Worth reading
77Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-36
¥100 million (target sales for the fiscal year ending March 2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales-12.2%
基準 296Target260Hundreds of millions of yen
Operating profit-14.8%
基準 27Target23Hundreds of millions of yen
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit marginNot disclosed → 8.8%
Only the target level is shown because the current level for comparison was not provided.Investment amount by sectorField Strengthening the Management Platform / Amount Not disclosed / Details Investment in human resources and systems, the sources of corporate value, Field Business Investment / Amount Not disclosed / Details Make strategic investments in new businesses, Field M&A / Amount Not disclosed / Details Pursue acquisitions that emphasize business synergies
Statements about the use of capital
Payout ratio / DOE policyThe Company will pay stable and sustainable dividends to shareholders (progressive dividends). Numerical targets and the applicable period for the dividend payout ratio and DOE are not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyShare repurchases will be conducted flexibly, taking into account the Company's share price level, market conditions, cost of capital and available financial resources.
Key initiatives
01① Enter the management of karaoke performances and manage all categories
02② Strengthen sales activities targeting rights holders and expand management of idol-related music
03③ Expand management of music by promising new artists through collaboration with エッグス
04④ Expand management of representative publishing-controlled works through collaboration with エッグス (MCJP)
05① Continue pursuing overseas markets through partnerships with overseas technology companies
06② Strengthen YouTube-related businesses under the partnership with Google
07③ Expand the FLAGGLE (レコチョク) and EGGS PASS (エッグス) services
08① Expand services for corporate customers by developing new business relationships and launching new services
09① Hold Company-sponsored events in casting
10② Expand business support services for rights holders (レコチョク)
11③ Strengthen support for independent artists by adding functions and otherwise enhancing the eggs service (エッグス)
12Expand the scope of commissioned management
13Strengthen copyright royalty collection in overseas regions
14Differentiate through the development of proprietary services
15Accelerate overseas expansion, supported by national strategies
16Strengthen live viewing
17New Service Development
18Expand music distribution for corporate customers
19Continue pursuing overseas markets
20Strengthen YouTube-related businesses
21Accept commissioned management of music by promising new artists
22Expand overseas collections
23Achieve entry into the management of karaoke performances and manage all categories
24Accept commissioned management of idol-related music
Plan assumptionsMarket share from the fiscal year ending March 2027 onward was calculated on the assumption that JASRAC's copyright royalty collections will grow 6% year on year., The earnings outlook and other projections are based on currently available information and certain assumptions deemed reasonable.
Segment targetSegment Copyright Management / Revenue for the fiscal year ending March 2029 ¥2.10 billion / Operating profit for the fiscal year ending March 2029 ¥900 million, Segment DD business / Revenue for the fiscal year ending March 2029 ¥14.3 billion / Operating profit for the fiscal year ending March 2029 ¥1.50 billion, Segment Music Distribution / Revenue for the fiscal year ending March 2029 ¥6.4 billion / Operating profit for the fiscal year ending March 2029 ¥1.1 billion, Segment Business Support Business / Revenue for the fiscal year ending March 2029 ¥4.00 billion / Operating profit for the fiscal year ending March 2029 ¥500 million, Segment Adjustments / Revenue for the fiscal year ending March 2029 -¥800 million / Operating profit for the fiscal year ending March 2029 -¥1.7 billion
Non-financial targetsIndicator Number of works under copyright management / Target value 970,000 works in the fiscal year ending March 2027, 1.13 million works in the fiscal year ending March 2028, and 1.29 million works in the fiscal year ending March 2029 / Timing Each fiscal year, Indicator Number of master recordings handled / Target value 1.76 million master recordings in the fiscal year ending March 2027, 1.91 million master recordings in the fiscal year ending March 2028, and 2.06 million master recordings in the fiscal year ending March 2029 / Timing Each fiscal year, Indicator Share of copyright royalties collected / Target value 9.5% in the fiscal year ending March 2027, 10.0% in the fiscal year ending March 2028, and 10.4% in the fiscal year ending March 2029; 10% over the medium term and 50% over the long term / Timing Medium and long term, Indicator Percentage of Female Managers / Target value 30.0% or higher / Timing Fiscal 2026, Indicator Gender Pay Gap / Target value At least 75.0% / Timing Fiscal 2026, Indicator Male parental leave uptake rate / Target value At least 75.0% / Timing Not disclosed, Indicator Paid leave utilization rate / Target value 60.0% or more / Timing Fiscal 2026
Size of the Target MarketGlobal music-market revenue in 2025 increased 6.4% year on year to $31.7 billion. Source: information published by IFPI (International Federation of the Phonographic Industry).
