Starts Publishing Corporation
7849・Standard Market・Information & Communication
Business
Starts Publishing Co., Ltd. is the media division of the Starts Group, whose parent company is Starts Corporation Corporation, and it operates publishing and internet businesses. In its core Book Content Business, the company operates three novel posting sites—Noichigo, Berry's Cafe, and Novema!—and publishes books and comics spanning a wide range of genres, from romance novels to isekai fantasy and light literary fiction. In the Media Solutions Business, centered on the women's portal site OZmall (with over 5 million members) and Tokyo-area lifestyle media such as OZmagazine and Metro Min., the company provides facility reservation services and PR & Promotion Solutions. Its main customers are female readers/users and BtoB corporate clients.
Business Model
In the Book Content Business (59.0% of net sales), the company publishes books and comics while directly grasping reader needs through its proprietary novel posting sites, and expands recognition and promotes sales through IP development such as film/TV adaptations. In the Media Solutions Business (41.0% of net sales), the company earns revenue through PR & Promotion Solutions and premium facility reservation services that combine proprietary media such as OZmall with SNS and real-world events. The company maintains a debt-free management policy, funding both working capital and capital expenditures entirely with its own funds.
Company Strengths
The company independently operates three sites—Noichigo, Berry's Cafe, and Novema!—establishing a vertically integrated model that enables rapid content development while directly capturing reader preference data. It has a track record of IP development, including the film adaptation "Ano Hana ga Saku Oka de, Kimi to Mata Deaeta ra." (If I Could Meet You Again Where That Flower Blooms), and the Book Content Business maintained an operating margin of 34.3% even in FY2025 (ended March 2025).
OZmall, launched in 1996, surpassed 5 million registered members in February 2026. Combined with print media such as OZmagazine and Metro Min., the company has built a media brand closely tied to the Tokyo metropolitan area, which functions as the order-taking foundation for PR & Promotion Solutions targeting commercial facilities, local governments, and healthcare companies.
Against total assets of ¥12,902 million at the end of FY2025 (ended March 2025), the company secured net assets of ¥10,772 million (equity ratio of approximately 83.5%). Both working capital and capital expenditure are funded entirely with own funds, and cash and cash equivalents stood at ¥5,573 million. With no interest-bearing debt, financial risk is low, and the company retains capacity for growth investment.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years rose from ¥5,593 million in FY2021 to a peak of ¥8,342 million in FY2023, then edged up slightly to ¥8,582 million in FY2024, before turning to a decline to ¥8,143 million in FY2025. Operating profit also peaked at ¥2,273 million in FY2023 before falling to ¥1,757 million in FY2025. In Q1 FY2026, revenue recovered to growth at ¥2,003 million (up 3.5% year on year), but a combination of increased upfront investment costs for expanding the e-comic label lineup and higher printing costs due to external factors such as rising prices led to continued deterioration in profitability, with operating profit of ¥301 million (down 31.6% year on year) and quarterly net profit of ¥229 million (down 34.4% year on year). The full-year forecast remains unchanged at revenue of ¥9,000 million (up 10.5% year on year) and operating profit of ¥2,000 million (up 13.8% year on year), premised on a recovery in the second half of the fiscal year.
Growth Strategy
Pursuing medium-term growth centered on three pillars: strengthening IP development, expanding e-comics, and investing in media DX
A strategy to develop works originating from the company's own novel posting sites into films, TV dramas, etc., to raise awareness and promote sales of related books and comics. The live-action film adaptation of "Oni no Hanayome" (released March 2026) contributed to revenue growth in the first quarter, confirming the effectiveness of IP development through actual results.
Expanding digital comic labels such as "BeLuck COMICS," launched in the previous fiscal year, to capture the growing digital comics market. Currently in an upfront investment phase, which is weighing on Q1 profits, but the company aims to achieve medium- to long-term earnings contributions through expansion of its reader base and genres.
Continuing to acquire intangible fixed assets such as system development for "OZmall" to improve the convenience of facility reservation services and strengthen user acquisition. Investing cash flow in Q1 FY2026 (ending March 2026) used ¥2,058 million, including a deposit of ¥2,000 million in deposits with affiliated companies, maintaining an active investment stance.
While continuing to increase the number of restaurant reservations in the Kansai area, diversifying the customer base to include support for local government appeal promotion and sales promotion support for the healthcare market. Orders for customer acquisition support for commercial facilities are also trending steadily, with expansion progressing beyond the Tokyo metropolitan area.
Introduced an Employee Stock Ownership Plan (ESOP) trust in February 2026. Aims to retain talented personnel through expanded employee benefits and improve corporate value over the medium to long term. As of the end of Q1, the ESOP held 37,000 shares, with long-term borrowings of ¥135 million recorded.
Last updated: July 17, 2026