Gaming giant Square Enix is pulling further away from the cloud gaming market, shutting down its Shinra Technologies division after less than two years and a whopping loss of $16.8 million.
Formed from the merger of Square and Enix in 2003, Square Enix is best known for the Final Fantasy franchise, though its acquisition of Eidos in 2009 made it responsible for Tomb Raider, Hitman, Deus Ex, and Thief among others. In recent years, the company has been looking to diversify into the cloud gaming industry, launching a dedicated subsidiary dubbed Shinra Technologies - named for the exploitative energy company at the heart of Final Fantasy VII's plot - to coordinate these activities.
Sadly, things haven't gone well for the company. In August last year Square Enix confirmed it was to close Dive In, its Japan-exclusive game streaming platform for Android and iOS after less than a year in operation. At the time, Square Enix stated it would 'continue its various [cloud gaming] initiatives' and that its next attempt to storm the market would be 'in a better shape in the future'.
That future looks uncertain now, though, with Develop reporting that Square Enix is to close Shinra Technologies after less than two years in operation, as the division faces a loss of $16.8 million for its current financial year. The closure was confirmed by Square Enix in a statement, which read: 'STI [Shinra Technologies Incorporated], as a cloud platform operator, has been trying to raise funds necessary for further business operations from third party investors. However, STI has found no prospective investors at this point, and therefore has to discontinue its business.'
Square Enix had invested nearly $16 million into Shinra Technologies, which ran operations in Japan and the US.
Formed from the merger of Square and Enix in 2003, Square Enix is best known for the Final Fantasy franchise, though its acquisition of Eidos in 2009 made it responsible for Tomb Raider, Hitman, Deus Ex, and Thief among others. In recent years, the company has been looking to diversify into the cloud gaming industry, launching a dedicated subsidiary dubbed Shinra Technologies - named for the exploitative energy company at the heart of Final Fantasy VII's plot - to coordinate these activities.
Sadly, things haven't gone well for the company. In August last year Square Enix confirmed it was to close Dive In, its Japan-exclusive game streaming platform for Android and iOS after less than a year in operation. At the time, Square Enix stated it would 'continue its various [cloud gaming] initiatives' and that its next attempt to storm the market would be 'in a better shape in the future'.
That future looks uncertain now, though, with Develop reporting that Square Enix is to close Shinra Technologies after less than two years in operation, as the division faces a loss of $16.8 million for its current financial year. The closure was confirmed by Square Enix in a statement, which read: 'STI [Shinra Technologies Incorporated], as a cloud platform operator, has been trying to raise funds necessary for further business operations from third party investors. However, STI has found no prospective investors at this point, and therefore has to discontinue its business.'
Square Enix had invested nearly $16 million into Shinra Technologies, which ran operations in Japan and the US.
MSI MPG Velox 100R Chassis Review
October 14 2021 | 15:04
Want to comment? Please log in.