Former Square Enix veteran Ryutaro Ichimura, who served as the lead producer for Dragon Quest VIII and IX, recently spoke with Famitsu about his current endeavors at his new studio, PinCool. Ichimura departed Square Enix in 2023 and assumed the role of CEO at NetEase Games-backed studio PinCool that same year. Despite celebrating its third anniversary and successfully launching its debut title, PinCool faced challenges when NetEase Games altered its investment approach in the Japanese market, as revealed by Ichimura.
In 2024, reports indicated that following substantial investments in various Japanese game studios featuring well-known creators, NetEase Games was considering withdrawal from several of its partnerships. This was followed by the announcement of Visions of Mana developer Ouka Studios ceasing operations, and more recently, the loss of funding for Nagoshi Studio amid development of the large-scale cinematic action game Gang of Dragon.
It appears that PinCool was significantly impacted by NetEase Games discontinuing its support. “We had braced ourselves for such an eventuality since founding the studio, but it occurred sooner than anticipated,” Ichimura shared with Famitsu. At that point, his studio was working on three unannounced projects, one of which survived due to its smaller scope and near completion. The remaining projects, being long-term endeavors, had to be canceled.
Nevertheless, thanks to Ichimura anticipating the worst-case scenario prior to NetEase Games officially stating it would cease funding, PinCool managed to secure a new collaborator, the US-based investment firm Initiate Games. PinCool became a subsidiary of Initiate Games while maintaining its entire team, and in 2025, it released its inaugural game, Pritto Prisoner. Ichimura notes that the game’s near completion and playable state were instrumental in attracting a partner willing to invest in the studio.
Moving forward, PinCool intends to continue developing indie-scale games with its compact in-house team, as well as proposing larger-scale projects to external organizations.