Elden Ring director Hidetaka Miyazaki confirmed FromSoftware has multiple unannounced games in development and assured fans the studio operates with full creative freedom despite an intensifying shareholder dispute at parent company Kadokawa.
Hidetaka Miyazaki confirmed on June 12, 2026, that FromSoftware has unannounced games in development and that nobody is telling the studio what to make. The statement came through Japanese outlet Denfaminicogamer as a direct response to questions about a shareholder conflict at Kadokawa, FromSoftware’s parent company. With the Elden Ring franchise having surpassed 45 million units sold globally, Miyazaki’s message was clear: creative autonomy remains intact, and more games are coming.
What Exactly Did Miyazaki Say?
Miyazaki acknowledged awareness of the ongoing Kadokawa situation but stated he was not in a position to comment on behalf of the company, given the multiple parties involved. He then focused on what he could speak to: the studio’s development environment. He described himself as “broadly satisfied” with how FromSoftware operates, emphasizing that the team can “freely” create the games it wants without excessive interference.
Preserving that environment, Miyazaki said, is “of the utmost importance.” He closed by asking fans to look forward to upcoming titles, including announced projects and “the unannounced titles yet to come.” The phrasing was deliberate. Miyazaki rarely speaks publicly, and when he does, he tends to measure every word.
Why Is This Statement Coming Now?
The timing is directly tied to Kadokawa’s annual general meeting, scheduled for June 24, 2026. Hong Kong-based activist fund Oasis Management has been aggressively acquiring Kadokawa shares since March 2026, building a 13.76% stake that surpasses Sony’s roughly 10% to 11% position. Oasis is pushing to remove Kadokawa CEO Takeshi Natsuno, claiming his leadership has led to an 89% decline in earnings per share and a drop in return on equity from 8.2% to 0.5%.
Central to Oasis’s campaign is the argument that Kadokawa “fails to capture FromSoftware’s full value.” The fund points to the publishing arrangement for Elden Ring, where Bandai Namco handles international distribution and retains a share of the revenue. With over 90% of Elden Ring’s 30 million-plus sales coming from outside Japan, Oasis calls this a “profit leak” and argues Kadokawa should transition to self-publishing. Kadokawa’s board opposes the CEO’s removal, arguing that restructuring publisher agreements varies by IP and territory and cannot happen overnight.
What Does Oasis Management Actually Want?
Oasis launched its “A Better Kadokawa” campaign in May 2026 with a dedicated website and detailed investor presentation. The fund wants leadership change at Kadokawa, arguing that CEO Natsuno’s tenure produced financial deterioration and that the company abandoned its own five-year management plan a year early, replacing it with a weaker plan pushing targets out to fiscal year 2032.
On the FromSoftware front, Oasis argues the studio is “KADOKAWA’s crown-jewel asset” and that the current publishing model leaves too much economics with external partners like Bandai Namco and Activision. The fund believes Kadokawa has enough capital, following investments from Sony and Tencent, to handle self-publishing globally. The pressure intensified on June 11 when both ISS and Glass Lewis, two of the world’s most influential proxy advisory firms, backed Oasis’s campaign against Natsuno’s reappointment.
Gamers may also remember Oasis founder Seth Fischer’s 2013 letter to the late Nintendo president Satoru Iwata, in which he suggested charging players “99 cents just to get Mario to jump a little higher.” That history makes the fund’s proximity to FromSoftware particularly uncomfortable for fans.
How Many Unannounced Games Are in Development?
Miyazaki used plural language, and the evidence from multiple sources over the past two years points to several projects. The most concrete lead is a multiplatform game internally codenamed “FMC,” which an MP1st report from July 2025 described as being in “advanced stages of production.” FromSoftware uses initials for internal codenames that do not necessarily correspond to the final title. Dark Souls 3, for instance, was codenamed “FDP” during development.
Back in December 2024, Miyazaki told media at the PlayStation Partner Awards that FromSoftware had “multiple projects in the works across a variety of genres.” He specified that some were directed by him personally and others by different directors. This was before The Duskbloods was revealed and before Nightreign had launched, suggesting the total project count extends well beyond those two titles.
