【JP:184A】Stock Price

Manaido is an educational technology company that primarily operates video lecture services and learning management platforms. The company's main services include "Manaido" for individual consumers, "Manaido Master" and "Manaido Master for School" for cram schools, "Manaido for Enterprise" for educational businesses, and directly operated cram schools. These three primary services account for the majority of the company's revenue.

Key customers include individuals seeking remedial education or exam preparation, cram school operators ranging from independent proprietors to national chains, and educational-related businesses such as textbook and reference book publishers. Revenue comes from fixed monthly subscription fees for individual users, initial setup fees and monthly usage fees (base fee plus student account fees) for cram schools, development fees and system/video usage fees for corporate clients, and revenue-sharing arrangements based on performance.

Each business line and product has distinct roles. The consumer service offers approximately five-minute micro-lectures with both free and premium subscription tiers. Manaido Master combines management functions supporting cram school operations with video lectures. For School provides customized development tailored to teaching styles for cram school headquarters. For Enterprise handles the conversion of paper-based educational materials into video format and builds distribution systems.

The company's competitive strengths include a network of highly skilled instructors known as "master teachers" and expertise in video production, supported by extensive content libraries containing tens of thousands of lecture units. The design enables efficient learning of key concepts in short timeframes, and management features streamline cram school operations, creating differentiation through both learning effectiveness and ease of implementation.

The company aims to achieve both business recovery and sustainable growth. The Educational Digital Business has seen its sales growth rate sharply decline from +25.4% in the fiscal year ending April 2024 to -53.9% in the fiscal year ending April 2025, while contracted classrooms for Manabi-Aid Master have decreased from 458 to 423 schools. In response, the company has established revenue growth rate and operating profit margin as key performance indicators, with a clear goal of improving customer lifetime value (LTV) through recovering customer numbers and average customer spending.

Priority investment is focused on high-quality video content and product development. Specifically, the company aims to recover average customer spending by strengthening its "Iron Man Instructor" lecturer network and video production expertise, establishing a new product development division that combines educational knowledge with technology, and expanding supplementary services such as essay and motivation letter review services and test preparation services (including "Essay & Motivation Letter Review Dojo" and "Tetsu Yobi"). Current average customer spending stands at approximately 200,000 yen per school for Manabi-Aid Master, 11.22 million yen per organization for forSchool, and 4.32 million yen per organization for forEnterprise (fiscal year ending April 2025). The company aims to shift from transaction-based to subscription-based revenue through expanding subscription services.

In new market development, the company is strengthening partnerships not only with educational institutions but also with publishers and corporations to expand recurring revenue from secondary use and licensing. Concrete initiatives include joint development with external partners, including capital alliance partners, and shared distribution channels, targeting customized projects for schools and expanded adoption in public education. While the overall education industry remains flat at approximately 2.8 trillion yen, the digital educational materials market is projected to reach approximately 250 billion yen by 2025, and the EdTech market is expected to expand to approximately 362.5 billion yen by 2027. The company aims to increase contracted organizations and stable usage fees in these growth sectors.

Technology initiatives include converting paper materials to video format, strengthening distribution services, and implementing linked functionality and review features with educational materials. In response to the GIGA School Initiative and the spread of digital textbooks, the company is investing in distribution infrastructure and data analysis platforms to optimize personalized learning by combining video and data. The company also seeks differentiation by translating educational field expertise into product features, aiming to build an integrated platform combining "video + management functions + evaluation and improvement" through technology investment.