Nippon Television Holdings, Inc.
9404・Prime Market・Information & Communication
Business
Nippon Television Holdings is a certified broadcast holding company with Nippon Television Network Corporation—which acquired Japan's first private-sector television broadcasting license in 1952—as its core operating company. Comprising 60 subsidiaries and 33 affiliated companies, the group operates diversified businesses centered on terrestrial, BS, and CS broadcasting, spanning anime IP such as Studio Ghibli and Tatsunoko Production, HJ Holdings (which operates Hulu), event production by Murayama Co., Ltd., sports club operations by Tipness Co., Ltd., and real estate leasing in the Shiodome and Bancho districts. Its main customers are advertisers via advertising agencies such as Dentsu and Hakuhodo, and it generates revenue based on its content production capabilities and media strength.
Business Model
The core revenue driver is the TV advertising model, which sells advertising slots for program content produced and broadcast by Nippon Television Network Corporation. In addition to spot and time advertising, the company has a multi-layered revenue structure encompassing digital video advertising via TVer, IP licensing and content sales including Studio Ghibli, contract event and exhibition production through Murayama Co., Ltd., merchandise sales and flash sales, sports club membership fee income, and real estate leasing income. Content production capability serves as the starting point for the entire business structure.
Company Strengths
In core ratings targeting men and women aged 13 to 49, the company achieved the triple crown (No. 1 in all-day, prime time, and golden time ratings) for 14 consecutive years. FY2025 spot advertising revenue reached ¥127,637 million (up 9.2% year on year), maintaining a high share among key Tokyo-based broadcasters, with ratings superiority directly translating into competitiveness in advertising revenue.
In October 2023, the company made Studio Ghibli Inc. a consolidated subsidiary, achieving overseas expansion such as an indefinite long-run stage production of "My Neighbor Totoro" in London's West End and a worldwide 4K remastered theatrical release of "Princess Mononoke." The company also holds Tatsunoko Production, as well as ACM Inc. and Rights In Inc., which operate the Anpanman Museum, accumulating a diverse range of IP within its own group.
Driven by steady order intake for various facility projects by Murayama Co., Ltd. and increased contract drama production, Contract Content Production revenue expanded to ¥34,747 million (up 19.6% year on year). Box office revenue from the Merchandise Sales, Events & Theme Parks business also continued its high growth, reaching ¥17,985 million (up 14.7% year on year), reflecting continued expansion of non-broadcast revenue.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥406,395 million in FY2022 (ending March 2022) to ¥484,418 million in FY2026 (ending March 2026). Operating profit bottomed out at ¥41,877 million in FY2024 (ending March 2024) and then recovered sharply, reaching ¥69,332 million in FY2026 (ending March 2026) (up 26.2% year on year), surpassing the FY2022 (ending March 2022) level of ¥58,682 million. The operating profit margin improved from 11.9% (FY2025, ending March 2025) to 14.3% (FY2026, ending March 2026). The main drivers were an increase in spot advertising placement volume by region (with the overall advertising market growing 5.1% as an external factor), a high market share gained among key Tokyo-based broadcasters, and increased revenue from Contract Content Production and the events business. On the other hand, FY2027 (ending March 2027) is expected to see a decline in operating profit to ¥49,000 million (down 29.3%), due to expanded upfront investment and an anticipated decrease in spot advertising revenue.
Growth Strategy
Transformation into a global content company: three pillars of IP creation, overseas expansion, and digital monetization
KANAMEL Co., Ltd., which boasts the top domestic share in advertising video production, was made a wholly owned subsidiary in April 2026 at an acquisition cost of ¥49,754 million. By integrating KANAMEL's video production capability with the Company's planning/production capability and dissemination power, the Company will create diverse IP including dramas, films, music, and animation. It will also advance innovation in production processes, including the use of AI, and incorporate a global advertising production business through overseas subsidiaries and locations in seven countries.
The Company is strengthening video advertising sales on TVer and other official commercial broadcaster video streaming services. Digital advertising revenue for FY2026 (ending March 2026) continued to grow, reaching ¥11,890 million (up 13.0% year on year). Against the tailwind of a favorable external environment in which the overall TV media-related video advertising market grew 23.3%, the Company is building a digital revenue base that complements the gradual decline in terrestrial advertising.
Under the Medium-Term Management Plan 2025-2027, the Company has set forth a "transformation into a global content company" and is accelerating the global rollout of its IP. By combining the utilization of KANAMEL's overseas locations with the expansion of overseas licensing and distribution of the Company's content, it aims to achieve ¥100 billion in overseas sales in FY2033. The current overseas sales ratio is minimal, and the accumulation of actual results will be the key evaluation criterion going forward.
Under the Medium-Term Management Plan 2025-2027, the Company has set a target total payout ratio of 35% or more. The annual dividend for FY2026 (ending March 2026) is ¥45 (up ¥5 year on year), with a payout ratio of 19.7%. In May 2026, the Company resolved to conduct a share buyback of up to 5,200,000 shares and ¥12.0 billion (with all repurchased shares to be cancelled). It is also concurrently promoting the sale of cross-shareholdings (expected gain on sale of ¥19,500 million) to improve capital efficiency.
Last updated: July 19, 2026