Japanese digital manga publisher BeaGlee Corp. posted an 89% surge in net income to ¥1.3 billion ($8.7 million) for 2024, even as its main comic-reading app struggled to retain users.
Operating profit rose 19.4% to ¥1.79 billion, while revenue dropped 3.3% to ¥18.45 billion, the Tokyo-based company said Wednesday. The profit growth was driven by improved margins in both platform and content segments, offsetting weaker user engagement in its flagship Manga Kingdom service.
The platform division, which accounts for about 64% of total sales, saw revenue decline 6.1% as active users continued to decrease. The company’s efforts to attract and retain casual readers through promotional campaigns have yet to show significant results.
BeaGlee’s content segment performed better, with sales rising 2.2% on strong digital manga performance, particularly in boys-love and teen-love genres. The publisher has been expanding its digital offerings while scaling back print operations, which saw a 13.3% revenue decline amid a shrinking physical book market.
The company launched its North American comic distribution service “yomoyo” in June 2023 and is currently negotiating content licensing deals to expand its library.
Looking ahead, BeaGlee projects a 34.3% drop in net income to ¥925 million for 2025, citing one-time costs related to its headquarters relocation planned for the third quarter. Annual revenue is expected to grow 5.4% to ¥20.12 billion.
