Library | Game Industry Library

Japan

Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending December 31, 2021: Japanese GAAP

KLab Inc. reported a significant downturn in financial performance for the first half of the fiscal year ending December 31, 2021. Revenue fell by 22.6% year-over-year to 12.3 billion yen, resulting in an operating loss of 842 million yen and a net loss attributable to owners of the parent of 1.7 billion yen. This represents a sharp reversal from the same period in 2020, which saw a modest profit. The decline was primarily driven by a contraction in the core game business, where revenue dropped from 15.8 billion yen to 12.1 billion yen. The financial results were further impacted by substantial extraordinary losses, specifically a 1.54 billion yen impairment loss. This follows a previous impairment of goodwill in the research and consulting segment during the prior year. Consequently, the company’s total assets decreased from 23.5 billion yen at the end of 2020 to 21.0 billion yen by June 30, 2021. Despite these losses, the company maintained a stable equity ratio of 70.1%. Geographically focused on the Japanese market and listed on the Tokyo Stock Exchange, the company revised its full-year forecasts to reflect ongoing volatility. Projections for the fiscal year end suggest a wide range of potential outcomes, with revenue expected between 27 billion and 32 billion yen and net results ranging from a 1.3 billion yen loss to a 200 million yen profit. No dividends were paid or forecasted for the period. The data was prepared in accordance with Japanese GAAP and covers the consolidated performance of the parent company and its subsidiaries.

investment market-analysis japan+1

KLabAug 2021

Financial

Consolidated Financial Results for the Three Months Ended June 30, 2021

Mixi, Inc. reported consolidated financial results for the first quarter of the fiscal year ending March 31, 2022, covering the period from April 1, 2021, to June 30, 2021. The data reveals a year-on-year decline across primary financial metrics. Net sales reached ¥28,366 million, a 3.4% decrease from the previous year, while operating income fell 19.4% to ¥6,011 million. Profit attributable to owners of the parent dropped 17.7% to ¥4,054 million. Despite these declines, the company maintains a strong financial position with an equity ratio of 85.6% and total assets valued at ¥217,762 million. The Digital Entertainment Business remains the primary revenue driver, contributing ¥22,596 million in sales, largely through the flagship title Monster Strike. However, segment profit for this division decreased from ¥12,482 million to ¥10,586 million year-on-year. The Sports Business saw a significant revenue increase to ¥4,047 million but continued to operate at a loss of ¥681 million. The Lifestyle Business showed improvement, turning a profit of ¥159 million compared to a loss in the prior year. A significant accounting change occurred during this period with the adoption of the Accounting Standard for Revenue Recognition. This impacted how revenue is recognized for Monster Strike, shifting from the point of in-game currency consumption to a recognition model based on the estimated period of character use. While this change led to a ¥667 million increase in beginning retained earnings, its impact on the current quarter's operating income was minimal. Looking ahead, the full-year forecast for the fiscal year ending March 31, 2022, remains unchanged, with net sales projected between ¥115,000 million and ¥120,000 million. This forecast anticipates a substantial year-on-year decrease in profitability, with operating income expected to fall between 34.6% and 47.7%. The company also confirmed a planned annual dividend of ¥110 per share.

investment market-analysis japan+1

mixiAug 2021

Presentation

3Q FY2021 Presentation Material: April to June 2021

CyberAgent experienced exceptional financial growth during the third quarter of fiscal year 2021, covering the period from April to June. Consolidated sales reached 192.2 billion yen, representing a 70.3% year-over-year increase, while operating profit surged more than fivefold to 44.5 billion yen. This performance was primarily catalyzed by the Game business, specifically the massive commercial success of Uma Musume Pretty Derby. The title surpassed nine million downloads within five months of its launch, driving segment sales up by 151.7% and operating profit by over 480%. The success of this intellectual property has further expanded into a multi-media franchise encompassing anime, music, and live events, prompting an upward revision of full-year forecasts to 650 billion yen in sales and 100 billion yen in operating profit. The media segment, led by the streaming platform ABEMA, also demonstrated significant momentum with quarterly sales more than doubling to 10.5 billion yen. Weekly Active Users reached a peak of 14.9 million, supported by high-profile sports broadcasting and original content. A critical component of this segment's monetization strategy is the WINTICKET online betting service, which saw transaction volumes grow 5.5 times year-over-year to 39.3 billion yen through strategic integration with ABEMA’s programming. Beyond current hits, the strategic focus remains on technological innovation and pipeline development. The advertising business reported high adoption rates for AI-driven creative tools, while the gaming division is preparing for future growth with high-profile upcoming titles based on the Final Fantasy VII and Jujutsu Kaisen franchises. These results indicate a robust diversification strategy where high-performing gaming assets and integrated media services drive record-breaking financial outcomes across the Japanese market.

