Amazia,inc.
4424・Growth Market・Information & Communication
Business
Amazia, Inc. is an internet services company founded in 2009 and listed on the TSE Growth Market in 2018. The company consists of two segments: the Entertainment Business, centered on its flagship freemium manga app "Manga Bang!" and encompassing the original manga label "Manga Bang Comics" and the cross-border e-commerce site for overseas markets "Fandom Tokyo"; and the IT Solutions Business, which operates SES (system engineering services), SEO media, and point-earning apps. Its main customers are smartphone users (both domestic and overseas) and corporate advertisers. Consolidated net sales for FY2025 (ending September 2025) were ¥2,843 million, with the Entertainment Business accounting for over 98% of sales.
Business Model
"Manga Bang!" operates on a basic free-to-use freemium model, monetizing through two axes: per-episode billing (rental/purchase at roughly ¥40–100 per episode) and advertising revenue from video ad views. In addition, the company combines external sales and IP expansion of its self-produced original comics, cross-border e-commerce for overseas-oriented trading cards and other products via "Fandom Tokyo," and the SES Business (a stock-type business) dispatching IT personnel, aiming to move away from dependence on a single business. Billing revenue via Apple Inc. and Google Inc. accounts for approximately 63% of the total, making platform dependence a structural challenge.
Company Strengths
Since its founding, the company has built a system in which planning, development, and operations are completed entirely in-house. It has internally designed the freemium model, improved UI/UX, and optimized ad delivery, successfully growing "Manga Bang!" into its flagship app since the service launched in 2014. This development capability has also been applied to new businesses (SES, cross-border e-commerce, etc.).
"Manga Bang Comics," launched in April 2021, began producing titles selling over 250,000 to 200,000 copies annually (including e-book sales) in FY2025 (ending September 2025), with sales surging 62.8% year-on-year. An increased proportion of original works with lower royalty rates directly contributes to improved profit margins and forms the foundation for revenue diversification through IP expansion into anime, drama, merchandise, and other formats.
"Fandom Tokyo," a cross-border e-commerce site launched in February 2025, achieved monthly sales exceeding ¥10 million shortly after launch. In Q1 of FY2026 (ending September 2026), monthly sales expanded to over ¥80 million, making it a rapidly growing new revenue source selling Japanese pop culture merchandise such as trading cards and figures to overseas customers.
ENVALITH's Perspective
Performance Trend
Revenue for the first half of FY2026 (ending March 2026) (October 2025 to March 2026) came to ¥1,542 million (up 9.3% year on year), signaling a reversal from the declining revenue trend that had continued since peaking in FY2021. Operating loss narrowed sharply to ¥100 million from ¥227 million in the same period a year earlier, and gross profit margin improved from 18.3% to 25.2%. The main drivers were the return to segment profitability in the Entertainment Business (¥72 million) and the rapid expansion of the cross-border e-commerce platform "Fandom Tokyo." Meanwhile, the IT Solutions Business expanded sharply, with revenue of ¥49 million (up 269.3% year on year), but continued to post a segment loss of ¥14 million due to rising recruitment and personnel costs. The full-year earnings forecast has been revised to revenue of ¥3,321 million (up 16.8% year on year) and an operating loss of ¥123 million, with the loss expected to continue into the second half.
Growth Strategy
Building on the profitability stabilization of Manga Bang!, the company is accelerating growth through diversification into cross-border e-commerce, original IP, and the SES business
"Fandom Tokyo", a cross-border e-commerce site launched in February 2025, achieved sales exceeding ¥220 million over the six months of the interim period. The company will continue to expand global sales of merchandise and content leveraging its proprietary original IP, aiming to establish it as a new revenue pillar for the Entertainment Business.
The company will continue to invest in the production of original works that will serve as a future source of profit, aiming to expand sales of Manga Bang Comics. An increase in sales of existing volumes has been confirmed, and the company will promote revenue diversification through IP expansion such as anime, drama, and merchandise adaptations.
On March 31, 2026, the company made Leadex a wholly owned subsidiary at an acquisition cost of ¥539 million. By integrating Leadex's high-quality client base with the engineering talent of Amazia Link, the company has significantly expanded the range of technologies it can address. Sales in the IT Solutions Business surged 269.3% year-on-year for the same interim period, and the company aims to achieve profitability.
Advertising ARPU was improved through an increase in ad inventory and anniversary events and campaign initiatives. By curbing advertising expenses with a focus on cost-effectiveness, the company improved its cost structure and turned the Entertainment Business segment profit/loss positive (¥72 million in the interim period).
Last updated: July 17, 2026