Mirrativ,Inc.

Mirrativ, Inc. operates under the mission "Let's connect wishes to understand each other," developing and operating "Mirrativ," a platform that enables game commentary and live streaming using just a smartphone. The service was originally launched by DeNA in 2015, and Mirrativ, Inc. took over the business in 2018 to become independent. As of the end of December 2025, the cumulative number of streamers exceeded 5.8 million, and the monthly active streamer count exceeded 110,000, making it one of the largest platforms of its kind in Japan. The 3D avatar feature "Emomo," which allows users to stream without showing their face, lowers the barrier to streaming and has formed a community where amateur streamers who love games and viewers exchange gifts with one another. In December 2025, the company listed on the Tokyo Stock Exchange Growth Market.

Users purchase Mirrativ coins via the App Store, Google Play, and the web, and consume them on gifts to streamers, Emomo item gacha, and participation in Live Gaming. In FY2025 (ending December 2025), payment revenue was ¥6,759,174 thousand, accounting for 94.0% of consolidated sales, while advertising revenue accounted for 5.0%. Returns to streamers (via the Mirrativ Stars program) are recorded as cost of sales, while the platform has a unique revenue structure in which 75.8% of payment revenue recirculates as mutual gifting. Improvement in profitability is also being driven by a reduction in the payment fee rate resulting from an increased proportion of web-based payments.

For the full year of FY2025 (ended December 2025), the company recorded net sales of ¥7,188 million, operating profit of ¥349 million, and net income of ¥739 million, achieving its first consolidated profit. In Q1 FY2026 (ending December 2026) (January–March 2026), it posted net sales of ¥1,952 million, operating profit of ¥257 million, ordinary profit of ¥239 million, and net income attributable to owners of the parent of ¥223 million. Full-year guidance remains unchanged at net sales of ¥8,398 million (up 16.8% year on year), operating profit of ¥1,109 million (up 217.6% year on year), and net income of ¥962 million (up 30.2% year on year). The financial position remains sound, with total assets of ¥5,185 million, net assets of ¥3,769 million, and an equity ratio of 72.7%. Measures to enhance user engagement through IP collaboration events and large-scale ranking events are underpinning paid revenue, while the expanding trend of the domestic digital entertainment market provides an additional tailwind as an external factor.