ENGLISH

Presentation Material
for New Investors
July 31, 2024

[Forward-looking statement]
The future information, such as earnings forecast, written in this document is based on our expectations andassumptions as of the date the forecast was made. Our actual results could differ materially from thosedescribed in this forecast because of various risks and uncertainties.

10. Contents
1. What is CyberAgent ?
2. Financial Summary (April - June 2024)

3. Forecast
4. Internet Advertisement Business

5. Game Business6. Media Business7. Medium to Long-Term Strategy

8. Dividend and Management Index
9. References -GovernanceIndex Inclusions
2

What is CyberAgent?

3

1. What is CyberAgent?

[Purpose] CyberAgent had defined the “Purpose” that clearly states thesignificance of its existence in October 2021.

4

1. What is CyberAgent?

[Vision][Mission Statement]

5

1. What is CyberAgent?

[Representative Director]

Susumu Fujita
President, founder(owns 17.6% shares*1)
1998 Founded CyberAgent, Inc.
2000 made the company listed on TSE Mothers at the
youngest age in history.*2
2016 Vice Representative Director, Japan Associationof New Economy (current post)2017 Won “Zaikai Management Award” announced
by the publisher of the business magazine Zaikai.
2024 Ranked second in the “BEST CEOs” in Gaming &Internet sector of The 2024 All-Japan Executive Team.*3[History]

1998
2000
2014
2022

Founding of CyberAgent, Inc.
Listed on the TSE Mothers market
Listed on the TSE 1st Section
Listed on the TSE Prime Market*1 As of September 30, 2021 *2 As of December 2000
*3 The ranking is announced by the U.S. financial magazine, Institutional Investor.

6

1. What is CyberAgent?

Three pillars of businesses that focus on the internet industry
Ad

Media
The new future of TV,

ClientOrder

Game“UMA MUSUME Pretty Derby*”

Performance
ReportAd Agencies
Online Betting Service
for Keirin“GRANBLUE FANTASY*”“PRINCESS CONNECT! Re:Dive*”
Blog service

Distribution

Dating service
Direct toconsumers

Internet Media* “UMA MUSUME Pretty Derby“ “GRANBLUE FANTASY” “PRINCESS CONNECT! Re:Dive”： © Cygames, Inc.

7

1. What is CyberAgent?

[Consolidated Sales Breakdown ]
*

Other

3％

Media

1％

Investment
Development

19％

FY2023¥720.2B

Internet
Ads

53％
Game

24％

*Consolidated Sales Breakdown: Calculated from figures before deducting internal transactions

8

FY24 Q3 Financial Summary
April - June 2024

9

2. Financial Summary

FY2024
Q3

Three key businesses were strong.
OP grew 6 times year over year.

Media

It maintained profitability following
the previous quarter with the strong
ABEMA-related businesses.

Ad

Sales hit a record high.
OP improved from 3.7% to 5.3%
year over year.

Game

Sales and OP increased driven by a
new game released in May.

Increase Sales :Increase OP :8.5 billion yen up 497.5% YoY

Increase Sales :Increase OP :112.1billion yen up 6.4% YoY

5.9 billion yen up 54.2% YoY

Increase Sales :Increase OP :41.0 billion yen up 22.9% YoY

0.33 billion yen +1.8 billion yen YoY

Increase Sales :Increase OP :190.3 billion yen up 10.9 % YoY

38.8 billion yen up 15.1% YoY

5.1 billion yen +5.2 billion yen YoY
10

2. Financial Summary[Consolidated Sales]

215.1

192.2
179.7

163.4

193.0
185.2

190.3

YoY

＋10.9%

171.7

176.2
172.1
167.5

171.0

190.3 billion yen (up 10.9% YoY)

195.6

191.1

131.0

129.1

120.8

117.3
113.6111.7115.6
110.8

112.8

Billion Yen
1Q

2Q

3Q

FY2019

4Q

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

4Q

1Q

2Q
FY2024

3Q

11

2. Financial Summary[Consolidated OP]

44.5

26.8

Three key businesses were strong.
OP grew 6 times year over year.

25.8

25.7

21.0
19.8

8.5 billion yen (up 497.5% YoY)

18.7

13.2

12.4
10.3
8.6

8.5

9.4
7.4 7.7

7.0

5.3

YoY

＋497.5%

8.2
6.2
5.5

5.3

1.4
Billion Yen

-1.2
1Q

2Q

3Q

FY2019

4Q

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

4Q

1Q

2Q
FY20243Q

12

2. Financial Summary
7,878[No. of Employees]

11
482

7,390
7,2417,374 7,336
10
12 10
13
432 445 457
416
758
6,682
6,563 13746 724 713
146,4066,472
380 7621314368
352 365

Investment Development
Headquarters
Other
Game

7,878 at the end of June.

Internet Ad

Total headcount was(

5,815 5,911
730
5,733
13
748
5,595 12 12 394
817
798
12
395 393
5,196 5,199 384
5,1135,144 12
5,102
12
2,969
764
13
4,952
14
11
743
4,888 4,842
370 3742,818
730
4,780 4,782 369 11 11 12 370 374
649
2,738 2,759
14 12
370
366
362
2,717
372 362610 620603 605
601
2,525
608
2,466
596 578490 487
2,429
2,389
Media

478 new graduates joined in April.)

