NCXX Group Inc.
6634・Standard Market・Electric Appliances
Metaverse & Digital Content Business
Digital content business centered on e-books and a commission platform
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (H1 FY2026, ending November 2026) | ¥304 million | ¥290 million (H1 FY2025, ending November 2025) | ↑ |
| Operating profit (H1 FY2026, ending November 2026) | ¥26 million | Operating loss of ¥11 million (H1 FY2025, ending November 2025) | ↑ |
| Revenue (Full-year FY2025, ended November 2025) | ¥583 million | — | — |
| Skeb total registered users (as of May 2026) | Over 3.96 million | Over 3.87 million (as of February 2026) | ↑ |
| Goodwill balance (end of May 2026) | ¥1,390 million (consolidated total) | ¥1,487 million (end of November 2025) | ↓ |
Business Details
This segment is anchored by two core companies: Jitsugyo no Nihon Digital Co., Ltd. (e-books and digital distribution) and Skeb Inc. (the commission service "Skeb"). Its main clients include e-book stores, manga apps, and magazine subscription (all-you-can-read) sites, and it engages in digital distribution of manga and literary content as well as operation of a commission platform connecting creators with requesters. This was the only segment to achieve operating profitability in the first half of FY2026 (ending November 2026), contributing to earnings stability for the group.
Recent Overview
Achieved higher revenue year-on-year and turned operating profitable, emerging as the group's sole profitable segment
In H1 FY2026 (ending November 2026), revenue was ¥304 million (up 5.1% year-on-year) and operating profit was ¥26 million (versus an operating loss of ¥11 million in the prior-year period), marking a turn to profitability. At Jitsugyo no Nihon Digital, exclusive early distribution of single-chapter versions of anthology comics proved effective, achieving a ranking on the Comic Seymour (comic-seymour) ranking. Skeb is working to further expand its user base through the launch of VRChat login integration and the holding of "Chou Metaverse Festival 2026" (approximately 20,000 attendees).
Key Products
Growth Drivers
- Continued growth in Skeb's total registered users (surpassing 3.96 million) and expanded reach to VR users through VRChat login integration
- Strengthening of platform-specific promotional measures at Jitsugyo no Nihon Digital, such as exclusive early distribution of single-chapter versions of anthology comics
- Establishment of Skeb's high-value-added services, with "Request Your Own Character" accounting for approximately 20% of monthly transactions
- Expanded brand recognition through enhanced promotion in both real and virtual settings (events such as the Metaverse Festival)
- Sales uplift from cross-media initiatives such as YouTube tie-ups for flagship and existing titles
Risks
- Goodwill impairment risk: possibility of additional impairment against the consolidated goodwill balance of ¥1,390 million (as of end of May 2026)
- Continued goodwill amortization burden: amortization of ¥97 million (H1 FY2026, ending November 2026) weighing on EBITDA-based earnings
- Intensifying competition in the creator economy market: risk of rival platforms emerging in the commission services space
- Maturation of the e-book market: risk of slowing sales growth as the pandemic-driven demand surge subsides
- Profit pressure from rising SG&A expenses: cost increase risk from stronger promotion and higher personnel expenses
Last updated: February 25, 2026