Andy Robinson, Editor-in-Chief of the international media outlet VGC (Video Games Chronicle), stated on the outlet’s podcast “VGC Podcast 190” that “Nagoshi Studio, led by Toshihiro Nagoshi, no longer exists.”
However, in response to this, Game*Spark checked the company registry and found that, according to the records, the studio still exists. Furthermore, the name “Nagoshi Studio” was confirmed on-site at the building where the company is located.
VGC Editor-in-Chief: “It’s safe to say Nagoshi Studio is no more”
Robinson mentioned Nagoshi Studio starting around the 45-minute, 55-second mark of the show. He stated, “Although it hasn’t been officially announced yet, Toshihiro Nagoshi’s ‘Nagoshi Studio’ has ceased to exist and has been shut down (‘that’s gone’).”
He added, “I’ve even heard rumors recently that Mr. Nagoshi himself has been applying to or approaching other studios. So it’s safe to say that Nagoshi Studio is no more. It’s truly unfortunate.”
However, as Robinson himself acknowledges, the closure of Nagoshi Studio has not been officially announced. The claim that Nagoshi is approaching other studios was also presented solely as a rumor.
It should be noted that Mr. Robinson revealed on his X account in June 2026 that he had “visited Nagoshi Studio.”
The company remains registered, though its executive structure has changed
Game*Spark obtained the complete corporate registry records for Nagoshi Studio Co., Ltd. on two separate occasions: May 20, 2026, and October 5, 2026.
As of October 5, the company was still listed as active in the registry, and no dissolution had been registered. While the trade name, corporate purpose, and capital stock remained unchanged, the composition of the board of directors and the company’s organizational structure appear to have changed.
“Resignation” Itself Marks the End of a Term
According to the corporate registry as of October 5, all directors, including Mr. Nagoshi, stepped down effective March 31, 2026. However, this alone does not mean that Mr. Nagoshi has left the studio.
Directors of a corporation serve fixed terms, and when those terms expire, even if the same individuals continue in their roles, a new appointment process and registration are required. At Nagoshi Studio as well, all directors stepped down on March 31, 2023, and the same group—including Mr. Nagoshi—was reappointed effective March 25, 2024.
This latest departure is also believed to coincide with the end of such a term. This is likely why the official registration refers to it as a “retirement” rather than a “resignation,” which implies a voluntary departure from office.
Unlike last time, there is only one director—Mr. Nagoshi’s name is not listed
Last time, there were no records of new appointments between the step-down on March 31, 2023, and March 25, 2024; ultimately, six individuals, including Mr. Nagoshi, were reappointed as a group.
This time, on May 31—two months after the retirement—Mr. Minoru Morinaga, who had joined the board in September 2025, was reappointed as a director and also serves as Representative Director.Although it is unclear whether this is the same person, a person with the same name is listed as a part-time director in the company profile of Satellite, an animation production company that formed a capital and business alliance with NetEase in October 2020.
Meanwhile, there is currently no record of Mr. Nagoshi or Mr. Daisuke Sato—who previously served as a producer and director—having resumed their positions.
On the same date, May 31, the auditor also stepped down, and the provision establishing a board of directors and an auditor was abolished. In a company without a board of directors, a single director is sufficient; according to the corporate registry as of October 5, the only director currently in office is Minoru Morinaga.Although the studio bears Mr. Nagoshi’s name, he is not included among the current officers.
These changes are recorded as having been registered on June 18. Therefore, in the corporate registry as of May 20, Mr. Nagoshi was still listed as the representative director.
Background
Nagoshi Studio is a studio that has been led by Mr. Nagoshi, known for the *Yakuza* series. In January 2022, it launched its official website as a game development company wholly owned by NetEase Games, announcing its intention to develop high-end titles for a global audience, with a focus on consoles.
At The Game Awards in December 2025, the studio announced a new action-adventure game titled “GANG OF DRAGON,” starring Ma Dong-seok.
However, after Bloomberg reported in March 2026 that NetEase had cut off funding, the studio’s official YouTube channel was deleted in April (and later restored), and in May, it became clear that the studio’s official website was no longer accessible.
In June, it became a topic of discussion that Mr. Sato’s X profile had been updated to read “Former Nagoshi Studio,” and that in a feature in *Weekly Famitsu*, Mr. Nagoshi’s title was listed as “Game Creator” rather than “Nagoshi Studio.”
Furthermore, when Game*Spark investigated the staff’s LinkedIn profiles in June, it was revealed that several members had left Nagoshi Studio by the end of May 2026.
The May 31 date on which the board of directors was dissolved, as confirmed in the corporate registry, coincides with the time these staff members resigned.
Nagoshi Studio remains listed in the corporate registry, and as of this writing, the Steam store page for *GANG OF DRAGON* is still accessible. However, Mr. Nagoshi, who had led the studio, appears to have been removed from the management roster in the registry; staff resignations were confirmed at the end of May, and the official website is currently inaccessible.
In response to the remarks made in this podcast, Game*Spark sent an email inquiry to Nagoshi Studio. Although the email was delivered, there has been no response as of the time of this writing. We await an official announcement from the studio or NetEase.
