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GungHo Business Report Vol. 34
GungHo Online Entertainment focuses on long-term growth through a four-pillar strategy: maximizing existing values, creating new values, partner publishing, and subsidiary business operations.
- GungHo reported 17.2 billion yen in operating income for the first half of 2021, supported by consistent user engagement across mobile and console platforms.
- The flagship Puzzle & Dragons series has reached over 90 million global downloads, serving as a primary pillar for the company's long-term revenue strategy.
- Subsidiary GRAVITY is driving international growth through the Ragnarok franchise, highlighted by the launch of Ragnarok Origin in Japan and the expansion of Ragnarok X: Next Generation in Southeast Asia.
The Gaming Industry: 2019
The global gaming landscape in 2019 generated significant revenue across multiple platforms, with mobile gaming leading the market at 54.9 billion dollars, followed by console games at 47.9 billion dollars and computer games at 32.2 billion dollars.
- Mobile gaming dominated the 2019 market with $54.9 billion in revenue, followed by console gaming at $47.9 billion and computer gaming at $32.2 billion.
- Multiplayer experiences account for 53% of total play time, with adventure, strategy, and first-person shooters identified as the most popular genres.
- Financial barriers are the primary obstacle to monetization, as 45% of users cite high costs as the reason they do not purchase games, leading many to rely on torrent downloads.
COLOPL Report 2025: Integrated Report
COLOPL is currently executing a strategic pivot to restore profitability and secure a position among the top 20 global mobile gaming companies.
- COLOPL returned to profitability in fiscal year 2025, reporting 25.9 billion yen in net sales and 1.0 billion yen in operating profit.
- The company has set long-term financial targets of at least 100 billion yen in net sales and 50 billion yen in operating profit, driven by aggressive overseas expansion.
- Strategic growth is supported by a portfolio of 1,055 patents and a dual-pronged approach that balances original IP with subsidiaries like MAGES. Inc. and Brilliantcrypto.
Koei Tecmo Holdings Integrated Report 2023
Koei Tecmo Holdings aims to establish itself as the world’s leading digital entertainment company by synthesizing creative innovation with disciplined financial management.
- Koei Tecmo achieved record-high sales of 78.4 billion yen in fiscal year 2022, more than doubling the 37.6 billion yen reported in 2013.
- The company maintains a 50% total distribution ratio for shareholders, supported by a conservative financial policy of expensing all development costs as they occur to avoid future impairment losses.
- Operational stability is bolstered by an industry-leading 4.6% employee turnover rate, attributed to competitive compensation and comprehensive training programs.
Koei Tecmo Holdings Integrated Report 2025
Koei Tecmo Holdings is executing a comprehensive strategic transformation aimed at establishing the firm as a top-10 global digital entertainment company by operating profit within the next decade.
- Koei Tecmo aims to become a top-10 global digital entertainment company by operating profit within a decade, targeting a cumulative operating profit of 100 billion yen under its 4th Medium-Term Management Plan (FY2025–2027).
- The company is undergoing a major organizational expansion, planning to nearly double its workforce from approximately 2,600 to 5,000 employees.
- Koei Tecmo has maintained an operating profit ratio exceeding 30% for eight consecutive years and holds net assets of 189.42 billion yen as of FY2024.
Koei Tecmo Holdings Integrated Report 2026
Koei Tecmo Holdings is executing a comprehensive long-term strategy to ascend into the ranks of the world’s top ten digital entertainment companies within the next decade.
- Koei Tecmo aims to become a top-ten global digital entertainment company within a decade, supported by a portfolio of over 300 intellectual property assets.
- The company maintains high financial performance with operating profit margins exceeding 30 percent, recording 88.4 billion yen in net sales and 37.2 billion yen in operating profit for fiscal year 2025.
- The core growth strategy involves transitioning to a self-publishing model, underpinned by investments in global infrastructure and the proprietary KATANA ENGINE technology.
