【にじホロ】にじさんじ・ホロライブの会計書類を比べていくのだ♬ ~業界2強箱の財務・会計的特徴とは？~【カバー・ANYCOLOR】 — Transcript

Full transcript

1. 0:00Hello. I'm Zundamon, an accounting
2. 0:03student.
3. 0:04Hello. I'm your friend, Metan.
4. 0:07Lately, I've been so busy studying that
5. 0:09I can't really watch VTubers.
6. 0:12Actually...
7. 0:13I watch them every day.
8. 0:14Don't tell my mom.
9. 0:16By the way, it seems like some older
10. 0:18folks are also putting out VTuber
11. 0:20videos lately.
12. 0:21Do you think they've taken an interest
13. 0:23in VTubers?
14. 0:24That might be it. I'm too busy to watch
15. 0:26the videos, so I don't know what's in
16. 0:28them. So, I figured I'd jump on the
17. 0:31bandwagon and make some Nijisanji
18. 0:32videos too. Since their company is
19. 0:35publicly traded, we can see plenty of
20. 0:37financial information. It should be a
21. 0:40different kind of analysis than the
22. 0:42usual NPO documents.
23. 0:43That's right. With that said, let's
24. 0:46take a look at Cover's P&L. Cover is
25. 0:49the company that operates our beloved
26. 0:51Hololive. First, looking at the revenue
27. 0:55trend, it grew massively from 4 million
28. 0:58yen in fiscal 2017 to 50 billion yen in
29. 1:00the most recent fiscal year 2025.
30. 1:03That's amazing growth. It's such a
31. 1:05dream-filled industry.
32. 1:08Now, let's break down this revenue from
33. 1:10a few perspectives. First, if we break
34. 1:15it down by business segment,
35. 1:16merchandising and sales are very large.
36. 1:24When we look at the composition and
37. 1:25growth rates by business segment,
38. 1:27streaming content, which initially
39. 1:29accounted for about 50%, has been
40. 1:31dropping in share, while merchandising
41. 1:33has grown to where it now accounts for
42. 1:35about 50%of revenue. Hmm. I thought
43. 1:41Hololive earned most of its money from
44. 1:43streaming ad revenue and Super Chats,
45. 1:45but half of Hololive is actually made
46. 1:47up of merchandise sales. That's right.
47. 1:51Looking closely at the merchandising
48. 1:53details, up until fiscal 2023,
49. 1:55made-to-order anniversary goods made up
50. 1:57the majority.
51. 1:59What are "made-to-order anniversary
52. 2:01goods"?
53. 2:03They are things like this: goods sold
54. 2:05for a talent's birthday or anniversary,
55. 2:08which cost about 10,000 to 20,000 yen
56. 2:10if you buy the whole set.
57. 2:13Hmm. So they're different from the
58. 2:15individual items you see and buy at a
59. 2:16shop like Animate.
60. 2:17Exactly. Getting people to buy these
61. 2:20anniversary goods is crucial for the
62. 2:22business.
63. 2:23Does "made-to-order" mean they produce
64. 2:25them after receiving the orders?
65. 2:28I think that's probably right. If you
66. 2:31look at Cover's balance sheet, the
67. 2:32amount of "advances received" in the
68. 2:34liabilities section is very large. This
69. 2:39indicates that they have received money
70. 2:40from customers but haven't delivered
71. 2:42the goods yet.
72. 2:44So, it's called "advances received"
73. 2:45because the money was received in
74. 2:47advance, right? That's right. The cram
75. 2:50school we attend has a similar business
76. 2:52model, where they take payment first
77. 2:54and then provide classes. That's why
78. 2:57cram schools also have a lot of
79. 2:58advances received.
80. 2:59I see.
81. 3:01Returning to the breakdown of
82. 3:03merchandising, it seems that "other
83. 3:05planned goods" has been growing since
84. 3:07fiscal year 2024.
85. 3:10Could these be the goods lined up in
86. 3:11stores like Animate?
87. 3:13That might be the case. Looking at
88. 3:16another document, TCG sales make up a
89. 3:18decent portion of the merchandising.
90. 3:21TCG stands for...?
91. 3:23It stands for Trading Card Game.
92. 3:25Oh, you mean that "Holoca" thing. I've
93. 3:27seen unboxing videos of that.
94. 3:30Since Holoca is likely sold in card
95. 3:31shops, that might be what the "other"
96. 3:33category refers to.
97. 3:35I see. Next, looking at live event
98. 3:40revenue, it's low in the first quarter
99. 3:42and very high in the fourth quarter.
100. 3:47Is that because there are major events
101. 3:48like Hololive Fest and Expo in the
102. 3:50fourth quarter?
