Moi Corporation
5031・Growth Market・Information & Communication
Business
Moi Corporation operates under the mission of "connecting people to enrich the lives of people around the world," and runs the live streaming platform "TwitCasting," which launched in 2010, as its single business. As of the end of May 2024, cumulative registered users reached 40 million, with the user base centered mainly on males and females in their teens and twenties. As of the end of January 2026, the company held a 21.0% share in a comparison of MAU among 12 major domestic live streaming apps. The platform hosts a diverse streaming culture spanning genres such as casual chat, music, and gaming, and the company has been expanding monetization features including the paid online live streaming service "TwitCasting Premier" and the subscription service "Membership."
Business Model
Consists of three pillars: point sales revenue (recording paid points purchased by viewers for item usage), which accounts for 88.2% of sales; membership sales commission revenue (fees from monthly subscriptions) at 8.4%; and ticket/content sales commission revenue from TwitCasting Premier at 3.3%. The company manages substantial gross profit—after deducting streamer compensation (live streaming revenue) and payment agency commissions—as a key KPI, and is pursuing revenue structure improvements by simultaneously raising both the streamer revenue share rate and the company's own share rate, funded by reductions in payment processing fees achieved through expanding the proportion of web-based payments.
Company Strengths
As of the end of January 2026, the company achieved a 21.0% share in a comparison of MAU among 12 major domestic live streaming apps. Cumulative registered users reached 40 million as of the end of May 2024, reflecting a track record of continuous user acquisition over more than 15 years since the service launched in 2010.
Real gross profit increased for five consecutive periods, from ¥1,619 million in FY2022 (ended January 2022) to ¥1,909 million in FY2026 (ended January 2026). The expansion of the web payment ratio driven by the introduction of item tickets reduced payment processing fees, and the resulting funds enabled simultaneous increases in both the streamer revenue share rate and the company's own revenue share rate. FY2026 (ended January 2026) achieved a 7.5% year-on-year increase.
The company has built a multi-layered system for maintaining service soundness based on more than 15 years of operational experience, including a 24/7 monitoring system incorporating outsourced operations, a protection system for child and minor users, comprehensive agreements with JASRAC and NexTone for copyright management, and the acquisition and maintenance of Privacy Mark certification.
ENVALITH's Perspective
Performance Trend
Revenue in the FY2022 to FY2026 period remained flat, ranging between ¥6,433 million and ¥6,689 million. Meanwhile, operating profit bottomed out at ¥104 million in FY2023 and improved for three consecutive fiscal years, recovering to ¥339 million in FY2026. In Q1 of FY2027 (ending January 2027) (February to April 2026), revenue was ¥1,608 million (up 0.0% year-on-year), operating profit was ¥62 million (up 19.1% YoY), ordinary profit was ¥99 million (up 47.8% YoY), and quarterly net profit was ¥62 million (up 13.6% YoY), with continued improvement on the profit side. A shift toward Web payments (a company-driven initiative) resulting from a decline in the app payment ratio has pushed up substantial gross profit, while efficiency gains in SG&A expenses have also contributed to margin improvement. As an external factor, intensifying competition in the domestic live streaming market has led to a decline in PU (paying users), but a rise in ARPPU (up 15.3% year-on-year) is supporting revenue.
Growth Strategy
Aims to achieve both structural profitability and scale expansion through a three-pronged approach: Web payment shift, SBI partnership, and AI development
Promote the shift from in-app payments to Web payments to reduce fee burdens paid to Apple, Google, etc., thereby structurally improving the real gross profit margin. In Q1 of FY2027 (ending January 2027), real gross profit continued to grow, up 9.4% year-on-year, and this initiative remains the core measure for ongoing profitability improvement.
Through the third-party allotment of new shares resolved on May 19, 2026 (raising ¥921 million), the company will leverage the SBI Group's customer network, media expertise, and talent development functions. The proceeds will be used as investment funds for M&A and capital/business alliances, aiming to expand the scale of the platform and enter new business domains.
Utilizing funds from the alliance with SBI Holdings, develop an AI-based next-generation platform. Aim to improve ARPPU and bottom out PU through enhanced user experience and strengthened support functions for streamers. Currently in the development stage, with specific impact on financial results yet to be determined.
Leveraging TwitCasting's community base, create and develop IP (intellectual property) originating from fan communities in collaboration with the SBI Group. Building on initiatives such as sponsorship of the voice actor awards and expansion of TwitCasting Premier streaming (cumulative ticket distribution value surpassing ¥15.0 billion), the company aims to diversify revenue in the entertainment IP domain.
Promote growth in the number of Membership users to stabilize revenue through the accumulation of monthly recurring revenue. In Q1 of FY2027 (ending January 2027), deposits received (proceeds from ticket and content sales and Membership membership fees) increased by ¥58 million compared to the end of the previous fiscal year, indicating ongoing user growth.
Last updated: July 17, 2026