Kadokawa Integrated Report 2026
Kadokawa’s fiscal year ending March 2026 reflects a period of significant financial recalibration, characterized by a 1.8% increase in revenue to 282.9 billion yen alongside a 51.3% decline in operating profit to 8.1 billion yen.
- Kadokawa aims to reach 400 billion yen in revenue and 380 billion yen in operating profit by 2032 under a new medium-term management plan.
- Fiscal year 2026 performance saw revenue rise 1.8% to 282.9 billion yen, while operating profit dropped 51.3% to 8.1 billion yen due to cyberattack recovery costs and impairment charges.
- The company is targeting 100 billion yen in international revenue by 2032, which would account for 25% of total sales.
Kadokawa Integrated Report 2024
The Kadokawa Group’s strategic trajectory centers on a "Global Media Mix with Technology" model, which seeks to maximize the lifetime value of its intellectual property by integrating publishing, animation, gaming, and web services.
- Kadokawa aims to reach 340 billion yen in net sales and 34 billion yen in operating profit by 2027 by scaling annual IP output from 5,900 works to 7,000.
- Fiscal year 2023 operating profit fell 28.8% to 18.45 billion yen due to increased strategic investments and the lack of a major gaming title, leading to a new target of 12% or higher return on equity.
- Following a June 2024 ransomware attack that compromised the data of over 254,000 individuals, the company is overhauling its cybersecurity infrastructure and risk management protocols.
Kadokawa Integrated Report 2025
The KADOKAWA Group’s 2025 strategy centers on a Global Media Mix model, which seeks to maximize the lifetime value of intellectual property by integrating publishing, animation, gaming, and education.
- The Kadokawa Group utilizes a 'Global Media Mix' strategy that converts intellectual property (IP) across books, animation, and games, supported by an archive of over 130,000 titles and the creation of 5,500 new titles annually.
- FromSoftware, a key subsidiary, has achieved significant commercial success with the 'Elden Ring' franchise, which has shipped over 30 million units worldwide, alongside the 'Shadow of the Erdtree' expansion exceeding 10 million units.
- The company is aggressively expanding its digital manga presence, notably through the 'KADOCOMI' portal, which reached 1.5 million cumulative downloads and 722 serialized titles as of August 2025.
MTG Capital Markets Day 2025: Spotlight Session AI
Artificial intelligence is fundamentally reshaping the game development lifecycle at MTG, transitioning from initial creative ideation to the management of global live operations.
- MTG is integrating generative AI across its studio network to accelerate production timelines and improve developer productivity.
- AI-assisted art production has reduced 3D modeling time by 20% and improved sketch-to-final workflows by up to 50%.
- Engineering teams at MTG have increased code writing speeds by 10% and accelerated documentation creation by four to five times.
MTG Capital Markets Day 2025
MTG’s 2025 Capital Markets Day presentation outlines a strategic roadmap for sustained growth, operational efficiency, and value creation within the global mobile gaming sector.
- MTG has achieved an LTM revenue of approximately SEK 6.1 billion as of Q2 2025, following the acquisition of Plarium which doubled the company's size.
- The company is targeting medium-term organic revenue growth of 3% to 7% and an adjusted EBITDA margin exceeding 24%.
- MTG generated SEK 1.275 billion in normalized unlevered free cash flow and has launched a new SEK 400 million share repurchase program.
Acquisition: Versus Evil and Red Cerberus
TinyBuild Inc. has finalized the acquisition of Versus Evil, a global video game publisher, and Red Cerberus, a Brazil-based AAA-grade service provider.
- TinyBuild Inc. acquired publisher Versus Evil and service provider Red Cerberus for a total maximum consideration of $31.3 million, consisting of $12.5 million in upfront cash and up to $18.8 million in deferred share-based payments.
- The acquisition is projected to be marginally accretive in 2021 and approximately 10% accretive to earnings in 2022.
- The combined entities generated $12 million in revenue with an EBITDA loss of $0.2 million during the 2020 fiscal year.