103. 3:52That could be it. You can see that live
104. 3:55event revenue has significant
105. 3:56seasonality. Oh, looking at the
106. 4:00year-on-year growth rate by business
107. 4:02segment earlier, streaming content
108. 4:04revenue has recently had negative
109. 4:05growth.
110. 4:08That's right. Perhaps the rush of
111. 4:10talent graduations caused revenue to
112. 4:12drop.
113. 4:14I see.
114. 4:15So, we've looked at Cover's information
115. 4:17, but let's also look at Anycolor, the
116. 4:19operating company of their competitor,
117. 4:22Nijisanji. Looking at sales, they have
118. 4:26also grown substantially, from 17
119. 4:28million yen in fiscal 2017 to 55.7
120. 4:31billion yen in the most recent fiscal
121. 4:33year 2025. Looking at the breakdown by
122. 4:37business segment, commerce—that is,
123. 4:38merchandise sales—accounts for the
124. 4:40majority.
125. 4:41So the structure is the same as
126. 4:43Hololive, then.
127. 4:44That's right. Looking at the sales
128. 4:47composition of the commerce segment,
129. 4:49the most recent figure is 68%,
130. 4:51suggesting a higher reliance on
131. 4:52merchandise than COVER. Oh, looking at
132. 4:57live streaming, while growth was low in
133. 4:59fiscal 2023 and 2024, it’s back on a
134. 5:02growth trajectory in fiscal 2025. Even
135. 5:06though COVER is seeing negative growth,
136. 5:08it doesn't mean the entire industry's
137. 5:10streaming revenue is shrinking. Hmm, I
138. 5:13see. Next, let's take a look at sales
139. 5:16by region. Japan has the highest share,
140. 5:20with 74%of recent sales coming from
141. 5:22Japan and 19%from the United States. It
142. 5:26makes sense intuitively that Japan is
143. 5:28the largest. Oh, looking at the
144. 5:30year-over-year changes in ratios,
145. 5:32Japanese sales keep increasing while
146. 5:34U.S. sales keep decreasing. That's a
147. 5:37bit surprising since I thought they
148. 5:38were gradually expanding their overseas
149. 5:40operations. Looking at the
150. 5:44year-over-year growth rate by region,
151. 5:46Japan's growth rate is higher than the
152. 5:48U.S., so maybe Japan is simply growing
153. 5:50rapidly.
154. 5:52I see.
155. 5:54By the way, looking at ANYCOLOR, U.S.
156. 5:56sales are about 12%of the total,
157. 5:58showing a much stronger focus on Japan
158. 6:01than COVER. Their U.S. sales growth
159. 6:04rate isn't very high either.
160. 6:06I wonder if their overseas expansion
161. 6:08isn't going very well.
162. 6:09I'm not sure. Going back to their
163. 6:14mission, COVER’s mission is to "
164. 6:15create a culture that the world loves,"
165. 6:17emphasizing global reach and crossing
166. 6:19borders. In comparison, ANYCOLOR’s
167. 6:24mission is to "create magical
168. 6:26experiences," and it doesn't explicitly
169. 6:28mention the world. I can't judge based
170. 6:31on this alone, but it feels like
171. 6:33Hololive is more globally oriented.
172. 6:36That might be true. Now, breaking down
173. 6:40sales by the number of affiliated
174. 6:42VTubers and revenue per VTuber, the
175. 6:44number of VTubers is like this, with
176. 6:46recent graduations causing a slight
177. 6:48decline. Oh, looking at the revenue per
178. 6:53VTuber, it's around 400 to 500 million
179. 6:56yen. Ah, I wonder if this is the source
180. 6:58of the "400 million yen per Holomem"
181. 7:00figure that was rumored for a while.
182. 7:02That might be the case. But as we'll
183. 7:06look at in more detail later, this is
184. 7:07the company-wide sales per person, not
185. 7:09the amount actually distributed to the
186. 7:11Holomem. Phew. By the way, if we look
187. 7:16at Nijisanji, they have over twice as
188. 7:18many VTubers as Hololive, but their
189. 7:20revenue per person is roughly half that
190. 7:22of Hololive. So, it feels like Hololive
191. 7:25is more of a "small but elite" group
192. 7:27compared to Nijisanji. That might be
193. 7:29true. When we compare the P&L of Cover
194. 7:32and Anycolor, their sales are about the
195. 7:34same, their cost of sales is similar,
196. 7:36and the biggest difference lies in
197. 7:38these SG&A expenses. Since Cover's SG&A
198. 7:42expenses are significantly higher,
199. 7:44their operating profit is also
200. 7:46significantly lower. Even looking at
201. 7:50ratios, the cost ratios are about the
202. 7:52same, but the SG&A ratio for Cover is
203. 7:54notably higher. That’s why their
204. 7:56operating profit margins are completely
205. 7:58different. In terms of profit margin,
206. 8:00Nijisanji is the clear winner.
