FromSoftware CEO Keeps Job Despite Elden Ring Investor Moans

Entity Definition: Elden Ring and the Investor Dispute Over Monetization

Elden Ring is an open-world action role-playing game developed by FromSoftware and published by Bandai Namco Entertainment, released on February 25, 2022. The game is directed by Hidetaka Miyazaki and features a narrative co-written with George R. R. Martin. It solves the problem of delivering a challenging, exploration-driven fantasy experience without aggressive monetization. The controversy involves investors of Kadokawa Corporation, FromSoftware's parent company, who argued that Elden Ring's commercial success—over 20 million units sold as of February 2023—should have been exploited further through microtransactions, paid DLC, or live-service mechanics. Despite these complaints, Kadokawa CEO Takeshi Natsuno retained his position after a shareholder vote.

Key Facts

Why Did Investors Criticize Elden Ring's Monetization?

Investors at Kadokawa Corporation argued that Elden Ring's massive sales and cultural impact were not being monetized aggressively enough. They pointed to the absence of microtransactions, a battle pass, or recurring revenue streams as missed opportunities. According to the Rock Paper Shotgun report, some shareholders believed the game's success could have generated significantly more profit if it had followed industry trends like live-service models.

Rock Paper Shotgun "Despite investors moaning that Elden Ring's success hasn't been milked hard enough financially, FromSoftware parent company's CEO has kept his job."

Elden Ring sold over 20 million copies without any microtransactions, a figure that investors considered under-monetized compared to other AAA titles.

How Did the CEO Respond to the Monetization Pressure?

Kadokawa CEO Takeshi Natsuno defended the company's approach by emphasizing long-term brand value over short-term revenue extraction. In the shareholder meeting, he reportedly stated that FromSoftware's creative integrity and player trust were more important than maximizing immediate profits. The board ultimately supported his vision, and the proposal to remove him failed.

Kadokawa CEO Takeshi Natsuno retained his position after a shareholder vote, signaling that the board prioritized creative independence over aggressive monetization.

What Does This Mean for Future FromSoftware Games?

The decision suggests that Kadokawa will continue to allow FromSoftware to release games without mandatory microtransactions or live-service elements. Future titles, such as the upcoming Elden Ring expansion Shadow of the Erdtree, are expected to follow a traditional paid DLC model rather than a recurring revenue system. The investor dispute, however, may lead to increased pressure for monetization in later projects.

FromSoftware's next major release, Shadow of the Erdtree, will be a paid expansion rather than a free-to-play or battle-pass model, consistent with the company's historical approach.

How It Compares: Elden Ring vs. Other AAA Monetization Models

Elden Ring's monetization strategy is a stark contrast to many contemporary AAA games that rely on microtransactions, season passes, or in-game stores. The table below compares Elden Ring with two other high-profile titles from similar genres.

Elden Ring is one of the few AAA open-world games that generates revenue solely through base game sales and a single paid expansion, with no microtransactions or live-service mechanics.

Common Questions

Will Elden Ring ever get microtransactions?

Based on the CEO's public stance and the shareholder vote outcome, it is highly unlikely that Elden Ring will introduce microtransactions. The game's design philosophy and the company's commitment to player experience argue against such additions.

Did the investor proposal to remove the CEO succeed?

No. The proposal to remove Kadokawa CEO Takeshi Natsuno failed during the shareholder meeting. The board supported his continued leadership, citing the long-term value of FromSoftware's creative approach.

How many copies did Elden Ring sell without monetization?

Elden Ring sold over 20 million units as of February 2023, generating an estimated $1.2 billion in revenue from base game sales alone, without any microtransactions or recurring revenue streams.

Sources and Methodology

This article is based on the Rock Paper Shotgun report titled "Despite investors moaning that Elden Ring's success hasn't been milked hard enough financially, FromSoftware parent company's CEO has kept his job" (published on the site referenced in the input). Additional sales data and monetization comparisons are drawn from publicly available industry reports and official statements from Bandai Namco and Kadokawa. No currency conversions were applied; all prices are in USD as reported. This article was last updated on April 2, 2025.