ANYCOLOR, the Japanese entertainment company behind the Nijisanji VTuber network, reported a 34% surge in revenue for fiscal 2025 as merchandise sales offset sluggish streaming income.
The Tokyo-listed company generated ¥42.88 billion ($295.7 million) in revenue for the year ended April, with operating profit climbing 31.7% to ¥16.28 billion ($112.3 million). The results marked a recovery from earlier quarterly disappointments that had weighed on investor sentiment.
Commerce operations, which include merchandise and fan club subscriptions, emerged as the primary growth engine. The division benefited from increased popularity of ANYCOLOR’s virtual performers and what the company described as more compelling product offerings. The segment has historically been the company’s largest revenue contributor, accounting for 59% of total sales, though it remains subject to quarterly volatility.
ANYCOLOR’s roster expanded to 170 VTubers across its Nijisanji and Nijisanji EN brands, adding 12 performers from the previous year. The company’s ANYCOLOR ID user base, required for accessing official stores and fan clubs, surged 33.6% to 1.69 million registrations.
Live streaming revenue remained flat despite growth in YouTube viewership. While membership fees and advertising income held steady, Super Chat donations declined, reflecting broader industry trends as fans shift spending toward physical merchandise and live events.
The events business posted strong growth as ANYCOLOR increased its roster of large-scale productions, with individual events drawing larger audiences than the prior year. Promotional services also advanced as corporate clients showed greater recognition of VTuber marketing effectiveness.
For fiscal 2026, ANYCOLOR projected revenue between ¥49 billion and ¥51 billion ($338 million to $352 million), representing 14% to 27% growth. Operating profit is expected to reach ¥19 billion to ¥20 billion ($131 million to $138 million).
The forecast suggests continued reliance on commerce operations to drive overall company expansion, though management expects all business segments to contribute to growth. Even at the lower end of guidance, the company anticipates double-digit increases across key financial metrics.