207. 8:02That is correct. Let’s take a closer
208. 8:04look at the cost of sales. This is the
209. 8:08breakdown of the cost of sales, which
210. 8:10includes performer compensation
211. 8:11distributed to talents, outsourcing
212. 8:13fees for external creators, costs for
213. 8:15live shows and events, and production
214. 8:17costs for merchandise.
215. 8:19Oh, we might be able to verify the "400
216. 8:20million yen annual income" theory for
217. 8:22Hololive talents using this performer
218. 8:24compensation figure. If we take the
219. 8:26number of affiliated VTubers here and
220. 8:27divide the performer compensation by
221. 8:29the number of people, the per-person
222. 8:31compensation is around 70 million yen
223. 8:32recently. Converted to a monthly figure
224. 8:34, that’s 5.8 million yen per month,
225. 8:36or an annual income of 70 million.
226. 8:38That's amazing.
227. 8:41One thing to note is that Hololive
228. 8:42talents use this compensation to pay
229. 8:44for their own activity expenses, such
230. 8:46as creating music videos. So, there are
231. 8:51likely quite a few talents who end up
232. 8:52with zero take-home pay for the month.
233. 8:55Thinking of it that way, maybe "70
234. 8:57million in annual sales" is more
235. 8:59accurate than "70 million in annual
236. 9:00income."
237. 9:01That might be the case. Furthermore,
238. 9:04this figure is a simple average, so
239. 9:06it's possible that a few top talents
240. 9:08are significantly pulling up the
241. 9:09average. Conversely, it also includes
242. 9:12members from the male group Holostars,
243. 9:14whose operations were recently
244. 9:16downsized, so it's an average that
245. 9:18includes smaller-scale performers too.
246. 9:20That's right. Next, looking at SG&A
247. 9:23expenses, labor costs make up a
248. 9:25relatively large portion. Looking at
249. 9:30the employee trends, Cover currently
250. 9:33has just over 700 employees, while
251. 9:35Anycolor has 67, so Cover has a much
252. 9:37larger headcount.
253. 9:41I wonder if that means they provide
254. 9:43more extensive support to their talents
255. 9:44.
256. 9:45I hope that's the case. However, since
257. 9:49a significant portion of the employees
258. 9:51are software engineers, the number of
259. 9:53people directly supporting the talent
260. 9:55might not be clear. That's true.
261. 10:00That’s the SG&A expense breakdown,
262. 10:01which is classified in the financial
263. 10:03briefing materials. There’s also an
264. 10:06SG&A section in the securities report,
265. 10:08and if you look at that, it looks like
266. 10:10this. The selling expense ratio for SG&
267. 10:14A is right here, so I multiply that by
268. 10:16the total SG&A to find the selling
269. 10:18expenses, then list the amounts from
270. 10:20the details and treat the difference
271. 10:22from the total as "others." Now, let's
272. 10:26focus on this shipping freight and
273. 10:28salary allowance during this period. If
274. 10:33you look at the source, for the salary
275. 10:35allowance in fiscal 2024, we're
276. 10:37comparing the prior-year data from the
277. 10:392025 securities report with the
278. 10:41current-year data from the 2024
279. 10:43securities report.
280. 10:45Exactly. When you compare them, they
281. 10:48surprisingly don't match.
282. 10:50W-what did you say?
283. 10:53Furthermore, if you look at the
284. 10:55shipping freight, the 2024 figure is
285. 10:57missing. T-that’s impossible.
286. 11:01Mwahaha! How’s that? Are you
287. 11:03intimidated, Metan?
288. 11:04Yes. So, why don't they match, Zundamon
289. 11:08?
290. 11:09Me?
291. 11:09I guess you wouldn't know? Let me take
292. 11:12a look. If you compare this and this,
293. 11:14the numbers match. These and these also
294. 11:16match, don't they? So, I suspect the
295. 11:19numbers that should have been in the
296. 11:20salary allowance row and the shipping
297. 11:22freight row were swapped.
298. 11:24Guh...I was just about to point that
299. 11:26out. Don't steal my thunder! Metan.
300. 11:31Yes, yes.
301. 11:34Moving on, if we look at the operating
302. 11:36profit and loss breakdown, there’s an
303. 11:38item for "settlement money received."
304. 11:43This is likely what was claimed from
305. 11:44those who have been slandering Hololive
306. 11:46.
307. 11:48Slander doesn't lead to anything good,
308. 11:50does it? Wait, what is "settlement
309. 11:53money paid"?
310. 11:55This might be what the company paid to
311. 11:56parties they had various disputes with.
312. 11:59I see.
313. 12:01Next, let's look at the extraordinary
314. 12:03gains and extraordinary losses. This is
315. 12:06the breakdown, and the impairment loss
316. 12:08stands out.
