Bushiroad Inc.
7803・Growth Market・Other Products
Business
Bushiroad Inc. is an entertainment company centered on trading card games (TCG) as its core business, with a broad portfolio spanning live entertainment, merchandising, mobile games, console games, music, advertising, and professional wrestling promotion. Founded in 2007, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2019. It operates two segments, the Entertainment Business (net sales of ¥49,851 million) and the Sports Business (net sales of ¥6,324 million), and under its "IP Developer" strategy leveraging domestic and international character IP, it is accelerating global expansion through overseas subsidiaries in Singapore, the United States, South Korea, Malaysia, and other locations. Its main customers are a broad base of entertainment consumers centered on TCG players and anime/game fans.
Business Model
Building on TCG platforms such as "Weiss Schwarz," the company leverages proprietary IP (BanG Dream!, Cardfight!! Vanguard, etc.) and third-party IP (hololive, Love Live!, etc.) to layer revenue across the TCG, Live Entertainment, MD, mobile games, music, and advertising units. The company has set an IP ranking system (S-rank: annual sales of ¥10,000 million or more, A-rank: ¥4,000 million or more, B-rank: ¥1,000 million or more) as a management target, with a structure in which IP growth drives each subsidiary division. A distinguishing feature is the diversified design that allows revenue volatility in one division to be offset by other divisions.
Company Strengths
In FY2025 (ended June 2025), all three units—TCG Unit, Live Entertainment Unit, and Merchandising Unit—updated their record-high sales simultaneously. Driven by the launch of four new TCG titles (hololive, Gotoubun no Hanayome, Love Live!, Weiss Schwarz Rose), overall Entertainment Business sales reached ¥49,851 million (up 25.6% year on year), with segment profit reaching ¥4,694 million (up 969.8% year on year).
Asia sales expanded to ¥9,168 million (from ¥4,880 million in the prior period), roughly 1.9 times growth. Bushiroad EXPO was held in over 16 regions worldwide in 2025, boosting global brand recognition. The company operates a TCG printing and manufacturing subsidiary in Malaysia and is accelerating expansion into East Asia—centered on China—and North America. It has set a mid-term target to raise the overseas sales ratio, currently around 30%, to 50%.
BanG Dream! (Bandori!), launched in 2015, expanded from live performances by voice actors into anime, TCG, mobile games, and merchandising. The joint live event of MyGO!!!!! × Ave Mujica held in April 2025 recorded the largest attendance in BanG Dream!'s history. Revenue from TCG, music software, and merchandising has grown steadily, embodying an ideal model in which IP drives growth across the subsidiary's various divisions.
ENVALITH's Perspective
Performance Trend
For the nine months of FY2026 (ending June 2026), revenue was ¥42,356 million (up 7.6% year-on-year), operating profit was ¥4,002 million (up 39.0%), ordinary profit was ¥5,019 million (up 73.1%), and net income attributable to owners of the parent was ¥3,597 million (up 112.3%). The substantial increases in ordinary profit and net income were driven by foreign exchange gains (¥519 million), dividend income received (¥352 million), and tax benefits from the utilization of carried-forward tax losses. The full-year forecast was revised to revenue of ¥56,500 million, operating profit of ¥4,600 million (down 5.5% year-on-year), ordinary profit of ¥5,600 million, and net income of ¥3,900 million. Looking at the trend over the past five fiscal years, operating profit fell to ¥883 million in FY2024, then recovered sharply to ¥4,868 million in FY2025, and is expected to remain at a high level in FY2026 as well. The financial position remains sound, with total assets of ¥50,409 million and an equity ratio of 54.7%.
Growth Strategy
Under the Medium-Term Vision 2030, growth is being pursued along three axes: becoming the world's No. 1 in TCG, accelerating overseas expansion, and layering IP.
Specification changes for "Weiss Schwarz" and "Cardfight!! Vanguard" were implemented in April 2026. The third quarter saw a revenue decline as an adjustment period, but market response after the specification changes and new customer acquisition are key initiatives that will determine growth from next fiscal year onward.
The game was released worldwide simultaneously in February 2026, with a reportedly strong start. It is positioned as an initiative contributing to revenue diversification in the Digital Game Unit and expansion of overseas sales, with continued user acquisition and retention of monetization as ongoing challenges.
"Bushiroad EXPO 2026" was held in Taipei and Bangkok in February 2026, and in Chicago in March, expanding points of contact with customers and distributors. The company continues its worldwide rollout of English-version TCG, aiming to increase the proportion of overseas sales.
As of March 2026, cumulative production surpassed 4 million pieces, and the brand achieved its highest-ever quarterly sales in the third quarter alone. As a flagship brand of the Merchandising Unit, the company continues to expand its sales channels domestically and internationally, contributing to revenue diversification through IP development.
In March 2026, the company redefined its MVV and announced "LIVE-MIXED ENTERTAINMENT" as its vision. With achievements such as New Japan Pro-Wrestling drawing 46,913 attendees at the Tokyo Dome and Stardom setting a new attendance record in the Kansai region, the Sports Unit achieved its highest-ever quarterly sales, with the expansion of the live experience business manifesting as a concrete outcome.
Last updated: July 17, 2026