in Japan, company COO Yoichi Wada said that profits from the film, which were a little over $30 million, fell "well short" of the targeted $80-90 million range. After posting an operating loss in the previous fiscal year, SquareSoft had forecasted a 700 million yen (about $6 million) profit for the current year, but now the company plans to book a loss of approximately $13.9 billion yen (about $115 million)to accommodate for the poor performance of the film.
Final Fantasy: The Spirits Within was released in US theaters on July 11. It was released in Japan on September 15 and has thus far fared poorly in that territory also.
The products discussed here were independently chosen by our editors. GameSpot may get a share of the revenue if you buy anything featured on our site.
Got a news tip or want to contact us directly? Email email@example.com