ReportGREE
Summary of Main Supplementary Explanations Questions and Answers: FY2025 Full-Year Results
3 pages~6 min full read
GREE is shifting its game division strategy to balance post-launch live-service volatility by investing in console titles built on proprietary IP.
See it on page 1The VTuber business has doubled sales per talent since FY2024, supported by a roster of approximately 90 talents and expanded merchandise and advertising channels.
See it on page 2The DX business is transitioning from a one-time project sales model to a recurring revenue structure, with modest growth expected through FY2026.
See it on page 2Platform revenue growth is currently driven by room and gifting monetization, which is offsetting a temporary decline in avatar sales.
See it on page 1Investment activities in FY2026 are expected to experience increased volatility due to fund maturity and potential impairments, though stable income from dividends and performance fees is anticipated.
See it on page 3GREE is leveraging a proven RPG engine to expand its live-service portfolio and expects increased demand for third-party IP adaptations.
See it on page 1GREE Holdings outlines its FY2025 full‑year results and forward strategy across several business segments. In the game division, the company acknowledges the typical post‑launch decline in live‑service titles and counters it by expanding both its live‑service portfolio—leveraging a proven RPG engine—and investing in console games built on proprietary IP to create a steadier earnings base. The company reports multiple recent hit releases and anticipates further inquiries for third‑party IP adaptations, positioning itself to capture high profitability in the live‑service arena.
The platform business remains growth‑oriented, with steady increases in room and gifting revenue offsetting a temporary dip in avatar sales. New avatar features are expected to revive this segment, while the company continues to push other monetization channels. In the VTuber sector, GREE pursues a two‑stage growth model: first expanding its talent roster—now about 90 talents—and then boosting sales per talent through diversified merchandise channels and nascent live‑event advertising. Sales per talent have doubled since FY2024, and the company maintains a balanced portfolio to avoid over‑reliance on any single talent.
The DX business is undergoing a structural shift from one‑time project sales to recurring revenue, with modest growth projected through FY2026 as the transition completes. Investment activities in FY2026 will see increased volatility due to fund maturity and potential impairment, yet the company expects stable income streams from dividends and performance fees. Overall, GREE projects balanced returns while navigating market challenges across its diversified entertainment portfolio.
