ENVALITH
株式会社アミューズ logo

AMUSE INC.

4301・Prime Market・Services

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株式会社アミューズ logo
AMUSE INC.4301

Business

Amuse Inc. is a comprehensive entertainment company founded in 1977. It represents long-term affiliated artists such as Southern All Stars, Masaharu Fukuyama, Gen Hoshino, and Perfume, and operates across three segments: concerts, merchandise, and fan club operations (Event-Related Business); music royalties, video production, and theatrical distribution (Music & Video Business); and talent appearances and commercials (Talent Appearances & Commercials Business). In addition to its domestic operations, the company has overseas subsidiaries in the United States, South Korea, Taiwan, Hong Kong, and China, and is expanding its business into Asia and North America. Operating revenue for FY2026 (ending March 2026) was ¥69,655 million.

Business Model

Through exclusive management contracts with artists, the company consolidates copyrights, neighboring rights, and portrait rights, securing diverse revenue sources including concert admission fees, merchandise sales, fan club membership fees, music royalties, video production contracting, and commercial appearance fees. By internally developing its own EC site "Asmart," fan club sites, and the streaming platform "LIVESHIP (Online Live Streaming Platform)," the company reduces intermediary costs, building a structure aimed at improving profit margins.

Company Strengths

The company maintains ultra-long-term exclusive contracts, including 48 years with Southern All Stars, 41 years with Yuji Miyake, and 38 years with Masaharu Fukuyama. It has a diversified structure in which a temporary decline in revenue from a specific artist can be offset by other artists, enabling medium- to long-term management. In FY2026 (ending March 2026), the company achieved increased profit across all three segments.

The company has brought its EC site "Asmart," fan club sites, and the online live streaming platform "LIVESHIP (Online Live Streaming Platform)" in-house, reducing dependence on external platforms. Merchandise and product revenue for artists outside the group has also expanded, and in FY2026 (ending March 2026), segment profit for the Event-Related Business reached ¥3,199 million, up 277.9% year on year.

Through subsidiaries such as Kyokuto Television Co., Ltd. (contracted program production), Live Viewing Japan Co., Ltd. (live relay broadcasting and streaming), and Taishita Label Music Inc. (music label), the company builds up integrated rights revenue spanning from production to distribution. In FY2026 (ending March 2026), segment profit for the Music & Video Business was ¥1,902 million (up 26.6% year on year).

ENVALITH's Perspective

In FY2026 (ending March 2026), operating profit surged 118.8% year-on-year to ¥6,123 million due to overlapping large-scale tours by Southern All Stars, Gen Hoshino, and others. However, for FY2027 (ending March 2027), the company forecasts a sharp decline in earnings, with operating revenue of ¥55,000 million (down 21.0% year-on-year) and operating profit of ¥2,000 million (down 67.3%), mainly due to the reversal effect from the absence of large-scale concerts and stage performances seen in the prior year. The structure in which performance is heavily influenced by artists' touring cycles remains unchanged, and progress on medium-term revenue-smoothing measures warrants close monitoring.

The operating margin of 8.8% in FY2026 (ending March 2026) is the highest level in the past five fiscal periods, but this is largely attributable to reduced SG&A expenses from the deconsolidation of A-Sketch Inc. and the contribution of cost control efforts. On the other hand, the company recorded an impairment loss of ¥1,514 million as an extraordinary loss (related to fixed assets associated with the start of the hotel business at the Yamanashi head office), and rising costs associated with new business investment could weigh on future profits. The sharp projected decline in the operating margin to 3.6% for FY2027 (ending March 2027) suggests limits to cost absorption capacity during a revenue growth phase, and the sustainability of the structural profitability improvement should be evaluated cautiously.

The dividend payout ratio for FY2026 (ending March 2026) fell sharply to 24.1% (from 40.3% in the previous period), but for FY2027 (ending March 2027), the company has announced an annual dividend of ¥64 per share (a 60% increase from ¥40 in the previous period), with the payout ratio expected to rise sharply to 83.0%. While the planned dividend increase amid a forecast of a significant earnings decline demonstrates a proactive stance toward shareholder returns, it raises questions about the sustainability of dividends in the face of earnings volatility. As for the external environment, the expansion of the domestic concert market (as a market condition) is a tailwind, but uncertainties such as U.S. tariff policy and the situation in the Middle East pose risks to consumer sentiment.

Growth Strategy

Mid- to long-term revenue growth centered on three pillars: artist discovery, original content creation, and technology utilization

The company regularly holds large-scale tours featuring flagship artists such as Southern All Stars, Masaharu Fukuyama, Gen Hoshino, Perfume, and IVE, maximizing event revenue and merchandise revenue. In FY2026 (ending March 2026), the Southern All Stars LIVE TOUR 2025 and other tours contributed significantly to increased profit. FY2027 (ending March 2027) is expected to see a decline due to the base effect, but preparations for the next cycle are underway.

The company is expanding merchandise and product revenue related to artists outside its own group in order to reduce dependence risk on specific artists while diversifying revenue. In FY2026 (ending March 2026), it was confirmed that growth in merchandise and product revenue for non-Group artists drove operating revenue.

The company is strengthening its stable, rights-based revenue foundation through the expansion of contracted program production at Kyokuto Denshidai Co., Ltd. (including for OTT platforms such as Netflix) and the recognition of theatrical distribution revenue and profit distributions from films such as "Kokuho" (National Treasure). In FY2026 (ending March 2026), video revenue increased, and segment profit in the Music & Video Business rose 26.6% year on year.

The company will launch a hotel business at its Yamanashi head office starting in May 2026, diversifying its revenue sources through entry into a new business. However, an impairment loss on fixed assets of ¥1,514 million was recorded in FY2026 (ending March 2026) in connection with the launch of this business, indicating that the company is currently in a stage where initial investment costs precede revenue generation.

The company aims to improve mid- to long-term earning power through artist talent development, original work and content development, and technology-driven service development. It will also continue expanding into Asia and North America through its overseas subsidiaries in the United States, South Korea, Taiwan, Hong Kong, and China.

Last updated: July 19, 2026