KeyHolder,Inc.

Business Details

Comprised of two divisions: management of talents, idols, actors, and athletes (Live Entertainment division) and planning, development, and operation of the official romance simulation game apps of the Sakamichi Group (Digital Content division). AOI, SKE (formerly Zest), Zest (formerly allfuz), North River, bijoux and others handle management of affiliated artists, while 10ANTZ Inc. operates the game app business. In Q1 FY2026 (ending December 2026), external revenue was ¥3,321 million, accounting for approximately 39.9% of consolidated total, making it the core segment.

Recent Overview

Film and live activities remained active, but both Q1 revenue and profit declined slightly year-on-year

In the first quarter of FY2026 (ending December 2026), the Comprehensive Entertainment Business posted revenue of ¥3,321 million (down 5.1% year-on-year) and segment profit of ¥461 million (down 2.7% year-on-year). The company began business alliances with Toshiaki Karasawa and Tomoko Yamaguchi, and is advancing next-generation IP discovery through auditions such as the SKE48 14th generation audition and the bijoux new talent discovery audition 2026. On April 1, the company implemented an organizational restructuring (absorption-type split and absorption-type merger) among four consolidated subsidiaries to improve management efficiency, though there was no impact on Q1 results. Nogizaka46's "Nogikoi" marked its 10th anniversary since release.

Key Products

Growth Drivers

• Increased audience mobilization through large-scale events such as Nogizaka46's 3-day Tokyo Dome performances (14th YEAR BIRTHDAY LIVE) and the Midsummer National Tour 2026 (18 performances across 8 cities)
• Revenue contribution from new talent content through the business alliance with Toshiaki Karasawa and Tomoko Yamaguchi's "TEAM KARASAWA"
• Domestic and international expansion through Novelbright HALL & ARENA TOUR 2026 (30 performances across 22 cities) and the ASIA TOUR 2026
• Strengthening of SKE48 theater performances (Team S's new show "Zutto Kimi wo Sagashiteiru") and the SUMMER Tour 2026 (12 performances across 5 cities)
• Improved profitability at 10ANTZ Inc.'s game app business through strengthened operations and selection and concentration
• Cultivation of new revenue sources through the expansion of A Company's fan bus tour business
• Discovery and development of next-generation IP content through various auditions (SKE48 14th generation, bijoux new talent discovery)

Risks

• Risk of declining merchandise and live event demand due to deterioration in general consumer trends and consumer sentiment
• Risk of content value impairment due to activity suspensions or scandals involving affiliated artists
• Risk of intensifying competition and user attrition in the game app business (dependence on licensing agreements with the Sakamichi Group)
• Risk of margin deterioration due to rising production costs and labor costs amid inflation
• Risk of impairment of goodwill and intangible assets (potential recognition of impairment losses if the business environment deteriorates)
• Risk of integration costs and operational disruption associated with the organizational restructuring (absorption-type split and merger) effective April 1