Fujisan Magazine Service Co., Ltd.
3138・Standard Market・Retail Trade
Business
Fujisan Magazine Service Co., Ltd. was founded in 2002 and operates as a distribution platform connecting subscribers and publishers for magazine subscriptions through "Fujisan.co.jp." The company handles 13,742 magazine titles with a total of 4,435,640 registered users, and in addition to acting as an intermediary for print magazine subscriptions, it operates a second core business through its subsidiary magaport, which serves as an intermediary for digital magazine all-you-can-read services (accounting for 41.4% of sales), as well as value chain support for publishers (Fujisan VCS). Since 2024, the company has entered the EdTech business (cram schools for entrance exams to elite universities and medical schools) through M&A, aiming to diversify risk associated with its dependence on the magazine publishing market. The company is listed on the Tokyo Stock Exchange Growth Market (to be changed to the Standard Market in March 2026).
Business Model
Main revenue consists of intermediary commissions based on contracted commission rates with publishers (subscription fee × commission rate), and outsourcing fees from the Fujisan VCS all-in-one service, which handles delivery, customer management, and promotion on a consolidated basis. Subsidiary magaport accounts for 41.4% of sales through digital intermediary services for magazine all-you-can-read platforms. The EdTech business generates revenue from tuition and course fees at cram schools. The subscription-based recurring subscription model forms the foundation, with 501,311 recurring-billing users supporting stable revenue.
Company Strengths
"Fujisan.co.jp" carries 13,742 magazine titles, with a total of 4,435,640 registered users (up 123,023 from the previous fiscal year-end) and 501,311 recurring paying users. The magazine subscription renewal rate has been maintained at over 70% on average across handled titles, demonstrating strong subscriber retention capability.
Digital distribution for magazine all-you-can-read services operated by subsidiary magaport has continued to grow steadily, expanding to account for 41.4% of the Group's sales in FY2025 (ending December 2025). This has achieved revenue diversification that partially offsets the impact of the shrinking print magazine market.
Through Fujisan VCS (Value Chain Support), the company undertakes comprehensive outsourced operations for publishers spanning planning, production, sales, delivery, and customer management. Demand for contracted services such as delivery and call centers is increasing, building long-term, multi-layered business relationships with publishers.
ENVALITH's Perspective
Performance Trend
Revenue for 1Q (cumulative) of FY2026 (ending December 2026) was ¥1,466 million (up 3.1% year on year), maintaining slight growth. However, operating profit fell sharply to ¥7 million (down 69.6% year on year), ordinary profit to ¥8 million (down 64.1% year on year), and net loss attributable to owners of the parent was ¥11 million (versus net profit of ¥7 million in the same period last year). Looking at full-year results over the past five fiscal periods, operating profit declined from ¥525 million (FY2021) to ¥163 million (FY2025), a 69% decrease over five years, indicating a continuing structural decline in profitability. As for the external environment, the magazine market continued to contract, down approximately 3.5% year on year. The full-year forecast calls for revenue of ¥6,276 million (up 7.9% year on year) and operating profit of ¥174 million (up 6.9% year on year), projecting growth in both revenue and profit, but the 1Q progress rate stands at 23.4% for revenue versus only 4.0% for operating profit, indicating a plan weighted toward the second half.
Growth Strategy
Overcoming the shrinking magazine market through three pillars: strengthening digital distribution, expanding EdTech, and supporting publishers' DX
Focusing on digital distribution for subscription reading services, the company is developing new service areas leveraging digital magazine resources, including trials of article-unit provision services and entry into the digital library business with Library Distribution Center (Toshokan Ryutsu Center). As of the end of March 2026, it accounted for 42.0% of group revenue, establishing itself as the second pillar of the business.
The company is focusing on expanding Fujisan VCS, which comprehensively handles customer acquisition, management, and delivery upon transfer of management of existing subscription customers from publishers, as well as developing corporate clients. It aims to capture publishers' DX demand and build a highly sticky revenue base.
Revenue expanded to 111.2% year-on-year following the consolidation of Create Kenkyukai as a subsidiary. The Ichigaya campus opened in April 2026 to strengthen new student acquisition. The company aims to enhance brand strength through its track record of admissions to Kyoto University, Hitotsubashi University, and medical schools, establishing its position as a cram school specializing in preparation for highly competitive university entrance exams.
While continuing to curb listing advertisement costs, the company is promoting low-cost acquisition of new and continuing subscribers through SEO measures and retention initiatives. By improving the efficiency of per-unit acquisition costs, it aims to achieve both revenue growth and improved profit margins.
Last updated: July 17, 2026