Competition with Rival Services for Members and on Price

「If competition for customer acquisition with competitors becomes intense and price competition, including with free services, intensifies, the Group may be unable to maintain relationships with users of its services and business partners because customers switch to other companies' services or the Group cannot maintain cost competitiveness, which could affect the Group's management.」

「If the Company is unable to differentiate its content from that of competitors in terms of content, quality, pricing and other factors, it may be unable to secure the planned number of paid subscribers for its paid subscription services. Alternatively, if competition for customer acquisition with competitors intensifies and price competition becomes more severe, the Company may be unable to maintain its paid subscriber base because subscribers switch to other companies' services or because it cannot maintain cost competitiveness.」