A new game can bomb and hobble the entire business, as the botched release of Cyberpunk 2077 showed.
Under Disney’s tutelage, once-obscure characters like Boba Fett and Moon Knight have become the pillars holding up its Disney+ streaming service as the company deploys a multimedia strategy that spans film, television, cartoons and more.
But are there Star Wars-like franchises still out there? A number of Japanese gaming firms might fit the bill: Capcom Co., Square Enix Holdings Co., Konami Holdings Corp.
Square Enix not only has the Final Fantasy and Dragon Quest series, but thanks to its acquisition of Eidos in the late 2000s, also owns the likes of Tomb Raider.
Even with a 50% premium, Konami could be had for less than $14 billion — and it would come with a money-spinning line of fitness gyms for no extra cost.
Even franchises such as The Fast and the Furious or also-ran superheroes like Aquaman are capable of taking in billions, as enthusiastic fans generate a virtuous cycle of hype.
has more than tripled in value since the beginning of 2020, aided by its ownership of From Software, maker of the critical darling and sales hit Elden Ring.
The double-barreled names of Bandai Namco Holdings, Koei Tecmo and Sega Sammy Holdings are testament to the series of mergers that Japan’s videogame makers have gone through.
And, for American corporations looking at Japanese targets, there is an additional incentive: the yen is at its weakest against the U.S.
In the right hands, some of Japanese gaming’s faded gems might reclaim their old sheen — and pay huge dividends for their new owners.
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