Sega has publicly recognized a significant disparity between the critical acclaim received by its major game releases and their actual sales performance at launch. The Japanese gaming conglomerate is currently conducting internal investigations into this concerning trend, with preliminary findings already being shared with shareholders who have expressed growing concerns about the company's financial performance.

Over the past four fiscal reporting periods, Sega Sammy has experienced a noticeable decline in revenue, while profitability has shifted from stable to clearly pressured territory in the current fiscal year ending March 2026. For the six-month period concluding in September 2025, the company reported net sales of ¥201.1 billion (approximately $1.3 billion), representing a 5% decrease compared to the previous year. More alarmingly, operating income plummeted by 69.3% annually, dropping to ¥10.1 billion (~$64.6 million). While the modest revenue decline was partially attributed to normalization in pachinko business earnings following an unsustainable peak performance the previous year, the dramatic profit reduction has placed all aspects of the corporation under intense investor scrutiny.

During a November 2025 Q&A session, Sega executives addressed numerous questions regarding the company's ongoing operational challenges. Management specifically acknowledged that recent full-price game launches have consistently fallen short of internal sales targets despite earning generally favorable critical reviews. Although no specific titles were explicitly named during the discussion, nearly every major Sega release in recent years has demonstrated either underwhelming initial sales relative to review scores or struggled to maintain commercial momentum post-launch.

A recent example highlighting this concerning trend involves Metaphor: ReFantazio, which experienced a sharp sales decline after becoming Atlus's fastest-selling title to date. The JRPG managed to clear one million copies on its first day but required an additional eight months to double that figure, primarily achieved through multiple discount promotions.

While Sega emphasized that their investigation remains ongoing, company representatives identified several potential factors contributing to the underwhelming launch sales of critically acclaimed titles. One significant element acknowledged by management involves consumer expectations of future definitive editions, which the company recognizes as a legitimate concern—though one largely of their own creation. This consumer behavior pattern is primarily driven by Atlus, known for its longstanding practice of releasing expanded versions of games even before becoming a Sega subsidiary. Notable examples include Etrian Odyssey 2 Untold: The Fafnir Knight, Persona 4 Golden, Persona 5 Royal, Tokyo Mirage Sessions ♯FE Encore, and the more recent Shin Megami Tensei 5: Vengeance.

Interestingly, Persona 3 Reload did not receive a Royal-style re-release, and Atlus has indicated that Metaphor: ReFantazio will follow suit, suggesting a potential strategic shift away from this established practice within the company.

Sega also pointed to potential marketing missteps as significant contributors to the weaker-than-expected full-price sales performance of major titles. A company representative stated, "We believe the problem also lies in our marketing, which wasn't able to sufficiently convey the appeal of our games to users." In recent years, Sega has experimented extensively with marketing approaches, though not always successfully. For instance, Persona 3 Reload fans widely criticized the game's live-action trailer featuring The Umbrella Academy star Aidan Gallagher, arguing that it misrepresented the game's essence and failed to communicate its appeal to audiences unfamiliar with the franchise.

The Q&A session also highlighted an interesting exception to the general trend. Company officials mentioned Sports Interactive's latest title, Football Manager 2026, which continues to sell exceptionally well despite facing an ongoing review bombing campaign primarily targeting UI issues, technical bugs, and missing features compared to its predecessor. Sega confirmed that the game is selling faster than any previous installment in the franchise, though specific sales figures were not disclosed during the discussion.