Moi Corporation

Business Details

Moi Corporation is a single-segment company in the live streaming communication platform business, whose principal operations are the planning, development, and operation of "TwitCasting" services. Since the service launch in 2010, it has accumulated 40 million registered users (as of end-May 2024), achieving a 21.0% share in the MAU comparison of 12 major domestic live streaming apps (as of end-January 2026). Revenue consists of three types: point sales revenue, membership sales commission revenue, and ticket/content sales commission revenue from TwitCasting Premier.

Recent Overview

Disclosed the capital and business alliance with SBI Holdings and third-party share allotment as a subsequent event

In Q1 of FY2027 (ending January 2027) (February to April 2026), revenue was flat at ¥1,607 million (up 0.0% year on year), but operating profit rose 19.1% and ordinary profit rose 47.8%, driven by a reduction in selling, general and administrative expenses (down to ¥740 million from ¥780 million year on year) and an increase in non-operating income (commission income of ¥34 million). As a subsequent event, on May 19, 2026, the company resolved to conduct a third-party share allotment to SBI Holdings (3,351,000 shares, ¥275 per share, proceeds of ¥921 million). The use of proceeds includes M&A investment, development of an AI-based next-generation platform, and collaboration in the IP creation domain.

Key Products

Growth Drivers

• Continued growth in monthly average point ARPPU (¥8,005, up 15.3% year on year), improving per-user monetization
• Improvement in substantive gross profit margin (up 9.4% year on year) driven by a shift toward Web payments amid a declining in-app payment ratio
• Improved profitability through efficiency gains in selling, general and administrative expenses (commission fees reduced to ¥390 million, communication expenses to ¥100 million)
• Synergy creation by leveraging the SBI Group's customer network and expertise through the capital and business alliance with SBI Holdings
• Development of an AI-based next-generation live streaming platform using the funds raised (¥921 million)
• Expansion of premium streaming as TwitCasting Premier's cumulative ticket distribution value surpassed ¥15.0 billion (as of end-March 2026)
• Expansion of subscription revenue driven by growth in membership users

Risks

• Sluggish growth in point sales revenue due to the continued decline in monthly average point-paying users (PU) (58 thousand people, down 14.0% year on year)
• Intensifying competitive environment due to entry of global SNS platforms into live streaming
• Risk of changes in the revenue structure accompanying the expanding shift from point sales to membership-based monetization
• Dilution of existing shareholders due to the third-party share allotment (3,351,000 shares), equivalent to approximately 24% of shares outstanding
• The specific impact on business performance from the capital and business alliance with SBI Holdings is undetermined at this time
• Impact of changes in the competitive environment of the live streaming market involving the use of AI and diversification of creator activities
• Uncertainty regarding the recoverability of deferred tax assets (a factor in leaving the full-year net profit forecast undetermined)
• Risk related to discussions with music copyright management organizations (a trend of increasing music copyright usage fees)