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GREE Holdings (3632) · InitiativeAdvancedLatest M&A and Subsidiary Changes (2026-09-28): "Reframed"

Launch and growth of a live entertainment business related to virtual YouTubers

First written in FY2018. 12 of 27 entries say "Restated". Latest entry: 2026-09-30.

27entries
9years
4from disclosures
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ProgressHeldSoftenedWorseRestatedFY2018 – FY2021AdvancedFY2024-Q3 – FY20262018: 12019: 120192020: 120202021: 420212022: 420222023: 420232024: 320242025: 220252026: 72026
Same theme, other companies
Development of a VTuber and New IP ProjectA theme 6 companies write about · 0 as a headwind · 11 as a tailwind

3 other companies' latest entry also says "Advanced".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. 2026-09-30Advancedgamebiz.jp

    「これまで同事業は、所属タレントの育成やコンテンツ開発などへの投資が先行していたが、2026年6月期第4四半期にはプロダクション事業が単月黒字化。」

    プロダクション事業について、投資先行の段階から単月黒字化という収益化の実績が報じられた。
  2. 2026-09-28ReframedM&A and Subsidiary Changes

    「ライブエンターテインメント事業セグメントの事業ポートフォリオ拡充のため、RINDO Entertainment 社が保有する有力な男性アイドルグループを活用した男性アイドル領域での事業展開の拡大を図るとともに、当社グループの財務基盤やバックオフィス機能およびプロダクション事業で培ったマーチャンダイジング・イベント等の知見を組み合わせることで、事業運営の高度化・効率化等のシナジーが期待できると判断し、本件株式取得を決定いたしました。」

    VTuber事務所を中心とするライブエンターテインメント事業に、RINDO Entertainmentの男性アイドル領域を加える形で、事業ポートフォリオの対象が広げられている。
  3. FY2026AdvancedAnnual report

    「In the platform business, we worked to expand the content and functionality of “REALITY.” We also continued to make proactive investments in the production business, and the VTuber business as a whole remained firm. As a result, revenue for the consolidated fiscal year was ¥9,164 million, up 10.7% from the previous consolidated fiscal year, while operating income was ¥1,486 million, up 125.1%.」

    The Company continued to expand “REALITY” functionality and content and invest in the production business. VTuber business revenue increased 10.7%, and operating income increased 125.1%.
  4. FY2026-H1AdvancedAnnual report

    「In the platform business, we worked to expand the content and functionality of “REALITY” and to expand globally. Although we continued to make proactive investments in the production business, the VTuber business as a whole remained firm. As a result, revenue for the six-month consolidated period ended in the interim period was ¥4,397 million, up 9.0% year on year, while operating income was ¥560 million, up 127.1%.」

    The Company continued to expand “REALITY” functionality and content, expand globally and invest in the production business. VTuber business revenue increased 9.0%, and operating income increased 127.1%.
  5. FY2025AdvancedAnnual report

    「In the platform business, we worked to expand the content and functionality of “REALITY” and to expand globally. We also worked to improve the earnings structure through greater cost efficiency, substantially improving the profit and loss position. Although we continued to make proactive investments in the VTuber business, the metaverse business as a whole remained firm. As a result, revenue for the consolidated fiscal year was ¥8,276 million, up 14.2% from the previous consolidated fiscal year, while operating income was ¥660 million, up 220.1%.」

    The Company continued to expand REALITY functionality and content, expand globally and invest in the VTuber business, while improving the earnings structure through greater cost efficiency. Metaverse business revenue increased 14.2%, and operating income increased 220.1%.
  6. FY2025-H1AdvancedAnnual report

    「In the platform business, we worked to expand the content and functionality of “REALITY,” a smartphone metaverse platform, and to expand globally. We also worked to improve the earnings structure through greater cost efficiency. Although we continued to make proactive investments in the VTuber business, the metaverse business as a whole remained firm. As a result, revenue for the six-month consolidated period ended in the interim period was ¥4,035 million, up 7.7% year on year, while operating income was ¥246 million, compared with operating income of ¥1 million in the same period of the previous year.」