market-analysis advertising game-publishing+1

CyberAgentJul 2021

Financial

FY2021 Third Quarter Consolidated Financial Results (Japanese GAAP)

CyberAgent’s consolidated financial results for the third quarter of fiscal year 2021, ending June 30, 2021, reveal a period of significant growth and upward momentum. Net sales reached ¥486.7 billion, a 36.1% increase year-on-year, while operating income surged by 171.9% to ¥77.5 billion. Profit attributable to shareholders of the parent saw the most dramatic rise, increasing 462.1% to ¥33.0 billion. This performance was driven primarily by the Game Business and the Internet Advertisement Business, leading the company to revise its full-year earnings and dividend forecasts upward. The Game Business served as a primary growth engine, with net sales rising 59.5% to ¥186.3 billion and operating income jumping 196.4% to ¥68.6 billion, largely due to the significant contribution of a new game title. The Internet Advertisement Business also achieved record-high net sales of ¥239.1 billion, up 17.0%, benefiting from a steadily expanding smartphone advertising market. While the Media Business, including ABEMA, reported an operating loss of ¥11.2 billion, this represented an improvement over the previous year’s loss as the company continues to invest in the platform as a long-term strategic pillar. Geographically focused on the Japanese market, the results reflect a cumulative nine-month period. The company’s financial position strengthened, with total assets increasing to ¥343.7 billion, supported by a four-for-one stock split executed in April 2021. Based on these results, CyberAgent raised its full-year sales forecast to ¥650 billion and its operating income forecast to ¥100 billion. The company also increased its year-end dividend forecast to ¥11 per share to maintain a Dividend on Equity (DOE) ratio of 5% or more, signaling confidence in its continued capital efficiency and business growth.

investment market-analysis japan

CyberAgent, Inc.Jul 2021

Financial

FY2021 Third Quarter Financial Results

GREE’s financial results for the third quarter of fiscal year 2021 reflect a period of significant profitability growth driven by new product launches and rigorous cost management. The company reported net sales of ¥13.9 billion and an operating income of ¥1.7 billion, which surpassed internal forecasts. Net income reached ¥5.1 billion, bolstered by gains from investment fund operations. This performance represents a substantial quarter-on-quarter increase in operating income of ¥1.2 billion, attributed to the successful January 2021 launch of Assault Lily: Last Bullet and a strategic reduction in advertising and variable costs. The operational scope centers on the Japanese mobile gaming market with expanding global distribution across North America, Europe, and Asia. The game business remains the primary revenue driver, supported by mainstay titles like Another Eden and SINoALICE. Beyond core gaming, the company is diversifying through its Live Entertainment segment, specifically the REALITY virtual distribution app, and its advertising and media platforms, aumo and LIMIA. The development pipeline remains active with multiple titles scheduled for 2021 release, including Heaven Burns Red and a third-party distributed title based on the That Time I Got Reincarnated as a Slime IP. Financial stability is underscored by a robust balance sheet featuring ¥94 billion in cash and cash equivalents. The company has demonstrated a commitment to shareholder returns through a ¥12 billion stock repurchase program and a planned dividend of ¥11 per share. Despite a slight year-on-year decline in total net sales, the transition toward higher-margin internal IP and improved operational efficiency—evidenced by a reduction in consolidated headcount to 1,589—has strengthened the overall profit structure. Management maintains a positive outlook for the remainder of the fiscal year, expecting continued growth in operating and net income.

