Ok. No one asked for this, but I have some free time and my curiosity is once again asking for evidence or support.
So, I did some digging. Like. Google first result digging. To my surprise, Square Enix publicly displays their Fiscal Years. If we examine each year since the launch of ARR, can we find any insight into the costs ?
*This is my own personal research. I am not maths persone. I am not accountant. I am (mostly) elezen. This is a simple overview.
Fiscal Year ? One year period of a company's financial reporting.
Ex: From 2013 April 1 - 2014 March 31, SE had a comprehensive income gain of ¥9,045M (Read: approx. $85.8M USD).
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Comprehensive income overview of Square Enix Earnings from 2012 April 1 - 2020 March
1) 2013 March --------->[EXTRAORDINARY LOSSES; comprehensive LOSS from 2012 at -¥11,881M (Read: $112.7M)]
Expansion) 2013 August > ARR release
2) 2014 March --------->[ Comprehensive income gain of ¥9,045M (Read: $85.8M) ]
3) 2015 March --------->[ 48.4% increase from 2014 at ¥13,427M (Read: $127.4M) ]
Expansion) 2015 June > HW release
4) 2016 March --------->[ 26.2% increase from prior 2015 at ¥16,951M (Read: $160.8M) ]
5) 2017 March --------->[ 11.9% increase from prior 2016 at ¥18,969M (Read: $179.972M) ]
Expansion) 2017 June > SB release
6) 2018 March --------->[ 40% increase from 2017 at ¥26,560M (Read: $251.992M) ]
7) 2019 March --------->[ 34.7% decrease from 2018 at ¥17,356M (Read: $164.673M) ]
Expansion) 2019 July > ShB release
8) 2020 March --------->[ 12.8% increase from 2019 at ¥20,598M (Read: $195.4M) ]
9) 2021 March --------->[ Fiscal Year April 1 2020 - March 31 2021 in progress, report to release in May ]
Expansion) 2021 Fall > EndWalker Release
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Summary Notes
1) Failure of return of XIV on release. Record Extraordinary losses on nearly all fronts. Negative income on net, comprehensive, and reccuring incomes. No mention of XIV fallout.
2) SE is able to break from catastrophy. Report states that FF ARR is making favourable progress. Favourable sales in other titles.
3) Huge increase. SE nearly doubles comprehensive income. Report states that mmo sector (XIV & Dragon Quest X) are making favourbale progress. Strong performance in mobile games.
4) Moderate increase. Report states that mmo sector is sustatining strong performances.
5) Stable. Launch of FFXV and Rise of the Tomb Raider, and few smaller titles released onto mobile.
6) Huge increase. SE sees huge success in the mmo sector. Increase in paying subscribers and disk sales. Nier, Dragon Quest XI, and FFXII are amongst this successful year.
7) Major decrease. General low return. MMO sector continues holding strong despite net sales and operating income seeing a decrease. New titles Kingdom Heart III, Shadow of the Tomb Raider, and Just Cause 4 had poor operating income.
8) Stable. This period is right before or around global efforts to stop spread of covid. Mmo sector sees growth in monthly subscribers operating income.
In summary, SEs MMO sector and overall digital entertainment has remained relatively strong and stable since ARR.
So then, new races. How expensive are they, especially with the knowledge that SE's MMOs reign king in today ? (At the end of point 8, March 2020, SE reports that MMO sector is near ~40% of all income)
I'd like to point out Au'Ra. They were developed during a period of extreme uncertainty. If it's true that creating a new race takes time and money, then Au'Ra are a wonder. The developers or stakeholders took a risk to add a new race, working on AuRa just as ARR was released. I have reason to assume that Au'Ra did not take a full 2 years to develop without further evidence. Au'Ra were also implemented to the fullest degree that the original races are - meaning all hair and clothing articles operate as should. Points 2,3 show that SE had huge successes across all digital entertainment, including ARR. Heavensward release with Au'Ra carried on through 4,5 with overall ~37% increase in income. On point 7, during stormblood SE takes quite a hit due to a failure of expectancies on games outside of XIV.
Despite the general decrease on point 7, the fiscal year with Shadowbringers brought SE their highest return on point 8 during covid. 9 will be interesting to see.
With all this in mind, knowing the situation of Au'Ra and how much more risk there was than time or money in their creation, and the past and current of their finances, I think it's safe to say that making a new race is not financially impossible or even, dare I say it, difficult in a temporal sense. This makes me look to the decision makers, the stakeholders, shareholders, owners, projects outside of XIV, inside of XIV as a cause rather than dismissively saying "time and money".
TLDR The data is telling me "nah, i'm busy".
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*This is an extremely simple overview, for more in depth reports and research visit:
Square Enix's official earnings release website @ https://www.hd.square-enix.com/eng
Or navigate to square enix home page. Scroll to bottom -> Investor Relations