Mirrativ,Inc. (472A) Stock Price

Mirrativ operates "Mirrativ," a platform that enables users to easily livestream using only a smartphone. The company focuses particularly on mobile game streaming and builds two-way connections between streamers and viewers through streaming, viewing, commenting, gifting, and community features. The company lowers barriers to entry with a 3D avatar called "Emomo" that requires no face-on-camera appearance, attracting a broad user base.

Primary customers include individual streamers and viewers, as well as advertisers centered on game companies. Revenue is primarily driven by in-app purchases—Mirrativ coins used for gifts, Emomo customization, rankings, and live gaming features. In recent periods, in-app purchase revenue comprises the majority of sales, while advertising revenue remains a small portion. The company incorporates streamer payouts through the Mirrativ Stars program, integrating cash returns into its revenue structure.

The Mirrativ business is the core operation, offering livestreaming alongside features such as Emomo, rankings, and live gaming in which viewers can participate. The company also creates revenue opportunities beyond the platform through event planning and merchandise sales, subsidiary operations of platforms for VTubers and influencers, and partnerships with streaming support tools. Through numerous collaborations with game companies, the company drives new user acquisition and improves cost efficiency via promotional effects.

The company operates a paid community platform and uses "high-quality revenue per user (ARPPU/ARPLU) and expansion of loyal users" as its core growth metrics, aiming to increase paid subscription revenue. Performance shows paid revenue grew from approximately 1.48 billion yen in 2020 to approximately 5.81 billion yen in 2024 (consolidated, rounded to the nearest thousand yen), with approximately 4.91 billion yen recorded in the nine-month cumulative period through Q3 of the fiscal year ending December 2025. The company continues to pursue revenue growth through "increasing the number of users purchasing paid coins" and "raising average revenue per paid user (ARPPU) and average revenue per loyal user spending 10,001 yen or more monthly (ARPLU)." Loyal user numbers have increased from 4,976 in 2021 to 8,696 as of September 2025, while ARPPU has risen from 5,411 yen to 17,528 yen.

To differentiate itself, the company prioritizes streamer-centric community design and digital content investment. Mirrativ's distinctive feature is that approximately 30% of active users are streamers (as of September 2025). The company invests in content that energizes streaming—including the face-optional 3D avatar "Emomo," ranking events, and live gaming—to encourage viewer gift spending. Additionally, the company is improving profitability by reducing payment processing fees through initiatives such as introducing a dedicated card in partnership with the Marui Group and increasing web payment adoption via PayPay and similar services. Through these efforts, the company pursues a strategy of enhancing "the quality of paying users" rather than simply chasing login numbers.

The company also focuses on supporting streamers outside its platform and exploring new markets. It plans to leverage the streaming support expertise developed through Mirrativ to external platform streamers including VTubers, with its streaming support tool "CastCraft" used by over 14,000 active streamers. Additionally, the company is advancing proprietary live game development, game integration through publisher partnerships, and platform openness, while considering business partnerships and M&A as needed to diversify its revenue base and accelerate customer acquisition.

On the technology front, the company pursues both low-latency, high-quality streaming and platform integrity. It invests in improving broadcast quality by leveraging 5G and smartphone advancements while continuing development investments in QA (quality assurance), avatar creation, and live gaming. The company also strengthens operational capabilities including minor protection, monitoring systems, and copyright compliance, aiming to increase loyal users by creating an environment where users can confidently share their "personal stories."