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株式会社フジ・メディア・ホールディングス logo

FUJI MEDIA HOLDINGS, INC.

4676・Prime Market・Information & Communication

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株式会社フジ・メディア・ホールディングス logo
FUJI MEDIA HOLDINGS, INC.4676

Media & Content Business

A broadcasting and content business centered on Fuji Television, accounting for approximately 64% of Group sales and serving as the mainstay segment

PeriodCurrentPreviousChange
Segment Sales (External Customers)¥349,876 million¥403,479 million↓
Segment Loss-¥30,835 million-¥4,085 million↓
Segment Assets¥457,175 million¥481,976 million↓
Depreciation and Amortization¥7,906 million¥11,488 million↓
Impairment Loss on Fixed Assets¥1,232 million¥26,021 million↓

Business Details

This segment encompasses TV/radio broadcasting (Fuji Television, Nippon Broadcasting System, BS Fuji, etc.), broadcast program/film/animation production, Video & Music Software Sales (Pony Canyon), Music Publishing (Fuji Pacific Music), Mail Order Sales (dinos), advertising (Quarts), and magazine/book publishing (Fusosha), among others. Terrestrial TV advertising revenue is the primary revenue source, but the segment also develops FOD subscription revenue and film/content businesses. Major customers are Dentsu (¥45,251 million) and Hakuhodo (¥26,470 million).

Recent Overview

Losses expanded sharply due to a significant decline in advertising revenue stemming from the Fuji Television incident and a valuation loss recorded at Pony Canyon

In the fiscal year ended April 2025 (the consolidated fiscal year under review), terrestrial TV advertising revenue declined significantly, mainly in the first half, due to the impact of the incident that occurred at Fuji Television. Fuji Television's sales were ¥173,701 million (down 18.9% year on year), with an operating loss of ¥32,515 million (a deterioration of ¥18,486 million year on year). In addition, a valuation loss was recorded in connection with structural reforms of Pony Canyon's animation business, and as a result, the segment loss reached ¥30,835 million (an expansion of ¥26,750 million in losses year on year). From the third quarter onward, a recovery trend was observed in advertising placements, and FOD subscription revenue, the film business, and Fuji Pacific Music, among others, trended steadily. In May 2025, the company announced "Group Vision 2026-2030 Ver.1.0," setting forth a policy of structural business transformation centered on IP and content, along with growth investments totaling approximately ¥150.0 billion by fiscal year 2030.

Key Products

service
Terrestrial TV Broadcasting (Fuji Television)

Advertising sales across net time, local time, and spot slots form the primary revenue source. Broadcasting revenue for the period was ¥84,053 million (down 32.1% year on year). Net time was ¥34,366 million (down 36.5% year on year), local time was ¥6,143 million (down 34.3% year on year), and spot was ¥43,543 million (down 27.8% year on year). Fuji Television's overall sales were ¥173,701 million (down 18.9% year on year), with an operating loss of ¥32,515 million.

platform
FOD (Fuji TV On Demand)

Subscription revenue trended favorably, contributing to increased content business revenue. Streaming advertising revenue, including TVer, was ¥5,212 million (down 38.0% year on year), affected by the incident, but FOD subscription revenue was a factor behind the increase in digital business revenue.

service
Video & Music Software Sales (Pony Canyon)

Music package sales did not reach the prior period's scale, and streaming revenue also declined due to a decrease in the number of hit animation titles. In addition to increased amortization of investments related to animation, a valuation loss was recorded for animation production costs associated with structural reforms, resulting in an operating loss. This was a contributing factor to the segment's expanded loss.

service
Music Publishing (Fuji Pacific Music)

The core copyright usage royalty revenue trended steadily, while master recording usage royalty revenue and management revenue also grew, achieving both higher sales and profit. This was one of the few strong-performing businesses within the segment.

service
Mail Order Sales (dinos)

TV shopping sales during late-night slots and special programs trended favorably, but overall sales declined due to weak catalog sales of furniture/storage, living, beauty/health, and fashion categories, among others. Cost structure reforms, including more efficient catalog issuance, were advanced, resulting in increased profit.

Growth Drivers

  • Expansion of FOD subscription revenue and growth in digital business revenue
  • Increased revenue from hit films such as "Bakudan" (Bomb) and secondary usage rights sales in the film business
  • Steady trend in copyright and master recording usage royalty revenue at Fuji Pacific Music
  • Increased sales and profit from Quarts's TV advertising handling, marketing, and event-related revenue
  • Business structural transformation toward an integrated IP/content model based on "Group Vision 2026-2030 Ver.1.0" (a growth investment plan of approximately ¥150.0 billion in scale through fiscal year 2030)

Risks

  • Risk of structurally delayed recovery in terrestrial TV advertising revenue due to the impact of the Fuji Television incident
  • Risk of additional valuation losses and amortization of investments related to Pony Canyon's animation business
  • Weakening revenue base due to the long-term shrinking trend of the terrestrial broadcasting advertising market
  • High dependence on sales to major customers (Dentsu and Hakuhodo) and volatility risk in revenue channeled through advertising agencies
  • Uncertainty in the recoupment of IP/content investments and intensifying competition with rival OTT platforms

Last updated: June 24, 2026