Square Cuts Funding To Square Pictures Subsidiary

Yoichi Wada, the CEO of Square Company Ltd. said his company has stopped funding the studio, but that the Honolulu-based Square Pictures will continue to operate as an independent studio for hire on other projects. Square Pictures president Jun Aida said Square does not plan to sell nor close his studio, which currently employs 125 people. "Final Fantasy: The Spirits Within" didn't meet Square's revenue expectations, grossing just $30 million in the U.S. and $9 million in Japan so far. Square reportedly expected box office revenues of $50-$60 million in the U.S. The company invested $116 million in the movie.