Home/VTuber & Motion Capture

VTuber & Motion Capture

8 companies

The global VTuber market reached $3.1B in 2026, forecast to hit $4.9B by 2031 (9.6% CAGR). Japan dominates with ANYCOLOR and Cover Corp controlling ~45% of global VTuber revenue. Accessible motion capture hardware (Sony mocopi at $450) and AI-driven multilingual capabilities are expanding the creator base. Revenue diversification beyond streaming donations into music, merch, anime IP, and game collaborations is driving margin expansion.

Recent Updates

2026-05-02evolve
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Cover Corp evolved: op margin surge to 19.1%, FY2026 guidance ¥52.5B, Suisei agency risk, overseas expansion

Updated: 5253.T

2026-05-04evolve
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Updated ANYCOLOR: PE derating 19.8x→10.24x, Universal Music deal added, NIJIFes 2026 catalyst, EN branch health assessed

Updated: 5032.T

2026-05-13evolve
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Bandai Namco (7832.T): FY2026 results, PE 22.2x->16.5x, MEWLIVE + Hololive deal added. Sony (6758.T): UPGRADED MEDIUM->HIGH, OP margin 9.7%->11.6%, ¥500B buyback, forward PE 18.4x->12.9x.

Updated: 7832.T, 6758.T

2026-05-21evolve
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CyberAgent (4751.T): ABEMA achieved profitability. Q2 FY2026 OP +39.3% record. Uma Musume overseas 3.5x. hololive Dreams global launch. CEO transition. Stock near 52-wk low at ¥1,310. UPGRADED.

Updated: 4751.T

2026-05-26evolve
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Updated 3 oldest stocks. Kadokawa (9468.T): FY2026 OP -51%, NI -82% (impairment); FY2027 recovery guided, FromSoftware 2026 dual launches, Sony 10% stake confirmed. GREE (3632.T): Metaverse→VTuber segment rename, 4th gen EN expansion, margins firming. Colopl (3668.T): monitoring trigger fired (quarterly profit ¥170M), cost-cut recovery, CONCEPT STOCK FLAG added.

Updated: 9468.T, 3632.T, 3668.T

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Peer Comparison

CompanyTickerConvPEFwd PEP/BROEOp MarginD/EYieldFCF
ANYCOLOR (Nijisanji)5032.THIGH10.2412.88.4774.2%40.2%0.1%2.2%N/A
Cover Corp (Hololive)5253.THIGH15.813.35.75x33.7%19.1%N/A0%+¥4B
Sony Group6758.THIGHN/A (one-time SFG loss)~12.9x~2.0x (est. post-SFG)~11-15% (restated ex-SFG)11.6%19%0.7%N/A
CyberAgent4751.TMEDIUM16.32N/A (Sep FY; Q2 FY2026 results released May 13)N/AN/A (needs update; ops strong: Q2 OP ¥29.0B +39.3%)11.8% (Q2 FY2026: OP ¥29.0B / Rev ¥246.2B)N/A1.25% (¥1,310 stock; fwd 1.4%)N/A
Bandai Namco7832.TMEDIUM~16.5x~16.9x2.97x13.8%14.0%~0%1.5%N/A
Kadokawa9468.TLOW~73x TTM (NI distorted by FY2026 one-time impairment/restructuring)~38x FY2027 (analyst consensus; company guidance implies ~83x on ¥5.8B NI)N/A~0.3% (FY2026 NI ¥1.28B vs equity ~¥400B; structurally low)2.9% (FY2026: OP ¥8.1B / Rev ¥282.9B; normalized FY2027 guidance: 3.4%)~4%~0.9% (¥30/share at ¥3,257)N/A
GREE Holdings (REALITY)3632.TLOW~45x (EPS TTM ¥8.5 at ¥382)—N/AN/A (thin profitability; OP quarterly ~¥1B)~7.7% (Q3 FY2026 standalone: OP ¥1B / Rev ¥13B)N/A~1.9%N/A
Colopl3668.TLOW279x TTM (loss-making trailing period; Q1 FY2027 annualized ~72x on ¥170M×4)—N/A~0% (returning from -0.4%; ¥170M Q1 profit on estimated equity ¥14B = ~4.9% annualized if sustained)~-1.8% (Q1 FY2027 operating loss ¥86M / revenue ¥4,772M; but ordinary profit positive ¥484M)0.5%5.25% (¥20/share at ¥380)N/A (likely negative)

Companies

ANYCOLOR (Nijisanji)

5032.THIGH

VTuber Agency / IP Platform

20%

Dominant VTuber agency (Nijisanji) with 172 active talents across JP, KR, EN — talent count UP 7 YoY despite EN attrition. Asset-light IP model: 74% R...

confirmedYouTube / TwitchconfirmedBandai NamcoconfirmedSquare Enix+1 more

Cover Corp (Hololive)

5253.THIGH

VTuber Agency / IP Platform

20%

#1 VTuber agency globally by brand power. FY2026 guidance: ¥52.5B revenue (+20.9% vs ¥43.4B FY2025). Operating margin surged from 11.3% → 19.1% as TCG...

confirmedSonyconfirmedYouTubeconfirmedBushiroad+2 more

Sony Group

6758.THIGH

Motion Capture Hardware / Anime IP

15%

UPGRADED: Sony is now a pure entertainment/tech/sensor company after SFG spin-off (May 2026). FY2026: Revenue ¥12,479.6B (+3.7%), OP ¥1,447.5B (+13.4%...

confirmedCover Corp (Hololive)probableTSMCprobableAnime studios / Global consumers+1 more

CyberAgent

4751.TMEDIUM

Mocap Studio / Streaming Platform

12%

ABEMA achieved profitability in Q2 FY2026 — the primary bear case disproven. Years of cash burn ended. Q2 FY2026 record: OP ¥29.0B (+39.3% YoY). Uma M...

confirmedUma Musume global players (Cygames IP)confirmedABEMA subscribers / advertisersconfirmedCOVER Corporation (hololive IP)+1 more

Bandai Namco

7832.TMEDIUM

Anime IP / Game Ecosystem

12%

Largest anime IP portfolio in Japan (Gundam, Dragon Ball, One Piece games) with deep VTuber integration. FY2026 results confirmed: Revenue ¥1.35T (+8....

confirmedANYCOLOR (Nijisanji)confirmedCover Corp (Hololive)confirmedMEWLIVE (own VTuber group)+1 more

Kadokawa

9468.TLOW

Virtual Events / IP Publisher

8%

HOLD — FY2026 was a structural reset, not a secular decline. Revenue ¥282.9B (+1.8%) but OP -51.3% and NI -82.7% due to anime impairment + publishing ...

confirmedDwango/Niconico usersconfirmedNintendo (Switch 2 platform)confirmedNintendo Switch 2 owners (global)+1 more

GREE Holdings (REALITY)

3632.TLOW

VTuber Platform / Metaverse

8%

HOLD — REALITY Studios has pivoted fully from metaverse to VTuber talent production. Renamed Metaverse segment to 'VTuber Business' with two divisions...

confirmedREALITY app users (smartphone)confirmedApp Store / Google PlayconfirmedFIRST STAGE PRODUCTION EN (English VTuber fans)

Colopl

3668.TLOW

VR Gaming

5%

MONITORING TRIGGER FIRED — returned to quarterly profit in Q1 FY2027. Net profit ¥170M (Q1, quarter ended March 2026), ordinary profit ¥484M (+752.4% ...

confirmedMetaconfirmedApp Store / Google Play