Mirrativ Inc. announced its full-year consolidated financial results for the fiscal year ending December 2025. Revenues increased 17.9% year-on-year to 7.18 billion yen, a new record high. Operating profit reached 349 million yen, achieving the company’s first full-year profit since its founding. Growth was driven by an expansion of loyal users and increased sales per user. Structural cost improvements, such as reduced payment fees, are also progressing. The introduction of online payments reduced the commission rate from 23% to 17%.
Our financial forecast for the fiscal year ending December 2026 calls for sales of 8.39 billion yen. Operating profit is expected to reach 1.109 billion yen, more than three times the previous fiscal year. With an increasing number of loyal users, we expect revenue to increase by 1.2 billion yen. The marginal profit ratio (profit ratio after subtracting variable costs from sales) for the app business is over 70%. We plan to maintain discipline in investing in new businesses at the same level as last year.
Its flagship platform, Mirrativ, is a service that allows users to live-stream games using just a smartphone. Its 3D avatars, “EmoMo,” and “Live Games,” have generated a high level of interaction. These have driven improvements in revenue indicators and supported growth. The strength of the business lies in its structure, which allows revenue to accumulate over a long period of time from user registration. Furthermore, the low cost of returning revenue to streamers allows for high profit margins. Partnerships with game companies also keep customer acquisition costs low.
The company will also accelerate support for streamers active on external platforms. The company defines this as a “streamer platform business.” Individual VTubers account for over 40% of global viewing time. The company sees this as a vast market opportunity and intends to strengthen its support. iBlade, which it acquired in 2024, owns a network of over 1,000 VTubers. The company is also collaborating with Cascode, which operates a streaming support tool, and is beginning to see results in promotions and other areas in the B2B field. Going forward, the company will also consider live music events, merchandise production, and fintech.
As a company-wide initiative, we are actively promoting the introduction of AI. We are providing AI tools to all full-time employees and encouraging their use in their work. We are also making progress in automating our infrastructure and streamlining the development of live games. We plan to continue expanding our support for streamers through M&A and other means.
reference
https://www.mirrativ.co.jp/ir/
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