note inc.
5243・Growth Market・Information & Communication
Business
note Inc. was established with the mission of "enabling everyone to start and continue creating," and launched the CtoC media platform "note" in 2014. The platform builds a unique ecosystem in which individual creators can freely post and sell content such as text, manga, audio, and video, while readers can subscribe to and support them. The company also operates "note pro," a media SaaS offering for corporate clients. As of the end of November 2025, the platform boasted 11.14 million registered members, 69.56 million published content items, and MAU of 86.60 million. The IP & Content Creation Business, operated through consolidated subsidiary Tales & Co., is also being cultivated. Through capital and business alliances with Google, NAVER, and KADOKAWA, the company is accelerating its use of AI, global expansion, and IP creation.
Business Model
The main revenue sources fall into three categories: (1) service usage fees for C2C transactions on "note" (administrative fee of 5-15% plus platform usage fee of 10-20%), (2) the "note pro" monthly subscription fee of ¥80,000 (excl. tax), and (3) sponsorship fees from corporate-sponsored contests. In FY2025 (ending November 2025), GMV was ¥21,312 million (up 24.9% year on year), and note pro's ARR was ¥757 million (up 34.4% year on year). The growth model—more creators leading to more content, more readers, and higher GMV—creates a structure in which network effects autonomously expand revenue.
Company Strengths
The platform's design—without rankings or advertising—has enabled the accumulation of high-quality content. As of the end of November 2025, the company achieved a cumulative total of 2.02 million unique creators, 69.56 million published content pieces, and 86.60 million MAU. The average sales of the top 1,000 creators reached ¥15.15 million, demonstrating the platform's monetization capability.
note pro, launched in March 2019, achieved 991 paid contracts and ARR of ¥757 million (up 34.4% year on year) as of the end of November 2025. Through a fixed monthly subscription model priced at ¥80,000 (excluding tax), it has built a stable recurring revenue base that complements GMV-linked revenue.
The company entered into a capital and business alliance with Google International LLC in January 2025 (total paid-in amount of ¥499,973,600) and with NAVER Corporation in December 2025 (total paid-in amount of ¥1,999,870,500). These alliances have established concrete collaborative frameworks for AI feature development, generative AI integration, and global IP expansion.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has continued to grow at an annual rate of approximately 21%, rising from ¥2,317 million in FY2022 to ¥4,141 million in FY2025. In the first half of FY2026 (ending November 2026), revenue reached ¥2,604 million (up 32.2% year on year), indicating accelerating growth. Operating profit turned positive from a loss of ¥732 million in FY2022 to a profit of ¥256 million in FY2025, and the first half alone recorded ¥538 million, leading to an upward revision of the full-year forecast to ¥1,100 million (up 329.4% year on year). With SG&A expenses roughly flat year on year while gross profit increased substantially, operating leverage became evident. On the external front, the expanding creator economy market and the spread of generative AI have provided tailwinds, while uncertainties remain regarding factors such as US trade policy and prolonged inflation. Net income attributable to owners of the parent for the first half was ¥660 million (up 831.7% year on year), aided in part by the recognition of deferred tax assets (income tax adjustment of ¥−132 million).
Growth Strategy
Expanding the note ecosystem along three axes—AI, IP, and global—with the aim of achieving net sales of ¥10,000 million and an EBITDA margin of 30-40%
Strengthening the revenue base of the core business through continuous feature improvements driving increases in users and content volume and GMV expansion, ARR growth of note pro (¥773 million as of end-May 2026, up 26.4% year-on-year), and expansion of orders for Corporate Services (note Contest) (interim-period net sales up 114.9% year-on-year).
Building an ecosystem for fair content distribution and compensation to creators in the AI era, centered on selection for the GENIAC project of the Ministry of Economy, Trade and Industry (METI) and NEDO. Achieved initial profitability with interim-period net sales of ¥100 million and segment profit of ¥1 million; scaling up going forward remains a challenge.
Tales & Co. is taking the lead in strengthening the system for original work development and creator collaboration. Promoting collaboration in IP creation, publishing DX, and fan community areas through the capital and business alliance with KADOKAWA (payment made in April 2026). In the interim period, the segment continued to post a loss of ¥20 million, making expansion of the work lineup toward monetization an urgent priority.
Significantly improved the equity ratio from 45.9% to 70.1% through third-party allotment capital increases from NAVER Corporation (payment made in December 2025) and KADOKAWA (payment made in April 2026). Fully repaid ¥612 million in long-term borrowings, securing financial soundness. Proceeds of ¥4,192 million from share issuance to serve as funding for growth investment.
Last updated: July 17, 2026