investment market-analysis japan+1

GREEMay 2021

Financial

Summary of Main Supplementary Explanations Q&A at the FY2021 Third Quarter GREE Results Briefing

The FY2021 third-quarter financial results briefing for GREE highlights a strategic focus on stabilizing the game business while leveraging diversified investment income to fuel future growth. Management projects a positive sales trajectory over the medium-to-long term, driven by a robust pipeline of new mobile game titles scheduled for release in FY2022 and beyond. This growth strategy is underpinned by a commitment to operational excellence and a core development philosophy centered on game engines, intellectual property, and global expansion. By securing business deals with more favorable terms and refining internal structures, the organization aims to broaden its overall profitability margins within the competitive app market. Financial performance for the period was significantly bolstered by investment activities, including gains from venture capital partnerships in Japan and overseas, as well as the consolidation of the corporate venture capital subsidiary STRIVE Inc. Additional revenue was generated through the sale of investment securities from unlisted companies. While these investment returns are subject to short-term volatility, the long-term outlook remains sustainable due to a diversified portfolio managed over extended periods. Capital derived from these investment gains is earmarked for reinvestment into core business operations and shareholder returns, maintaining a balanced approach to capital allocation. Looking toward the immediate future, the outlook for the fourth quarter of FY2021 remains steady with an expected operating income of approximately 1.0 billion yen. This projection reflects a transition period as the company prepares for its upcoming release cycle. The overall strategy emphasizes a shift toward high-quality IP and global scalability to ensure that the game segment remains a primary engine for value creation alongside the increasingly influential investment arm.

market-analysis investment japan+2

GREEMay 2021

Financial

Consolidated Financial Results for the Fiscal Year Ended March 31, 2021

Mixi, Inc. achieved significant financial growth during the fiscal year ended March 31, 2021, characterized by a 6.4% increase in net sales to ¥119.3 billion and a substantial 45.8% rise in profit attributable to owners, totaling ¥15.6 billion. This performance was underpinned by a surge in net cash from operating activities, which nearly doubled to ¥34.7 billion. The company’s liquidity remains exceptionally strong, concluding the period with ¥149.8 billion in cash and cash equivalents. This robust capital position supported a stable dividend of ¥110 per share and the authorization of a ¥10 billion share repurchase program intended to enhance capital efficiency. Strategic realignments and acquisitions defined the corporate landscape during this period. The group restructured its operations into three core segments: Digital Entertainment, Sports, and Lifestyle. Following the finalized accounting for acquisitions such as Chiba Jets Funabashi and Net Dreamers, the company reallocated significant costs toward customer-related intangible assets. Expansion into the sports and hospitality sectors continued post-period with the acquisition of a 20.02% stake in HUB CO., LTD. for approximately ¥1 billion, signaling a commitment to diversifying the portfolio beyond traditional digital gaming. Despite the strong historical performance, the outlook for the 2022 fiscal year remains conservative. Projections indicate a potential contraction in profitability, with operating income and net profit forecasted to decline by as much as 47.7% and 45.8%, respectively. This cautious guidance suggests that while the company successfully navigated the previous year's market conditions and improved its cash flow through disciplined investing and operational growth, it anticipates significant headwinds or increased investment requirements that may impact short-term earnings.

investment funding japan+1

mixiMay 2021

Financial

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending December 31, 2021

KLab Inc. reported a significant downturn in financial performance for the first quarter of the fiscal year ending December 31, 2021. Revenue fell 13.8% year-over-year to 6.39 billion yen, resulting in an operating loss of 505 million yen compared to a small profit in the previous year. The company’s bottom line was further impacted by a substantial extraordinary loss of 1.54 billion yen due to impairment losses on software within the Game Business segment. Consequently, the loss attributable to owners of the parent widened to 1.38 billion yen, or 35.96 yen per share. The report covers the Japanese mobile gaming market for the three-month period from January 1 to March 31, 2021. Despite the quarterly losses, the company maintained a solid equity ratio of 72.0%, though total assets decreased from 23.4 billion yen to 21.1 billion yen. Management revised its full-year forecasts to reflect a range of potential outcomes, projecting annual revenue between 27 billion and 32 billion yen, with results potentially varying from a net loss of 1.3 billion yen to a modest profit of 200 million yen. Strategic shifts highlighted include an aggressive expansion into the casual gaming sector to achieve sustainable mid-to-long-term growth. This strategy was underscored by the subsequent acquisition of GlobalGear Co., Ltd. in April 2021, a developer known for high-volume title releases and hit games with over 10 million downloads. Additionally, the board authorized a share repurchase program of up to 900,000 shares to improve capital efficiency and shareholder value. These results were prepared in accordance with Japanese GAAP and reflect consolidated performance across the company's core gaming and research segments.

