GREE Holdings, Inc. held its Q3 FY2026 earnings briefing on May 13, 2026. For the cumulative period of the third quarter, consolidated results were net sales of 38.444 billion yen and operating profit of 2.42 billion yen.
The VTuber business achieved record-high quarterly sales, and improved profitability led to a significant 62% increase in operating profit compared to the previous quarter. Although both sales and profits fell short of forecasts, the overall performance remains strong.
For the third quarter of 2026, the overall performance of the VTuber business was 2.29 billion yen in sales (up 6% year-on-year) and 330 million yen in operating profit (up 8% year-on-year). The VTuber business consists of two parts: the platform business (REALITY) and the production business (REALITY Studios).
The platform business, which operates “REALITY,” a platform where users can stream using avatars, reported sales of 1.76 billion yen (down 1% year-on-year) and operating profit of 490 million yen (up 8% year-on-year). Although sales fell short of expectations, the profit margin remained high at 27.9%, in the upper 20s.
The VTuber production business maintained strong growth, with sales of 540 million yen (a 43% increase compared to the same period last year). Despite the backlash from seasonal sales, it showed significant growth compared to the same period last year, and it was explained that progress is on track to achieve monthly profitability in the second half of 2026.
Furthermore, during the same quarter, we also entered into a business partnership with RINDO Entertainment Co., Ltd., a major male idol company, and our business scale is steadily expanding.
For the fourth quarter of 2026, we project sales of 2.79 billion yen (a 34% increase year-on-year) and operating profit of 650 million yen (a 523% increase year-on-year). Our medium-term goal is to achieve high growth, centered on making our production business profitable for the full year starting in 2027.
Furthermore, the earnings announcement also mentioned that during the same quarter, the company made an additional investment in Brave group, which operates a VTuber and metaverse business through REALITY Inc., becoming the company’s largest shareholder. Brave group is the third largest company in the industry, owning influential VTuber production companies and talents such as “Vspo!”.
GREE has been investing in Brave Group since its early days, and this additional investment will further strengthen its strategic partnership in the VTuber field. In response to questions at the earnings briefing, the company stated that the reason for the additional investment was that “we have become more confident that the VTuber market itself will continue to expand.”
This article is an English translation of an original Japanese article, translated by the Mogura VR editorial team.
