ENVALITH
GMOメディア株式会社 logo

GMO Media,Inc.

6180・Growth Market・Services

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GMOメディア株式会社 logo
GMO Media,Inc.6180

Business

GMO Media, Inc. is an internet company that leverages customer acquisition and repeat-customer creation expertise cultivated in its Point/Game Platform business to develop media and DX services targeting the growth markets of "learning" and "beauty medicine." Its key services span a wide range, including the point rewards service "PointTown," the education media "Koeteco," the beauty medicine reservation service "KireiPass," and the DX systems for clinics "KireiPass Connect" and "MEDIBASE byGMO." Riding tailwinds from growing individual demand for reskilling and expanding interest in elective (self-pay) medical treatment, the company is building up stock-type revenue in addition to advertising and fee-based revenue. As a subsidiary of the GMO Internet Group, it listed on the Tokyo Stock Exchange Mothers market in 2015.

Business Model

In the Media Business (net sales ¥6,435 million), the core remains flow-type revenue such as PointTown's affiliate advertising fees, Koeteco's advertising and performance-based fees, and KireiPass's ticket commissions, while the company also builds up monthly recurring revenue from DX services for beauty clinics (KireiPass Connect and MEDIBASE byGMO) and stock-type services in the education field. In the Solutions Business (net sales ¥679 million), the company deploys its media operation know-how externally, supporting monetization through platforms such as the performance-based advertising platform "AffiTown."

Company Strengths

From FY2022 to FY2025, revenue expanded from ¥5,588 million to ¥7,115 million, and operating profit grew from ¥310 million to ¥901 million. In FY2025, revenue increased 7.7% year-on-year and operating profit increased 18.2% year-on-year, achieving a new all-time high in profit. The operating margin also improved to 12.7%.

KireiPass Connect and MEDIBASE byGMO provide an integrated solution covering web reservations, electronic medical records, accounting, and management analysis for aesthetic clinics. In May 2025, the company implemented an absorption-type split of the MEDIBASE business to expand market share in the electronic medical record market for elective (non-insured) medical care. The number of contracts continues to accumulate steadily, expanding recurring revenue.

"PointTown," launched in December 1999, has an operating track record of over 25 years and offers more than 30 types of point exchange destinations. Recurring-type revenue from the points-related business remained solid in FY2025, functioning as a buffer against fluctuations in the advertising market.

ENVALITH's Perspective

For the first quarter of FY2026 (ending December 2026), net sales were ¥1,782 million (down 7.4% year on year) and operating profit was ¥200 million (down 40.4% year on year), a substantial decline in earnings. This resulted from a combination of factors—the drop-off of one-time revenue from weight-loss related products, changes in inflow via search engines, and fluctuations in web advertising unit prices—reflecting a marked deterioration in the external environment. The full-year forecast (net sales of ¥7,500 million, operating profit of ¥950 million) has been left unchanged, but first-quarter progress stood at only about 21% on an operating profit basis, and there is a considerable hurdle to achieving the plan, which presumes a sharp recovery from the third quarter onward.

The increase in the number of contracts for DX services for beauty clinics and stock-type services in the learning domain is expected to contribute to an improvement in the quality of earnings over the medium to long term. On the other hand, advertising transaction-related revenue declined approximately 19% from ¥1,330 million in the same period last year to ¥1,079 million, and the timing at which measures such as AIO countermeasures, an app shift, and expansion of partner media translate into an actual recovery in revenue will be the core focus of investment decisions. The continued high dependence on external factors, such as changes to search engine algorithms at companies like Google, remains a risk.

While the annual dividend forecast for FY2026 (ending December 2026) of ¥210 represents a decrease from the ¥241 paid for FY2025 (ended December 2025), shareholder returns remain at a high level. In addition, on May 14, 2026, the company resolved to conduct a share buyback of up to 20,000 shares and ¥100 million. Meanwhile, as a result of dividend payments of ¥435 million in the first quarter, net assets decreased by ¥283 million from the end of the previous fiscal year to ¥2,868 million. The equity ratio remains at a healthy 48.0%, but continuous monitoring is needed regarding the company's capacity to sustain shareholder returns should the recovery in performance be delayed.

Growth Strategy

Structural shift from flow-based to stock-based revenue, together with deepening industry-specific DX in the learning and aesthetic medicine sectors

The company is building a stable revenue base that is resilient to external conditions by accumulating contracts for "KireiPass Connect byGMO" and "MEDIBASE byGMO" (transferred in May 2025). This expansion trend continued in Q1 of FY2026 (ending March 2026), offsetting the decline in flow-based revenue in the Media Business.

The company is concurrently developing three services—"Koeteco College byGMO," "Koeteco Manager byGMO," and "Koeteco Study byGMO"—with contract volumes steadily increasing. It is pursuing a strategy to broaden the base of stock revenue while capturing growing demand for reskilling.

In response to changes in inflow via search engines, the company has strengthened AI optimization (AIO) measures and shifted its focus from web-centric to app-centric development. It aims for a gradual contribution to revenue from Q3 of FY2026 (ending March 2026) onward, with measures currently in the implementation stage.

In the points and gaming-related domain, the company is promoting measures to expand in-game purchase opportunities for advertising game users, while sequentially beginning collaborations with new major media partners from June 2026 onward. The aim is to achieve a bottoming-out and recovery of flow-based revenue.

The company is working to structurally reduce its dependence on specific partners in its point CRM services and expand the number of affiliated partners, while also leveraging its solutions sales resources for client development in learning-related businesses to maximize revenue opportunities. In Q1 of FY2026 (ending March 2026), sales remained at a challenging ¥142 million (down 31.9% year on year).

Last updated: July 17, 2026