    The Company continued to expand REALITY content and functionality, expand globally and invest in the VTuber business, while improving the earnings structure through greater cost efficiency. Metaverse business revenue increased 7.7% year on year, and operating income was ¥246 million.
  7. FY2024AchievedAnnual report

    「As a result of efforts to improve the earnings structure through greater cost efficiency, the platform business achieved full-year profitability.」

    While continuing to expand REALITY content and functionality, expand globally and invest in the VTuber business, the Company achieved full-year profitability in the platform business through greater cost efficiency.
  8. FY2024-Q3AdvancedAnnual report

    「In the platform business, we worked to expand the content and functionality of “REALITY,” a smartphone metaverse platform, and to expand globally. We also worked to improve the earnings structure through greater cost efficiency. We continued to make proactive investments in the VTuber business, and the metaverse business as a whole remained firm. As a result, revenue for the nine-month consolidated period ended in the third quarter was ¥5,361 million, up 10.5% year on year, while operating income was ¥80 million, compared with an operating loss of ¥96 million in the same period of the previous year.」

    The Company continued to expand REALITY content and functionality, expand globally and invest in the VTuber business, while working to improve the earnings structure through greater cost efficiency. Metaverse business revenue increased 10.5% year on year, and operating income improved from an operating loss of ¥96 million in the previous year to operating income of ¥80 million.
  9. FY2024-Q2RestatedAnnual report

    「In the platform business, we worked to expand the content and functionality of “REALITY,” a smartphone metaverse platform, and to expand globally. We also continued to make proactive investments in the VTuber business. As a result, revenue for the six-month consolidated period ended in the second quarter was ¥3,748 million, up 12.6% year on year, while operating income was ¥1 million, down 98.7%.」

    The Company continued to expand “REALITY” content and functionality and to expand globally, while making proactive investments in the VTuber business. Metaverse business revenue increased 12.6% year on year, while operating income was ¥1 million, down 98.7%.
  10. FY2024-Q1RestatedAnnual report

    「In the platform business, we worked to expand the content and functionality of “REALITY,” a smartphone metaverse platform, and to expand globally. We also continued to make proactive investments in the VTuber business.」

    The Company continued to expand REALITY's content and functionality and to expand globally, while making proactive investments in the VTuber business. The metaverse business generated revenue of ¥1,962 million and operating income of ¥118 million.
  11. FY2023ReframedAnnual report

    「“REALITY,” the smartphone metaverse platform, aims to strengthen profitability globally. The corporate metaverse business will also strengthen its products and alliances and pursue continued growth. In addition, the Company will continue investing in the rapidly growing VTuber business and aims to achieve profitability at an early stage.」

    The previous description, centered on expanding the global user scale of REALITY, was reorganized into business-specific growth policies covering global profitability, products and alliances for corporate customers, and achieving early profitability in the VTuber business.
  12. FY2023-Q3RestatedAnnual report

    「In the metaverse business, we have been expanding the content and communication features of the virtual live-streaming app "REALITY" while also pursuing global expansion.」

    The Company continues to expand “REALITY” content and communication functionality and to expand globally. No specific additional milestones for user scale or earnings were provided.
  13. FY2023-Q2RestatedAnnual report

    「In the metaverse business, we have been expanding the content and communication features of the virtual live-streaming app "REALITY" while also pursuing global expansion.」

    The Company continues to expand “REALITY” content and communication functionality and to expand globally. No new numerical targets for user scale or earnings were provided.
  14. FY2023-Q1RestatedAnnual report

    「In the metaverse business, we have been expanding the content and communication features of the virtual live-streaming app "REALITY" while also pursuing global expansion.」

    The Company continues to expand “REALITY” content and communication functionality and to expand globally. No specific additional milestones for user scale or earnings were provided.
  15. FY2022RaisedAnnual report

    「The metaverse business operates “REALITY,” a virtual live-streaming app for smartphones, and will work to strengthen each of its functions with the goal of reaching several hundred million users globally.」

