Nagoshi Studio dissolved after October 31 shareholder vote
The studio behind Gang of Dragon closed under a shareholders' resolution disclosed in Japan's official gazette on November 2, according to Automaton.
Nagoshi Studio was dissolved by a resolution passed at a shareholders' meeting on October 31, with the dissolution disclosed in the official gazette published on November 2, according to Automaton.
The studio was founded in 2022 by Toshihiro Nagoshi, a former Sega developer, together with former Sega colleagues, using funding from China's NetEase. It had been working on Gang of Dragon, an action-adventure game set in Shinjuku, Tokyo, with actor Ma Dong-seok as the model for protagonist Shin Jiseon.
Nagoshi previously worked at Sega on series including Daytona USA, Monkey Ball, Like a Dragon and Judgment. Nagoshi Studio announced Gang of Dragon as an in-development title in December 2025.
In March this year, Bloomberg reported that NetEase would stop funding the studio from May, and NetEase confirmed to the outlet that the report was accurate. The studio's social media accounts stopped updating in early February, its YouTube channel was deleted, and its official website became inaccessible.
Quick answers
Was Nagoshi Studio shut down?
Yes. The studio was dissolved by a resolution passed at a shareholders' meeting on October 31, disclosed in the official gazette on November 2.
What happened to Gang of Dragon?
Gang of Dragon was the action-adventure game Nagoshi Studio announced in December 2025. No release details were given in the dissolution notice.
Who funded Nagoshi Studio?
The studio was founded in 2022 with funding from China's NetEase, which Bloomberg reported in March would stop funding it from May.