(299A) Stock Price

dely operates a platform business focused on cooking and lifestyle information. The company's core offering is the recipe video service "Kurashil," around which it operates multiple products including "Kurashil Reward" (a points-based purchase incentive program), "Kurashil Comparison" (a product comparison tool), "Kurashil Job" (a recruitment platform), "TRILL" (a lifestyle information media), and "LIVEwith" (creator management services).

The company serves two customer types: individual users who use its services regularly (ages 10-50, with particularly high usage among housewives and younger demographics) and corporate clients including food and beverage manufacturers, retailers, and consumer goods companies seeking to promote their products and services. Revenue streams include net advertising (direct ads and ad networks), sponsored content, paid membership fees, reward-based sales promotions (receipt-linked rewards and affiliate commissions), success-based fees from recruitment services, and live streaming revenue.

While operated as a single platform segment, the business functions across three domains: "Media (awareness)," "Purchase (sales promotion)," and "Other." The company builds its user base and content production capabilities in the media domain, leverages that foundation to provide low-cost sales promotion through points rewards and affiliate programs in the purchase domain, and generates revenue in the other domain through live streaming management and related services.

The company's medium to long-term growth strategy rests on three pillars: expanding a robust user base, growing its business in the purchasing and promotional sectors, and achieving non-linear growth through M&A. As a key metric, the company tracks monthly active users (MAU) for apps related to "Kurashiru Rewards," which has grown rapidly from approximately 660,000 in Q1 2024 to approximately 2.23 million by Q4 2025. On the financial side, the company uses revenue growth rate, Non-GAAP operating profit, and Non-GAAP net profit as primary indicators. It aims to enhance corporate value by capturing large markets—including the advertising market and promotional market (for example, Japan's total advertising spending is approximately 7.673 trillion yen, and the domestic promotional market's potential size is approximately 15 trillion yen).

Key investments focus on improving user experience and promotional solutions powered by data. The "Kurashiru" series enjoys strong brand awareness (approximately 58.1% among ages 20–50, and approximately 76.4% among women) and has approximately 12 million total SNS followers, with a combined MAU potential of approximately 41 million across apps and web. Leveraging user data—including location and purchase information—the company provides performance-based reward marketing to food and beverage manufacturers and retailers. This differentiates the company from traditional advertising agencies by delivering "efficient promotional solutions directly tied to purchases." The company currently covers approximately 90% of major national clients in food and beverages and encompasses approximately 30,000 retail stores, which represents a key strength.

New market development and business expansion are pursued by shifting the existing media platform toward the promotional sector. Beyond the advertising market's estimated addressable size of approximately 27 billion yen, the company plans to lead digital solution adoption in the promotional market—which lags in digitalization and has a potential size of approximately 15 trillion yen—through retail media and receipt-linked reward initiatives. Additionally, through M&A (four acquisitions to date), the company acquires external capabilities and customer bases primarily in the purchasing sector. Post-acquisition, it leverages post-merger integration (PMI) expertise to create synergies through KPI management and operational efficiency improvements.

In technological innovation, the company prioritizes strengthening its data infrastructure and service integration. Specifically, it consolidates behavioral data from apps and web to visualize user purchase journeys, and uses location and purchase data for targeting and effectiveness verification to improve both advertising and promotional outcomes. The company continues investing in advertising solutions tailored to growing video demand and new distribution channels such as connected TV, as well as strengthening production capabilities including creator management. Through low-cost, high-efficiency product development and operations, the company plans to maintain competitive advantage.