investment market-analysis market-forecast+2

KLabMay 2021

Presentation

2Q FY2021 Presentation Material: January to March 2021

CyberAgent experienced exceptional financial growth during the second quarter of fiscal year 2021, characterized by a 26.6% year-over-year increase in consolidated sales to 163.4 billion yen and a doubling of operating profit to 25.8 billion yen. This performance was primarily catalyzed by the Game business, which achieved record-high quarterly sales of 63.9 billion yen. The massive success of Uma Musume Pretty Derby, which secured over five million downloads within its first 45 days, served as the primary engine for this expansion. Coupled with the strong performance of titles like NieR Re[in]carnation and a robust pipeline including Final Fantasy VII Ever Crisis, the company significantly upgraded its full-year forecasts, raising sales targets to 600 billion yen and nearly doubling its projected operating profit range. The media segment, centered on the ABEMA platform, demonstrated significant scale despite ongoing operating losses of 3.4 billion yen. Sales for the segment grew 1.4 times year-over-year, reaching 19.8 billion yen, bolstered by the rapid expansion of the online betting service WINTICKET. Transaction volumes for WINTICKET surged 9.1 times annually to 31.9 billion yen, highlighting a successful diversification of revenue streams beyond traditional advertising. Weekly active users remained stable at approximately 12 million, supported by a strategic mix of original dramas, variety content, and anime. To sustain this momentum, the organization is prioritizing digital transformation and cross-media strategies. The Internet Advertisement business reached record-high performance levels, while ABEMA is undergoing a comprehensive user interface redesign to better integrate linear and on-demand viewing. These initiatives, combined with AI-driven operational efficiencies, aim to transition the media segment toward long-term monetization while maintaining the high-growth trajectory established by the gaming and advertising divisions within the Japanese market.

market-analysis advertising japan

CyberAgentApr 2021

Financial

Financial Results: For the Fiscal Year Ending March 2021

Koei Tecmo achieved record-breaking financial performance during the fiscal year ending March 2021, characterized by a 41.6% increase in net sales to ¥60.37 billion and a 93.1% surge in net profit to ¥29.55 billion. This growth was primarily catalyzed by the Entertainment segment, where overseas sales nearly doubled and mobile revenue rose by 80.9%. Success was driven by high-profile releases such as Hyrule Warriors: Age of Calamity and the strategic licensing of core intellectual properties, particularly the Romance of the Three Kingdoms series, which bolstered the company’s presence in the global smartphone market. The strategic framework relies on a multi-layered revenue cycle that maximizes the lifecycle of established intellectual property through cross-platform expansion and international collaborations. By leveraging console-originated IP into mobile spin-offs and licensing agreements, the company has reached 99 million cumulative downloads with a 70% overseas ratio. The successful establishment of the Nioh franchise, which reached 5 million units sold, serves as a blueprint for future growth. The medium-term management plan through fiscal year 2023 targets ¥90 billion in sales and ¥30 billion in operating profit, supported by the development of new high-budget IP and a robust pipeline of smartphone titles. For the upcoming fiscal year, projections indicate a 7.7% increase in total net sales to ¥65 billion, though net profit is expected to moderate slightly to ¥26.5 billion due to increased competition and shifting market conditions. While overseas console unit sales are forecasted to decline, a 14.5% increase in digital downloads and mobile engagement is expected to offset these losses. The company remains committed to a shareholder-focused financial policy, maintaining a 50% consolidated payout ratio while reinvesting in global IP expansion to ensure long-term sustainability across the Japanese and international markets.

