Industry map/Entertainment, Media & Leisure
Streaming industry map
Who earns the money in Streaming, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 23 companies · ¥1.29T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥1.29T
- Companies
- 23
- Avg. salary（parent only）
- ¥6.7M
- Industry weather
- Sunny
YoY +8.7%
Avg. age 38.2
Operating income +33.6%
Nippon Television Holdings[9404]
Content Media Business
- Revenue
- ¥452.7B▲5.0%
- Operating income
- ¥67.1B▲28.6%
Margin 14.8%
Whole company: Revenue ¥484.4B · Net income ¥56.8B
Avg. salary ¥14M · 48.6（parent only）
U-Next Holdings[9418]
Content distribution service + 1 more
- Revenue
- ¥223.3B▲8.6%
- Operating income
- ¥26B▲2.5%
Margin 11.6%
Whole company: Revenue ¥390.4B · Net income ¥18.4B
Avg. salary ¥6.5M · 37.8（parent only）
- TV TOKYO Holdings owns 1.4%
CyberAgent[4751]
Media and IP
- Revenue
- ¥217.2B▲16.6%
- Operating income
- ¥7.29BBack to profit
Margin 3.4%
Whole company: Revenue ¥874B · Net income ¥31.7B
Avg. salary ¥9.1M · 33.8（parent only）
Wowow[4839]
MediaAndContent
- Revenue
- ¥70.1B▼0.5%
- Operating income
- ¥1.38B▼39.0%
Margin 2.0%
Whole company: Revenue ¥77.1B · Net income ¥1.3B
Avg. salary ¥10.8M · 41.2（parent only）
- TV Asahi Holdings owns 1.2%
TV TOKYO Holdings[9413]
Anime and distribution business
- Revenue
- ¥50.5B▲12.4%
- Operating income
- ¥6.59B▲55.0%
Margin 13.0%
Whole company: Revenue ¥164.9B · Net income ¥7.7B
Avg. salary ¥14.2M · 46.3（parent only）
Cover[5253]
- Revenue
- ¥49.3B▲13.7%
- Operating income
- ¥7.06B▼11.8%
Margin 14.3%
Avg. salary ¥6.7M · 34.8（parent only）
Anycolor[5032]
- Revenue
- ¥42.9B▲34.0%
- Operating income
- ¥16.3B▲31.7%
Margin 38.0%
Avg. salary ¥5M · 31.8（parent only）
DeNA[2432]
Live Streaming Business
- Revenue
- ¥39.8B▼1.9%
- Operating income
- ¥3.98BBack to profit
Margin 10.0%
Whole company: Revenue ¥147.7B · Net income ¥19B
Avg. salary ¥11.2M · 38.6（parent only）
TV Asahi Holdings[9409]
Internet
- Revenue
- ¥33.8B▲14.0%
- Operating income
- ¥5.31B▲43.6%
Margin 15.7%
Whole company: Revenue ¥339.5B · Net income ¥29.7B
Kadokawa[9468]
Web Services
- Revenue
- ¥20.2B▲14.0%
- Operating income
- ¥2.12BBack to profit
Margin 10.5%
Whole company: Revenue ¥282.9B · Net income ¥1.28B
Avg. salary ¥8.7M · 41.6（parent only）
MTI[9438]
Content business
- Revenue
- ¥17.1B▲1.8%
- Operating income
- ¥4.27B▼1.2%
Margin 25.0%
Whole company: Revenue ¥29.9B · Net income ¥3.4B
Avg. salary ¥6.6M · 40.4（parent only）
jig.jp[5244]
- Revenue
- ¥14.6B▲6.1%
- Operating income
- ¥1.98B▼1.8%
Margin 13.5%
Avg. salary ¥6.7M · 35.2（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: J-Stream · Space Shower Skiyaki Holdings · GREE Holdings · NexTone · Mirrativ · Moi · Broadmedia · Cave · CyberBuzz · AI · I-Freek Mobile
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- CyberAgent's Media and IP segment is the biggest, at ¥217.2B. That one segment is 27% of the listed total.
- It barely makes money, though: a 3.4% operating margin. The profitable players are mid-sized. MTI's content business runs at 25.0%, and SKY Perfect JSAT's media business at 19.3%.
- U-NEXT's content distribution business, at ¥128B, grew 16.6% — as fast as the leader.
- WOWOW earns 2.0% and its revenue slipped 0.5%. SKY Perfect JSAT fell 2.5%.