317. 12:09This 3.2 billion yen impairment is
318. 12:11really large, isn't it? I wonder what
319. 12:13that is?
320. 12:14This is related to Holoearth, the
321. 12:16metaverse project Cover has staked its
322. 12:18future on. Unfortunately, Holoearth
323. 12:23didn't gain traction, so it seems they
324. 12:25wrote off the development costs since
325. 12:27they can't recover them from the
326. 12:28service.
327. 12:30Oh, I see.
328. 12:32But the technology and assets
329. 12:33cultivated in Holoearth will be put to
330. 12:35use elsewhere, so don't worry.
331. 12:37I hope to see them put to good use.
332. 12:39Indeed. Now, looking at Cover’s
333. 12:43balance sheet, they have plenty of cash
334. 12:45and deposits.
335. 12:47Since their business model involves
336. 12:48collecting money from customers upfront
337. 12:50, a cash crunch is unlikely.
338. 12:52That's right. Looking at tangible fixed
339. 12:55assets, buildings and equipment
340. 12:57skyrocketed in fiscal 2023. This is
341. 13:00likely related to the 2.7 billion yen
342. 13:02studio that Cover takes pride in.
343. 13:05High-end equipment like this might be
344. 13:07recorded as fixtures. I see.
345. 13:11Furthermore, looking at intangible
346. 13:12fixed assets, software and software in
347. 13:15progress are quite large. Is the
348. 13:17significant decrease in software in
349. 13:19fiscal 2025 due to the Holoearth
350. 13:21situation mentioned earlier?
351. 13:23I believe so. By the way, looking at
352. 13:26Anycolor as well, their buildings and
353. 13:28fixtures surged in fiscal 2024, so
354. 13:30perhaps that’s also studio-related.
355. 13:34Looking at their intangible fixed
356. 13:35assets, there isn't much software. So,
357. 13:39one could say that Cover is more of a
358. 13:41software development-focused company.
359. 13:44They have a real spirit for challenges.
360. 13:48Looking at the cash flow statement,
361. 13:50operating cash flow is abundant, and
362. 13:51they are investing in business
363. 13:53activities. For instance, they might be
364. 13:57investing in studios as tangible fixed
365. 13:59assets or developing software as
366. 14:01intangible fixed assets. Looking at
367. 14:04financing activities, there isn't much
368. 14:06movement, and it seems they aren't
369. 14:08paying dividends. On the other hand,
370. 14:15Anycolor also has abundant operating
371. 14:17cash flow and invests in studios as
372. 14:19tangible assets, but they don't spend
373. 14:21much on intangible assets, and their
374. 14:23recent financing activities show a
375. 14:25large negative figure due to dividends
376. 14:27and share buybacks. So they are
377. 14:34focusing on shareholder returns.
378. 14:36Since Anycolor is listed on the TSE
379. 14:38Prime Market, they may be under more
380. 14:40pressure as a mature company to
381. 14:41prioritize shareholder relations.
382. 14:44Cover is still on the Growth Market,
383. 14:46right?
384. 14:47That’s correct. Looking at the other
385. 14:50information in the securities report
386. 14:51reveals quite a lot. The average length
387. 14:54of employment is less than three years.
388. 14:56That feels short, though it might be
389. 14:58because the company is young. For
390. 15:00reference, Toyota is around 15 or 16
391. 15:03years. The average annual salary is
392. 15:05about 6.7 million yen, which is roughly
393. 15:081/10th of the talent/performer
394. 15:09compensation.
395. 15:11Isn't it a bit odd to compare that with
396. 15:13the talent?
397. 15:14That might be true. Looking at how easy
398. 15:18it is for women to work, the proportion
399. 15:20of women in the company is increasing,
400. 15:22and regarding the gender wage gap—the
401. 15:24percentage of women's pay compared to
402. 15:26men's—it's about 90%for all workers
403. 15:28and full-time employees, while
404. 15:30part-time women actually earn more.
405. 15:34Maybe there's a gender ratio difference
406. 15:35between full-time and part-time roles.
407. 15:37Oh, why is this part so low? I have no
408. 15:41idea. The percentage of foreign
409. 15:44employees is rising, and it's becoming
410. 15:45a global company.
411. 15:47I see.
412. 15:48And so, let's summarize the educational
413. 15:51value of today's topic. 1. Hololive
414. 15:54might be more world-oriented than
415. 15:56Nijisanji. 2. Hololive might have fewer
416. 15:59employees than Nijisanji. 3. In terms
417. 16:02of overall profit margin, Nijisanji is
418. 16:05the clear winner. What did you think of
419. 16:08that? I want to keep learning about
420. 16:11accounting through various themes on
421. 16:12this channel. Please subscribe, like
422. 16:16the video, and leave a comment. That is
423. 16:18all.