market-analysis investment japan

KOEI TECMO HOLDINGS CO., LTD.Apr 2021

Financial

FY2021 Second Quarter Consolidated Financial Results (Japanese GAAP)

CyberAgent experienced substantial financial expansion during the first half of fiscal year 2021, characterized by a 20.3% increase in net sales to ¥294.5 billion and a 62.8% surge in operating income to ¥32.9 billion. This growth trajectory was primarily fueled by record-breaking performance in the Internet Advertisement Business and a transformative period for the Game Business. The gaming segment saw net sales reach ¥93.9 billion, while segment income rose to ¥24.3 billion, representing a 56.5% increase in operating income following the successful market entry of two major new titles. These gains effectively offset continued strategic investments in the ABEMA media platform, demonstrating the company's ability to balance long-term ecosystem development with immediate profitability. The robust financial results prompted an upward revision of full-year earnings and dividend forecasts, with the year-end dividend set at 10 yen per share to uphold a Dividend on Equity ratio of at least 5%. Profit attributable to owners of the parent more than doubled to ¥13.7 billion, reinforcing a strong consolidated balance sheet that features over ¥100 billion in cash and total assets of ¥300.4 billion. To further enhance market accessibility and share liquidity, a four-for-one stock split was implemented in April 2021, bringing the total number of issued shares to 505.7 million and necessitating adjustments to the conversion prices of outstanding convertible bonds. Geographically focused on the Japanese market during the second quarter of the 2021 fiscal year, the findings highlight a period of high operational efficiency and successful product launches. The synergy between the established advertising business and the high-margin gaming division has provided the capital necessary to sustain heavy investments in intangible assets and securities. This strategic positioning suggests a transition toward a more diversified digital entertainment and media conglomerate, supported by a solid financial foundation and a commitment to shareholder returns through both dividends and improved stock liquidity.

investment market-analysis japan

CyberAgent, Inc.Apr 2021

Report

Market Snapshot: Q1 2021 US, China & Japan

The mobile gaming market in the first quarter of 2021 demonstrated regional divergence in genre performance, with the United States remaining relatively stable while China and Japan experienced notable shifts in market share. In the US, simulation games continued to grow, and Roblox Corporation solidified its position as the top-grossing publisher. Conversely, Japan saw a decline in RPG market share alongside a significant rise in sports titles, driven by the breakout success of Cygames’ Uma Musume Pretty Derby. China’s market moved away from traditional RPG and strategy dominance, favoring a surge in shooter games. Data analysis reveals distinct trends in monetization and feature implementation across these regions. Collectible albums have become a staple in the US, utilized by over 70% of top-grossing games. In Japan, battle pass mechanics are gaining traction, appearing in over 25% of top-grossing titles. Meanwhile, Chinese developers have doubled the year-over-year utilization of special gacha mechanics, which now appear in 30% of top-grossing games. Social features, particularly guild mechanics and co-op modes, remain essential for retention across puzzle, RPG, and strategy genres. The analysis utilizes a proprietary genre taxonomy and a motivation framework to categorize player archetypes. In the US market, the top 200 grossing games primarily appeal to five distinct archetypes, with a rising trend toward the Skill Master archetype, indicating an increased consumer appetite for competitive gameplay that rewards reflexes and skill. These findings are based on iOS market performance data, publisher share metrics, and an evaluation of soft-launch titles, providing a comprehensive view of the mobile landscape during the transition from late 2020 to early 2021.

