Nippon Television Holdings invested a cumulative ¥48.3 billion to make Studio Ghibli a wholly owned subsidiary. In contrast, Fuji Media Holdings is pursuing a strategy of expanding the IP of “Chiikawa” as a means of extending its broadcasting business.
Commercial television key-station groups are seeking opportunities outside broadcasting, and Nippon Television Holdings made Studio Ghibli a subsidiary in October 2023. With a 42.3% stake, it established a structure for bringing Ghibli's IP under its control through capital and production capabilities.
Ghibli has produced works including “Princess Mononoke” and “Spirited Away” and is presented as a leading force in Japanese animation production. “Spirited Away” ranked among the highest-grossing Japanese films of all time, and although its box-office revenue was below that of “Demon Slayer: Mugen Train,” released in 2020, it maintained a high level for many years.
Against this backdrop, NTV's approach of supporting major IP, including Ghibli, through capital and production capabilities contrasts with Fuji Media Holdings' strategy of reviving the “Bayside Shakedown” franchise and developing IP created on social media, such as “Chiikawa,” as an expansion vehicle for its broadcasting business.