Mirrativ,Inc.

Business Details

Centers on the development and operation of the smartphone-based live streaming platform "Mirrativ," providing game commentary streaming utilizing the 3D avatar "Emomo," viewer-participation "Live Gaming," ranking events, and other services. Also operates the VTuber-oriented platform "V-Cast" (operated by iBraid Inc., a consolidated subsidiary) and the streaming support tool "CastCraft" (operated by CasCode Inc., an equity-method affiliate). In the first quarter of FY2026 (ending March 2026) (January–March 2026), the segment recorded net sales of ¥1,952 million and operating profit of ¥257 million, maintaining a profitable trend.

Recent Overview

In Q1 FY2026 (ending March 2026), net sales were ¥1,952 million and operating profit was ¥257 million; the full-year forecast remains unchanged

In the first quarter of FY2026 (ending March 2026) (January–March 2026), the company continued measures to enhance user engagement, including the release of new Emomo items (including IP collaboration events) and the holding of large-scale ranking events. At the consolidated subsidiary iBraid Inc., VTuber-based promotional initiatives for game publishers and music events were also carried out. The segment recorded net sales of ¥1,952 million, operating profit of ¥257 million (operating margin of 13.2%), ordinary profit of ¥239 million, and quarterly net income of ¥223 million. Separately, effective March 5, 2026, ¥2,231 million of capital reserves was transferred to retained earnings to eliminate accumulated deficit (with no impact on net assets). There is no change to the full-year forecast for FY2026 (ending March 2026) (net sales of ¥8,398 million, operating profit of ¥1,109 million).

Key Products

Growth Drivers

• Continued growth in Mirrativ app in-app purchase revenue driven by coin consumption in Emomo, ranking, and Live Gaming (in-app purchase revenue: ¥1,478 million in FY2020 ended December 2020 → ¥6,759 million in FY2025 ended December 2025)
• Increase in the number of loyal users (8,205 in FY2024 ended December 2024 → 8,915 in FY2025 ended December 2025) and rise in ARPPU (¥14,088 → ¥18,247)
• Cost efficiency improvements through reduced payment fee rates from higher web payment ratios (introduction of PayPay, the Mirrativ Epos Card, etc.) and reduced server cost ratio
• Expansion of new Live Gaming titles (12 titles in operation) and acceptance of third-party development through API opening
• Ecosystem expansion through outreach to streamers outside of Mirrativ (over 14,000 active streamers via CastCraft)
• Improved user engagement through continued release of new Emomo items, including IP collaboration events, and the holding of large-scale ranking events
• Cultivation of revenue sources outside of Mirrativ through VTuber-based promotions and music events by iBraid Inc.

Risks

• Platform fee dependency risk: Changes in app store fee rates by Apple Inc. (36.2% of net sales) and Google LLC (14.2% of net sales) directly affect the revenue structure
• Content soundness risk: Given the nature of live streaming, the risk of brand damage and tightened regulation in the event of inappropriate content or copyright infringement
• Intensifying competition risk: Risk of user attrition due to intensifying competition with video and streaming services, including major overseas platforms such as YouTube
• Live Gaming/new business risk: Risk to investment recovery if the market formation of Live Gaming, a new market, does not progress as expected
• Talent acquisition risk: Risk of rising labor costs and diminished development capability due to intensifying competition for engineers and content development talent
• Macroeconomic risk: Rising uncertainty over U.S. trade policy and continued geopolitical risk could worsen consumer sentiment, potentially affecting spending on digital entertainment