market-analysis mobile usa+2

GameRefineryApr 2021

Financial

Consolidated Financial Results for the Nine Months Ended December 31, 2020

Mixi, Inc. reported significant growth in its consolidated financial results for the first nine months of the fiscal year ending March 31, 2021. Net sales reached ¥87,737 million, a 21.2% increase over the same period in the previous year. Profitability saw a substantial recovery, with operating income rising 405.9% to ¥15,461 million and profit attributable to owners of the parent reaching ¥10,433 million, compared to just ¥402 million in the prior year. This performance was driven largely by the Digital Entertainment Business, which generated ¥74,027 million in sales and ¥31,731 million in segment profit. The company restructured its reporting segments during this period to reflect its evolving portfolio, now categorizing operations into Digital Entertainment, Sports, and Lifestyle businesses. While Digital Entertainment remains the primary profit driver, the Sports Business saw a significant revenue increase to ¥8,866 million, though it recorded a segment loss of ¥4,448 million. The Lifestyle Business neared break-even with a minor loss of ¥22 million on sales of ¥4,843 million. Financial stability remains high, with an equity ratio of 84.5% and cash and deposits increasing to ¥144,240 million. The results also reflect the finalization of provisional accounting for the acquisitions of Chiba Jets Funabashi Co., Ltd. and Net Dreamers Co., Ltd. These adjustments led to a significant reallocation of acquisition costs from goodwill to customer-related intangible assets. Looking forward, the full-year forecast anticipates net sales of ¥120,000 million and a profit of ¥13,000 million. The company maintained its annual dividend forecast at ¥110 per share, signaling confidence in its cash flow and long-term financial position despite the inherent volatility of the entertainment sector.

investment market-analysis japan+1

mixiFeb 2021

Financial

Summary of Main Supplementary Explanations Questions and Answers at the FY2021 Second Quarter GREE Results Briefing

GREE’s financial performance for the second quarter of fiscal year 2021 reflects a period of stabilization following previous growth surges. Revenue and profit experienced a quarter-on-quarter decline primarily due to the normalization of coin consumption for SINoALICE following its global launch phase, alongside seasonal performance fluctuations in other mainstay titles. Despite these headwinds, the company projected a recovery in the third quarter, anticipating an operating income of approximately 1.0 billion yen driven by the contribution of a new mobile application. The geographic and operational scope of the business highlights a strategic focus on the Chinese market and the evolving metaverse space. While distribution of titles in China has met internal expectations, the profit-sharing model with local partners limits the impact on top-line sales compared to in-house developed titles. Consequently, these international ventures are not yet expected to significantly shift companywide earnings. Regarding the broader market environment, the stay-at-home trends associated with the COVID-19 pandemic resulted in increased gameplay time for some users but did not yield a material impact on overall financial results. Growth strategy is increasingly centered on the REALITY platform, which has seen sustained demand for online communication and real-time social networking services since early 2020. Management intends to prioritize capital allocation toward business growth and maintaining cash reserves appropriate for the industry's volatility. Shareholder returns remain a secondary but consistent focus, with a policy targeting a consolidated dividend payout ratio of at least 20% and a dividend on equity ratio of approximately 2%, supplemented by opportunistic share repurchases. This approach balances aggressive investment in emerging digital communication platforms with disciplined financial management.

market-analysis monetization player-behavior+2

GREEFeb 2021

Financial

Summary of Financial Results for Fiscal Year Ending December 31, 2020 (Japanese GAAP) (Consolidated)

KLab Inc. achieved a resilient financial performance for the fiscal year ending December 31, 2020, characterized by a 9.1% year-on-year revenue increase to 33.95 billion yen. This growth was primarily driven by the sustained success of core intellectual properties within the Game Business segment, including titles such as BLEACH Brave Souls, Captain Tsubasa: Dream Team, and Love Live! School Idol Festival ALL STARS. Strategic expansions into the Steam platform and broader Asian markets allowed legacy titles to reach significant milestones, such as 50 million downloads, while the implementation of subscription models and in-game advertising further diversified the revenue base. Profitability metrics showed significant improvement, with operating income rising 28.4% to 2.15 billion yen. This increase was largely facilitated by a reduction in selling, general, and administrative expenses, specifically through optimized public relations and promotional spending. Net income attributable to owners of the parent doubled year-over-year to 767 million yen, effectively increasing earnings per share from 10.20 yen to 20.08 yen. These gains occurred despite external pressures, including a substantial foreign exchange loss of 670.8 million yen and costs associated with goodwill amortization. The company concluded the fiscal year with a strengthened liquidity position, reporting 8.01 billion yen in cash and equivalents. This financial stability was supported by robust operating cash flows of 3.98 billion yen and successful financing activities. Despite the global economic volatility introduced by the COVID-19 pandemic, the transition to telecommuting and multi-platform development strategies ensured operational continuity. Looking forward, revenue for the 2021 fiscal year is projected to remain stable between 33 and 35 billion yen, reflecting a conservative yet steady outlook for the Japanese and international mobile gaming markets.