    In addition to the previous policy of enhancing “REALITY” functionality, expanding content and expanding globally, a scale target of several hundred million users globally was explicitly stated.
  16. FY2022-Q3RestatedAnnual report

    「In the metaverse sector, we have worked to enhance the functionality and expand the content of “REALITY,” a virtual live-streaming app, and to expand globally.」

    In the metaverse sector, the Company continues to enhance “REALITY” functionality, expand content and expand globally. No specific additional milestones for user scale or earnings were provided.
  17. FY2022-Q2RestatedAnnual report

    「In the metaverse sector, we have worked to enhance the functionality and expand the content of “REALITY,” a virtual live-streaming app, and to expand globally.」

    In the metaverse sector, the Company continues to enhance “REALITY” functionality, expand content and expand globally. No specific additional milestones for user scale or earnings were provided.
  18. FY2022-Q1ReframedAnnual report

    「In the metaverse sector, we have worked to enhance the functionality and expand the content of “REALITY,” a virtual live-streaming app, and to expand globally.」

    The description was reorganized from the former live entertainment sector to the metaverse sector, with the Company proceeding to enhance “REALITY” functionality, expand content and expand globally.
  19. FY2021RestatedAnnual report

    「Along with enhancing the functionality and expanding the content of “REALITY,” we will work to strengthen its global expansion through promotional activities.」

    The Company has stated its continuing policy of enhancing “REALITY” functionality, expanding content and strengthening global expansion through promotions. No specific milestones for user scale or earnings were provided.
  20. FY2021-Q3RestatedAnnual report

    「In the live entertainment sector, we have worked to enhance the functionality and expand the content of “REALITY,” a virtual live-streaming app.」

    The Company continues to enhance the functionality and expand the content of “REALITY.” No specific additional milestones for user scale or earnings were provided.
  21. FY2021-Q2RestatedAnnual report

    「In the live entertainment sector, we have worked to enhance the functionality and expand the content of “REALITY,” a virtual live-streaming app.」

    The Company continues to enhance the functionality and expand the content of “REALITY.” No specific additional milestones for user scale or earnings were provided.
  22. FY2021-Q1RestatedAnnual report

    「In the live entertainment sector, we have worked to enhance the functionality and expand the content of “REALITY,” a virtual live-streaming app.」

    The Company continues to enhance the functionality and expand the content of “REALITY.” No specific additional milestones for user scale or earnings were provided.
  23. FY2019RestatedAnnual report

    「In the live entertainment business, we will expand operations centered on “REALITY,” a live-streaming platform dedicated to VTubers.」

    The Group has reaffirmed its policy of expanding the live entertainment business centered on “REALITY,” but no specific scale figures or new milestones were provided.
  24. FY2018First statedAnnual report

    「The Group launched a live entertainment business specializing in virtual YouTuber-related activities as a new core business following the game and advertising and media businesses. Going forward, we will accelerate business growth by leveraging our accumulated expertise in the game and VR businesses and our ability to make large-scale investments.」

    The Group launched a virtual YouTuber-related live entertainment business as a new core business following games and advertising and media.
Moved together

"Transition from a Labor-Intensive DX Business to a Recurring-Revenue Model" moved the same way as this thread, in the same document, in 6 of its 27 moves.

644322★123456
  1. ★This thread
  2. 1Transition from a Labor-Intensive DX Business to a Recurring-Revenue Model6×
  3. 2Performance-linked dividends targeting a consolidated payout ratio of approximately 20%4×
  4. 3Strengthening Oversight and Procedural Transparency through Nomination and Compensation Committees and a Special Committee4×
  5. 4Revenue concentration in the gaming business and paid content income3×
  6. 5Stabilizing the revenue base of GREE's existing services2×
  7. 6Creating Hit Smartphone Game Titles2×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
No upcoming earnings preview for GREE Holdings yet. It last moved in the M&A and Subsidiary Changes of 2026-09-28: "Reframed".
Launch and growth of a live entertainment business related to virtual YouTubers | GREE Holdings,Inc. (3632) | Komori