Risks identified by the company
Information security
Systems Risk
Risks relating to the music distribution market
Investment risks
Reason for revision or withdrawal
The Company determined that future growth in エッグス's support business for independent artists, which had been expected to expand, would be difficult, transferred the business to a third party at the end of March 2026, and エッグス was absorbed into レコチョク effective 1 April 2026. The Company will focus on further expanding its existing businesses.
| Item | Details |
|---|---|
| Plan name | Medium-Term Earnings Plan (Consolidated) |
| Plan period | Fiscal years ending March 2027 to March 2029 |
| Progress against the plan | Partially revised |
| Sales Target | 296.0 Hundreds of millions of yen → 260.0 Hundreds of millions of yen（▲12.2%） |
| Operating profit target | 27.0 Hundreds of millions of yen → 23.0 Hundreds of millions of yen（▲14.8%） |
| Operating profit margin target | Not disclosed → 8.8% |
| Payout ratio / DOE policy | The Company will pay stable and sustainable dividends to shareholders (progressive dividends). Numerical targets and the applicable period for the dividend payout ratio and DOE are not disclosed. |
| Treasury share acquisition policy | Share repurchases will be conducted flexibly, taking into account the Company's share price level, market conditions, cost of capital and available financial resources. |
| Investment amount by sector | Field Strengthening the Management Platform / Amount Not disclosed / Details Investment in human resources and systems, the sources of corporate value, Field Business Investment / Amount Not disclosed / Details Make strategic investments in new businesses, Field M&A / Amount Not disclosed / Details Pursue acquisitions that emphasize business synergies |
| Segment target | Segment Copyright Management / Revenue for the fiscal year ending March 2029 ¥2.10 billion / Operating profit for the fiscal year ending March 2029 ¥900 million, Segment DD business / Revenue for the fiscal year ending March 2029 ¥14.3 billion / Operating profit for the fiscal year ending March 2029 ¥1.50 billion, Segment Music Distribution / Revenue for the fiscal year ending March 2029 ¥6.4 billion / Operating profit for the fiscal year ending March 2029 ¥1.1 billion, Segment Business Support Business / Revenue for the fiscal year ending March 2029 ¥4.00 billion / Operating profit for the fiscal year ending March 2029 ¥500 million, Segment Adjustments / Revenue for the fiscal year ending March 2029 -¥800 million / Operating profit for the fiscal year ending March 2029 -¥1.7 billion |
| Non-financial targets | Indicator Number of works under copyright management / Target value 970,000 works in the fiscal year ending March 2027, 1.13 million works in the fiscal year ending March 2028, and 1.29 million works in the fiscal year ending March 2029 / Timing Each fiscal year, Indicator Number of master recordings handled / Target value 1.76 million master recordings in the fiscal year ending March 2027, 1.91 million master recordings in the fiscal year ending March 2028, and 2.06 million master recordings in the fiscal year ending March 2029 / Timing Each fiscal year, Indicator Share of copyright royalties collected / Target value 9.5% in the fiscal year ending March 2027, 10.0% in the fiscal year ending March 2028, and 10.4% in the fiscal year ending March 2029; 10% over the medium term and 50% over the long term / Timing Medium and long term, Indicator Percentage of Female Managers / Target value 30.0% or higher / Timing Fiscal 2026, Indicator Gender Pay Gap / Target value At least 75.0% / Timing Fiscal 2026, Indicator Male parental leave uptake rate / Target value At least 75.0% / Timing Not disclosed, Indicator Paid leave utilization rate / Target value 60.0% or more / Timing Fiscal 2026 |
| Plan assumptions | Market share from the fiscal year ending March 2027 onward was calculated on the assumption that JASRAC's copyright royalty collections will grow 6% year on year., The earnings outlook and other projections are based on currently available information and certain assumptions deemed reasonable. |
| Key initiatives | ① Enter the management of karaoke performances and manage all categories, ② Strengthen sales activities targeting rights holders and expand management of idol-related music, ③ Expand management of music by promising new artists through collaboration with エッグス, ④ Expand management of representative publishing-controlled works through collaboration with エッグス (MCJP), ① Continue pursuing overseas markets through partnerships with overseas technology companies, ② Strengthen YouTube-related businesses under the partnership with Google, ③ Expand the FLAGGLE (レコチョク) and EGGS PASS (エッグス) services, ① Expand services for corporate customers by developing new business relationships and launching new services, ① Hold Company-sponsored events in casting, ② Expand business support services for rights holders (レコチョク), ③ Strengthen support for independent artists by adding functions and otherwise enhancing the eggs service (エッグス), Expand the scope of commissioned management, Strengthen copyright royalty collection in overseas regions, Differentiate through the development of proprietary services, Accelerate overseas expansion, supported by national strategies, Strengthen live viewing, New Service Development, Expand music distribution for corporate customers, Continue pursuing overseas markets, Strengthen YouTube-related businesses, Accept commissioned management of music by promising new artists, Expand overseas collections, Achieve entry into the management of karaoke performances and manage all categories, Accept commissioned management of idol-related music |
| Reason for revision or withdrawal | The Company determined that future growth in エッグス's support business for independent artists, which had been expected to expand, would be difficult, transferred the business to a third party at the end of March 2026, and エッグス was absorbed into レコチョク effective 1 April 2026. The Company will focus on further expanding its existing businesses. |
| Size of the Target Market | Global music-market revenue in 2025 increased 6.4% year on year to $31.7 billion. Source: information published by IFPI (International Federation of the Phonographic Industry). |
| Risks identified | Information security, Systems Risk, Risks relating to the music distribution market, Investment risks |
| Publication date | June 2026 |
Items this document does not state (8)
Net income targetROE targetROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planResults under the previous planDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The Company determined that future growth in エッグス's support business for independent artists, which had been expected to expand, would be difficult, and transferred the business to a third party at the end of March 2026. エッグス was absorbed into レコチョク effective 1 April 2026, and the Company will focus on further expanding its existing businesses.
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