market-analysis investment japan+1

KLabFeb 2021

Financial

FY2021 Second Quarter Financial Results

GREE’s financial results for the second quarter of fiscal year 2021 reflect a period of strategic international expansion and new title launches amidst a slight contraction in overall revenue. Net sales reached ¥13.7 billion, representing a decrease from the ¥15.2 billion recorded in the previous quarter. Operating income stood at ¥0.6 billion, down from ¥1.6 billion in the first quarter, primarily due to a seasonal decline in game business sales and increased fixed costs. Despite these declines, net income rose significantly to ¥3.0 billion, bolstered by profits from investment fund operations. The operational focus centered on the global distribution of key intellectual properties and the growth of the live entertainment segment. Major milestones included the January 2021 release of Assault Lily: Last Bullet and the November 2020 launch of Another Eden in China through partnerships with platforms like Bilibili and TapTap. While coin consumption in established titles like SINoALICE saw a decline following previous peaks, the company maintained a robust development pipeline with plans to release two to three in-house titles annually, including upcoming projects like Heaven Burns Red. Beyond core gaming, the live entertainment segment expanded through the REALITY virtual distribution app, which received recognition in the Google Play Best of 2020 awards. The company also utilized its advertising and media platforms, such as aumo and LIMIA, to capitalize on domestic trends like the GoTo travel campaign. To enhance shareholder value, GREE implemented a significant stock repurchase program, acquiring approximately 7.14 million shares for ¥4.1 billion as of January 2021. The company maintains a strong liquidity position with ¥89.1 billion in cash and cash equivalents, supporting its outlook for firm profits driven by global operations.

market-analysis investment japan

GREEFeb 2021

Report

Market Snapshot: Q2 2021 US, China & Japan

The snapshot presents a Q2 2021 mobile‑games market analysis across the United States, China, and Japan, focusing on genre dynamics, publisher performance, feature‑update cadence, and player motivations. In the U.S., strategy titles have risen to parity with puzzle and casino genres, while puzzle share has slipped; in Japan, sports dominate and continue to grow, whereas RPGs decline. China shows a reversal from Q1, with RPG regaining share and shooters falling. Supercell’s resurgence is highlighted by the strong performance of Clash of Clans and Clash Royale, pushing its market share above King’s; Cygames captures over 9 % of Japan’s market with Umamusume Pretty Derby, and Leiting Games nearly doubles its share in China. Feature‑update frequency has increased 37 % YoY, with strategy games leading at a 208 % rise. Live events and limited‑time IAP offers have surged 143 % and 122 %, respectively, becoming key engagement tools across puzzle, RPG, and strategy titles. The report also maps player archetypes to motivations: skill‑masters dominate competitive PvP, shooters and sports appeal mainly to men aged 25–44 seeking fast‑paced action, while casino games attract older players drawn to jackpot thrills and collectible mechanics. Methodologically, the analysis draws on iOS revenue data, publisher share tables, and a proprietary motivation survey of 7 000 English‑speaking mobile gamers. The findings underscore shifting genre preferences, the importance of frequent content updates, and nuanced player motivations that inform monetization strategies.