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Nippon Television HoldingsContent Media Business | ¥452.7B | 35.1% | 14.8% | — | ¥50.7B |
| 2 | U-Next HoldingsContent distribution service + 1 more | ¥223.3B | 17.3% | 11.7% | +39.1% | ¥4.39B |
| 3 | CyberAgentMedia and IP | ¥217.2B | 16.9% | 3.4% | — | — |
| 4 | WowowMediaAndContent | ¥70.1B | 5.4% | 2.0% | — | ¥1.54B |
| 5 | TV TOKYO HoldingsAnime and distribution business | ¥50.5B | 3.9% | 13.0% | — | ¥11.9B |
| 6 | Cover | ¥49.3B | 3.8% | 14.3% | +37.8% | ¥4.67B |
| 7▲1 | Anycolor | ¥42.9B | 3.3% | 38.0% | +53.9% | ¥8.93B |
| 8▼1 | DeNALive Streaming Business | ¥39.8B | 3.1% | 10.0% | +3.5% | — |
| 9 | TV Asahi HoldingsInternet | ¥33.8B | 2.6% | 15.7% | +12.7% | ¥11.2B |
| 10 | KadokawaWeb Services | ¥20.2B | 1.6% | 10.5% | -1.2% | -¥6.08B |
| 11 | MTIContent business | ¥17.1B | 1.3% | 25.0% | -2.2% | ¥4.3B |
| 12 | jig.jp | ¥14.6B | 1.1% | 13.5% | +13.0% | ¥1B |
| 13 | J-Stream | ¥12B | 0.9% | 6.9% | -0.8% | ¥528.4M |
| 14 | Space Shower Skiyaki HoldingsSolution business | ¥11.6B | 0.9% | 5.7% | +28.8% | ¥3.06B |
| 15new | GREE HoldingsVTuber business | ¥8.25B | 0.6% | 8.0% | — | ¥668M |
| 16▼1 | NexToneDigital music bussiness | ¥7.73B | 0.6% | 20.3% | — | ¥1.43B |
| 17new | Mirrativ | ¥7.19B | 0.6% | 4.9% | — | ¥255.2M |
| 18▼2 | Moi | ¥6.69B | 0.5% | 5.1% | +0.5% | ¥63.2M |
| 19▼2 | BroadmediaBroadcast | ¥2.24B | 0.2% | 5.1% | -4.0% | ¥493.1M |
| 20▼1 | CaveLive distribution related business | ¥1.14B | 0.1% | 1.6% | +35.2% | -¥257.7M |
| 21▼3 | CyberBuzzLive streaming platform business | ¥423.2M | 0.0% | 7.0% | — | ¥266.9M |
| 22new | AILiver management business | ¥68.3M | 0.0% | -7.2% | — | ¥50M |
| 23▼3 | I-Freek Mobilecontents | ¥36.1M | 0.0% | -19.3% | — | ¥22.6M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Anycolor53938
- Nippon Television Holdings632314
- Cover533314
- DeNA463513
- jig.jp78013
- MTI266410
- Space Shower Skiyaki Holdings70219
- U-Next Holdings67258
- CyberAgent70228
- TV Asahi Holdings69238
- GREE Holdings49438
- Cave63298
- TV TOKYO Holdings67267
- J-Stream61327
- Broadmedia61327
- NexTone7519
- AI4747
- Mirrativ6827
- Moi5045
- CyberBuzz6233
- Kadokawa6631
- Wowow7028
- I-Freek Mobile7523
Ownership links
From the major-shareholder section of annual securities reports.
- トランス・コスモス株式会社Outside
- SubsidiaryJ-Stream50.3%
- ㈱フジ・メディア・ホールディングスOutside
- AffiliateWowow20.9%
- StakeSpace Shower Skiyaki Holdings10.1%
- 株式会社セレスOutside
- StakeCyberBuzz19.1%
- 東映株式会社Outside
- StakeTV Asahi Holdings17.7%
- ㈱ＴＢＳホールディングスOutside
- StakeWowow16.0%
- CyberAgentIn industry
- StakeCyberBuzz14.9%
- 任天堂株式会社Outside
- StakeDeNA14.0%
- ＫＤＤＩ株式会社Outside
- StakeJ-Stream12.3%
- StakeSpace Shower Skiyaki Holdings9.2%
- ソニーグループ㈱Outside
- StakeKadokawa11.0%
- 伊藤忠商事㈱Outside
- StakeSpace Shower Skiyaki Holdings10.1%
- 株式会社アミューズOutside
- StakeNexTone7.4%
- 株式会社メディパルホールディングスOutside
- StakeMTI5.7%
- 株式会社ソルクシーズOutside
- StakeAI4.1%
- 三井物産㈱Outside
- StakeTV TOKYO Holdings3.8%
- 光通信㈱Outside
- StakeU-Next Holdings3.2%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Streaming (by revenue)
All 23 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Nippon Television Holdings¥452.7B · 14.8%
- U-Next Holdings¥223.3B · 11.7%
- CyberAgent¥217.2B · 3.4%
- Wowow¥70.1B · 2.0%
- Anycolor¥55.7B · 36.2%
- TV TOKYO Holdings¥50.5B · 13.0%
- Cover¥49.3B · 14.3%
- DeNA¥39.8B · 10.0%
- TV Asahi Holdings¥33.8B · 15.7%
- Kadokawa¥20.2B · 10.5%
- MTI¥17.1B · 25.0%
- jig.jp¥14.6B · 13.5%
- J-Stream¥12B · 6.9%
- Space Shower Skiyaki Holdings¥11.6B · 5.7%
- GREE Holdings¥9.14B · 16.3%
- NexTone¥7.73B · 20.3%
- Mirrativ¥7.19B · 4.9%
- Moi¥6.69B · 5.1%
- Broadmedia¥2.24B · 5.1%
- Cave¥981.9M · 1.8%
- CyberBuzz¥423.2M · 7.0%
- AI¥68.3M · -7.2%
- I-Freek Mobile¥36.1M · -19.3%
Revenue · Op. margin
Related industries
Analyze this page with AI
Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.