Development of High-Value-Added IP and Establishment of a Fan Base

「By the time of the first-quarter results, the game 『ホロドリ』 had already exceeded 1.6 million preregistrations.」

「While streaming-related metrics weakened, progress in diverse streaming activities by affiliated talent and the emergence of new talent supported resilient business performance.」

「As of 31 March 2026, hololive production had 84 VTubers (Note 8), comprising 49 in Japan, 9 in Indonesia and 26 in the English-speaking market. Of these, 43 had broad support, including more than 1 million YouTube channel subscribers. In addition, total YouTube channel subscribers for VTubers affiliated with hololive production exceeded 95.02 million (Note 9), and the group has numerous VTubers ranked among the world’s leading channels by subscriber count.」

「Meanwhile, against the backdrop of changes in the talent lineup and community environment, streaming revenue and sales from our proprietary e-commerce business entered a short-term adjustment phase.」

「In the streaming/content segment, the large-scale “Holonatsu Paradise” project conducted throughout July 2025, centered on streaming across language and regional groups, contributed to trend formation. Asset-based content, including music videos produced by individual talents, also functioned as a continuing, cumulative customer-acquisition channel. As a result, revenue in this segment was ¥4,474 million, up 6.0% year on year.」

「In the streaming/content segment, newly debuted talents in Japan and overseas have steadily gained popularity since last year, while broader exposure across multiple media centered on music has enabled customer acquisition through various channels beyond YouTube. As a result, revenue in this segment was ¥4,219 million, up 22.3% year on year.」

「The YouTube channels operated by the company’s hololive production have more than 88.41 million subscribers in total, while annual revenue per VTuber was approximately ¥350 million in the fiscal year ended March 2024 (Note 3). The presence of a substantial fan base enables ongoing co-creation with appealing performers and leading creators in Japan and overseas.」

「During the third quarter, the music activities of the company’s VTubers contributed to broader exposure and new customer acquisition through a range of media, including terrestrial television programs, karaoke and various streaming sites. Awareness of the company’s content in overseas markets, particularly North America, is also steadily expanding, supported by the activities of an English-speaking VTuber group that debuted during the first half of the fiscal year, among other factors. As a result, total subscribers to YouTube channels operated by the company’s VTubers (Note) reached 86.25 million as of 31 December 2023.」

「During the second quarter, the company expanded multifaceted exposure for its IP beyond internet live streaming by holding multiple live concerts in overseas and domestic markets and appearing in a variety of media, including television. In addition, the debut of new female VTuber units in overseas and domestic markets during the period further expanded its customer base. As of 30 September 2023, total subscribers to YouTube channels operated by its VTubers (Note) had increased to 83.19 million.」

「In addition to live streaming, the company has promoted broader awareness of its IP through multifaceted exposure, including music distribution, television appearances and collaborations with other companies’ brands. As a result, the total number of subscribers to YouTube channels operated by its VTubers (Note) reached 77.82 million as of 30 June 2023.」

「As its medium- to long-term strategy, the company has adopted a three-stage business expansion strategy: ① developing high-value IP and establishing a fan base, ② expanding its commerce business and making upfront investments, and ③ developing metaverse services.」