Additionally, Nightreign director Junya Ishizaki clarified in May 2025 that the studio’s recent multiplayer focus does not represent a permanent direction: “We’ve had these two titles, Nightreign and the recently announced Duskbloods, with multiplayer at their core. But that’s not necessarily to say that we are leaning in that specific direction going forward.” This strongly suggests at least one upcoming project is a traditional single-player experience.
What About Elden Ring 2?
Miyazaki addressed this directly in December 2024: there are no current plans for Elden Ring 2. He stressed that FromSoftware would continue to grow the Elden Ring IP, but a numbered sequel is not in active development. The Elden Ring Tarnished Edition, confirmed for Nintendo Switch 2 in 2026, and ongoing Nightreign updates represent the franchise’s near-term roadmap.
2026 also marks the tenth anniversary of Dark Souls 3, which has led to community speculation about a potential remaster or related announcement, though nothing has been confirmed by FromSoftware.
The Duskbloods: FromSoftware’s Next Announced Title
Revealed at the Nintendo Switch 2 Direct in April 2025, The Duskbloods is an 8-player PvPvE multiplayer action game launching exclusively on Switch 2 in 2026. A closed network test is planned for summer 2026. Kadokawa reaffirmed the 2026 release window in its May fiscal report.
One significant detail: FromSoftware is self-publishing The Duskbloods, which means the studio is already moving toward the kind of in-house publishing model Oasis has been demanding. This happened under the current Kadokawa leadership, a fact Oasis’s campaign tends to downplay.
FromSoftware by the Numbers
| Title | Sales Milestone | Date Confirmed |
|---|---|---|
| Elden Ring (base game) | 30 million copies shipped | April 2025 |
| Shadow of the Erdtree (DLC) | 10 million copies sold | July 2025 |
| Elden Ring Nightreign | 5 million copies sold | July 2025 |
| Elden Ring franchise total | 45+ million units | July 2025 |
| Dark Souls trilogy total | ~27 million units | Historical |
These figures demonstrate that FromSoftware’s commercial strength has only grown while the studio has taken creative risks. Armored Core 6 performed well in 2023, Nightreign hit 2 million sales on launch day and 3.5 million within five days, and the entire franchise comfortably sits among the best-selling gaming IPs of the current generation.
Will the Shareholder Vote Affect FromSoftware’s Games?
The June 24 vote will determine whether Kadokawa’s CEO keeps his position. If Oasis succeeds, new leadership could push harder for self-publishing and potentially alter how FromSoftware’s titles reach international markets. However, no confirmed plan from any party, including Oasis, would directly mandate changes to how FromSoftware develops its games.
Miyazaki’s statement, while personal rather than official corporate policy, serves as a public signal that the studio-level culture of creative independence is firmly in place. Whether a new Kadokawa CEO would respect that boundary is the question fans will be watching after June 24.
Key Questions Fans Are Asking
Is FromSoftware abandoning single-player games?
No. Miyazaki and Nightreign director Ishizaki have both stated that the multiplayer focus of Nightreign and The Duskbloods does not represent a permanent shift. The unannounced projects likely include at least one single-player title.
What is the FMC project?
FMC is an internal codename for an unannounced multiplatform FromSoftware game reportedly in advanced development as of mid-2025. No details about genre, setting, or release timing have been officially confirmed.
Could Oasis Management force microtransactions into FromSoftware games?
Oasis does not directly control FromSoftware’s development decisions. Even with its 13.76% Kadokawa stake, Kadokawa itself holds majority ownership of FromSoftware and has opposed Oasis’s proposals. Miyazaki has stated that creative autonomy remains intact at the studio level.
When is The Duskbloods releasing?
The Duskbloods is confirmed for 2026 on Nintendo Switch 2, with a closed network test scheduled for summer 2026. Based on FromSoftware’s historical pattern of releasing games roughly three to four months after network tests, a late 2026 launch is plausible.
