If FromSoftware’s games are known for something, it’s friction. Games like Dark Souls are punishing, obtuse, and sometimes outright unfair. Elden Ring broke into the mainstream and was a massive success, yet it’s easy to imagine an executive looking at those numbers and seeing nothing but missed opportunities. What if the studio’s games were more user-friendly? What if FromSoftware found more ways to monetize their games?
This, unfortunately, is not entirely a hypothetical scenario.
Though FromSoftware is often associated with Sony or Bandai Namco, 70% of the studio is actually owned by a company called Kadokawa Corporation. Over the last week, Kadokawa has been pulled into a messy public battle with Oasis Management, an investor that owns 13.76% of Kadokawa’s shares, according to an FAQ from the investment company. On June 7, Oasis published a public letter calling for Kadokawa’s shareholders to vote against the continued appointment of its current CEO, Takeshi Natsuno.
In the notice, Oasis Management claims that it has already spent years trying to convince Kadokawa to “fully maximize” the potential of its portfolio. Oasis specifically considers FromSoftware to be Kadokawa’s biggest asset. So they are essentially arguing that FromSoftware’s direction could be optimized to make more money.
Oasis Management might ring a distant bell to some gamers, as the company made headlines in 2014 after an investor told Nintendo that it should consider charging $0.99 to make Mario jump higher. At the time, it wasn’t a suggestion so much as it was an illustration of how new monetization methods could work.
Oasis Management argues that Kadokawa is leaving money on the table by developing games like Elden Ring with external partners like Bandai Namco. Here’s Oasis fleshing out its vision:
The path forward should be clear. KADOKAWA should narrow its publishing slate, broaden its genre exposure, invest more deeply behind titles with genuine scalable potential, strengthen author and creator development, and accelerate digital and international distribution. Importantly, management must establish clear and measurable KPIs so shareholders can evaluate whether real progress is being made.
On June 8, Japan’s Fair Trade Commission found FromSoftware to be in violation of the country’s Freelancers Protection Act. Specifically, the regulatory office claims that Kadokawa mismanaged payment deadlines for more than 100 freelancers. Oasis Management used the ruling as further evidence to argue against Kadokawa’s current leadership.
“In light of the deterioration in performance and poor management oversight under CEO Natsuno throughout his tenure, the time has come for a management refresh,” Oasis Management said in a press release.
According to InvenGlobal, Kadokawa held a vote in May that opposed unseating Natsuno. Shareholders are coming together on June 24 for the company’s annual general meeting. Oasis Management is urging investors to vote against Natsuno on that date.
In Kadokawa’s 2025 earnings report, the company said that it was looking to maximize FromSoftware’s earnings in the specific way Oasis Management wants them to. “FromSoftware will steadily advance initiatives aimed at maximizing earnings by developing titles using its own capital and optimizing the business scheme including its publishing structure,” the report reads.
Elden Ring director and FromSoftware president Hidetaka Miyazaki told Japanese site Den Fami Nico Gamer on Friday that he didn’t have further details to share about the situation. Miyazaki nonetheless commented on FromSoftware’s direction more generally.
“I wouldn’t say there aren’t any areas for improvement, but we are able to freely create the games we want to make without excessive interference,” Miyazaki said, according to a machine translation of his comments. “If we have been able to create something valuable for our users up until now, I believe one of the major sources of that has been the environment we have been working in,” Miyazaki added.
If Oasis is successful, the management fund has specific ideas for who should succeed Natsuno.
“Kadokawa’s next CEO should have a proven track record in global IP monetization, operational discipline, sound capital allocation, and strong governance,” Oasis wrote in its public notice.
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