market-analysis china japan+1

GameRefineryJan 2021

Report

Survey on Games and Daily Life: Japan

The survey was launched to deepen understanding of how gaming activities intersect with everyday life in Japan and to inform strategies for mitigating “gaming disorder,” a condition recently classified by the World Health Organization. Its overarching aim is to promote healthier gaming habits across a broad spectrum of participants, ranging from casual players to professional gamers and students enrolled in specialized esports training programs. Fieldwork took place in February 2021 and targeted three distinct groups: active professional gamers, individuals attending dedicated esports academies, and the general gaming public. Data were collected through an online questionnaire distributed via email by the research team and Cross‑Marketing, with respondents directed to a secure response site. To encourage participation, incentives varied from ¥500 to ¥2,000 Quo‑card vouchers, supplemented by point awards for panel members of the survey firm. The investigation was coordinated by the Social Psychology Laboratory at Ochanomizu University, under the leadership of Professor Akira Sakamoto, with operational support from Cross‑Marketing and endorsement from the Japan eSports Union (JeSU). Although specific results are not disclosed in the excerpt, the study’s design reflects a comprehensive, mixed‑audience approach intended to generate actionable insights for policy makers, health professionals, and the esports industry regarding responsible gaming practices in Japan.

player-demographics player-behavior market-analysis+1

CESA – Computer Entertainment Supplier's AssociationJan 2021

Report

Market Snapshot: Q2 2021 US, China & Japan

The mobile gaming market in the second quarter of 2021 experienced notable shifts in genre performance and publisher dominance across the United States, China, and Japan. The primary objective is to provide a comparative analysis of these regional markets, highlighting evolving trends in genre market share, publisher success, and the increasing importance of live-service feature updates. The analysis utilizes a proprietary taxonomy and motivation framework, supported by a survey of over 7,000 mobile gamers in English-speaking western countries, to categorize games and identify player archetypes. Key findings indicate that the United States saw a decline in the Puzzle genre’s market share, while the Strategy genre experienced significant growth. In Japan, the Sports genre continued to gain momentum, largely driven by the success of titles like Umamusume Pretty Derby, while RPGs faced a decline. China exhibited a trend reversal from the previous quarter, with RPG and Strategy genres regaining market share at the expense of Shooters. Publisher performance was marked by strong results from Supercell in the US and Cygames in Japan, while Leiting Games nearly doubled its market share in China. A critical trend identified is the 37% year-over-year increase in feature updates, with Strategy games leading this surge at 208%. Developers are increasingly prioritizing engagement through non-recurring live events and limited in-app purchase offers, which saw frequency increases of 143% and 122%, respectively. These features are becoming essential for retention and monetization across major genres. Furthermore, player motivation data reveals that games appealing to fast-paced action and competitive play continue to dominate the top-grossing charts in the US, with specific archetypes like King of the Hill and Skill Master remaining highly relevant.

market-analysis mobile usa+3

GameRefineryJan 2021

Presentation

1Q FY2021 Presentation Material: October to December 2020

CyberAgent achieved record-high consolidated sales of 131 billion yen during the first quarter of fiscal year 2021, representing a 13.3% year-over-year increase. This growth was primarily propelled by the Media and Advertising segments, offsetting a temporary downturn in the Game business. While the Game segment saw revenue decline 15% to 29.9 billion yen and operating profit drop 77.8% due to seasonal factors and elevated marketing expenditures, the company maintained a strong financial foundation with 252 billion yen in total assets. This performance establishes a solid trajectory toward meeting full-year targets despite the mixed results across different business units. The Media segment emerged as a significant growth engine, with ABEMA driving a 67% surge in revenue to 20.4 billion yen. This expansion was supported by a premium subscriber base exceeding 921,000 users and an elevenfold increase in transaction volume for the WINTICKET platform. To capitalize on this momentum, the company restructured ABEMA into distinct Free and Premium business units. Simultaneously, the Game business prepared for a recovery through the high-profile launches of titles such as Uma Musume Pretty Derby and NieR Re[in]carnation, signaling a strategic focus on high-quality content to stabilize future earnings. Corporate strategy remains centered on governance and technological adaptation within the Japanese market. The organizational structure utilizes a clear distinction between supervision and execution, supported by a board of eight directors that includes significant outside representation. By emphasizing environmental data disclosure and the integration of artificial intelligence within advertising and media functionality, the company aims to align with modern ESG standards. These initiatives, framed within the context of the New Normal, reflect a commitment to long-term sustainability and operational agility in a rapidly evolving digital landscape.

advertising marketing market-analysis+1

CyberAgentJan 2021