Toho Co., Japan’s entertainment giant behind Godzilla and a roster of hit anime franchises, is partnering with collectibles manufacturer Good Smile Company to form a merchandise-focused joint venture.
The new entity, dubbed To-Smile, will produce original toys, figures, and consumer goods tied to Toho’s intellectual property portfolio, including its TOHO animation catalog and the Godzilla franchise. The companies announced the partnership Monday without disclosing financial terms or ownership stakes.
For Toho, the move aligns with its Mid-Term Plan 2028, unveiled in April, which established IP and anime as a standalone business segment and targets a 200% increase in operating profit from these operations. The studio has earmarked roughly ¥70 billion ($465 million) for content production over three years as it seeks to boost overseas revenue from 10% to 30% of net operating revenue by 2032.
Good Smile, known for its Nendoroid collectible figures, brings manufacturing expertise and established distribution channels across North America and Asia. Toho contributes its theater network, including the TOHO Cinemas chain, as a retail outlet alongside international sales routes.
The joint venture represents Toho’s latest effort to extract more value from properties like Jujutsu Kaisen, My Hero Academia, and Spy x Family, which have driven recent anime business growth. Whether the partnership can meaningfully accelerate Toho’s ambitious global expansion targets remains to be seen.