2,221
2,183
2,150
2,105
1,942
1,8261,924
1,644
1,786
1,612 1,6431,670
1,5221,554

2,513
2,3812,348
2,377
2,353
11
2,055 2,133
1,903
1,962
482
1,690

7,878

Investment Development
Headquarters
Other
Game

Internet Ad *432 445 457
416
6,682
6,472 6,563 13
746 724 713
6,406 13 14 380
762
14
368
365
352

758

1,145
950 886 912 901 956 1,0651,0501,039
830 802 844 798 780 754 7915,911
804 799 789 841 823 829 829

730
5,733 5,815 13748
5,595 12
12 394817798
12395 393
1Q 2Q5,196
3Q5,199
4Q 3841Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
5,102
5,113 5,144 12764
13FY2019 1214
11 4,952
FY2020
FY2021
743
370 374
4,888 4,842
730

Media

* Internet Ad: MicroAd, Inc. became unconsolidated on June 29, 2022,
and is reflected from FY 2019 retrospectively.

1,655
7,374 7,336 7,390
1,6041,623
7,241
1,5521,5651,6331,553
1,549
10
12
1,4921,466
10
1,5221,4811,462
13

1Q

2Q

3Q

4Q

FY20222,818

1Q

2,969

2Q

3Q

FY2023

4Q

1Q

2Q
FY20243Q

13

2. Financial Summary[SG&A Expenses]
Other

40.4 40.4

Operating costs are controlled appropriately.
Personnel

29.7

30.6 30.8

1.7

25.0

0.8

7.8

7.7

9.6

7.2
6.7

0.8
2.1

1.0
0.8

2.2

1.3
2.2

7.6

Other *1

8.4

1.6
2.2

1.3

1.5

1.6

2.2

2.2

6.1

Personnel *2

5.3

5.8

34.6

9.4

1.2
2.6

2.4

2.5
11.0 13.0
13.1

11.6

11.1

8.6

44.3 43.7

43.2

37.8
10.1
8.2
9.3

44.4

40.4 15.5 15.6
14.3 14.9

39.8
13.4 13.6
11.5
10.7
11.2
10.0
9.5 10.2
11.2

9.6

3Q 4Q 9.4
1Q 2Q 3Q 8.5
4Q 1Q 2Q 3Q
7.7
2.2
30.6 30.8
29.7
FY2019FY2020
FY20218.1
2.0 2.2
28.9
2.5
2Q

2.5

2.5

2.6

11.5 10.5

7.3

Advertisement cost
1Q

2.4

2.5

1.2

9.0

Research and development expenses
37.1
7.3
6.4

2.4

2.5

1.7

12.2

7.2

37.1
7.8

2.2

2.8

11.5 10.5

40.4 40.4

9.9

2.3

1.8

2.0

11.2

11.1

2.2

12.5

1.1

8.4

8.6

8.0

2.2

10.2
7.1

8.5

1.4

2.1

2.1

2.1

8.0

1.3

0.8

2.1

8.5

11.2

10.2

2.2

7.9

7.4

2.1

7.7

23.7

23.4

7.7
8.1

28.9

26.3 26.9
7.9 25.0

9.4

10.7

10.2
9.3

34.6

28.9

7.3

*1 Other: Outsourcing expenses, sales-related expenses, external standard taxation,entertainment expenses, and others.
*2 Personnel: includes 1.4 billion yen special incentives
28.9 in Q4 FY2020 and Q4 FY2021.

37.8

Advertisement cost

40.4 billion yen (up 1.6% YoY)
(down 9.1% QoQ)

Office costs

37.1

37.1

40.4

39.8

Research and development expenses
Office costs

44.4

44.3 43.7

43.2

13.2

15.0

17.1 16.3
13.8

11.1

10.2
4Q 2.81Q

2.5

2Q 1.23Q
1.7
FY2022
2.5
2.5

4Q

1Q

2Q

3Q

FY2023

4Q

1Q

2Q
FY20243Q

14

2. Financial Summary[PL]
FY2024 Q3

FY2023 Q3YoY

FY2024 Q2

QoQ

million yen

Net Sales

190,379

171,73810.9%

215,129-11.5%

Gross profit

49,032

41,26418.8%

65,559-25.2%

SG&A expenses

40,45539,828

1.6%

44,488

-9.1%

8,577

1,435

497.5%

21,070-59.3%

4.5%

0.8%

3.7pt

9.8%

-5.3pt

9,169

1,568

484.5%

21,310-57.0%

Extraordinary income

865-87.2%

133-93.7%

Extraordinary loss

155

238

-35.0%

1,903-91.8%

Income before income taxes
and non-controlling interests

9,022

1,395

546.5%

19,539-53.8%

5,959

703

747.0%

10,338-42.4%

Operating income
Operating margin
Ordinary income

Net income attributable toowners of the parent ** Net income attributable to owners of the parent is affected by the fact that AbemaTV, Inc. is exempted from the group tax sharing system, and non-controlling equity interest (minority interest) of Cygames, Inc.

15

2. Financial Summary[BS]million yen

End ofJun. 2024

End ofJun. 2023

End ofMar. 2024

YoY

QoQ

Current assets

360,018

343,857

4.7%

368,366-2.3%（Cash deposits）

206,055

203,8421.1%

204,506

0.8%

Fixed assets

136,685

120,723

13.2%

131,353

4.1%

Total assets

496,756

464,6506.9%

499,775-0.6%

Current liabilities

156,265

122,81827.2%

164,312

-4.9%

6,844

1,801

279.9%

10,521-34.9%

Fixed liabilities

95,441

112,531-15.2%

96,021-0.6%

Shareholders' equity

145,398

135,0127.7%

139,439

4.3%

Net Assets

245,049

229,301

6.9%

239,441

2.3%（Income tax payable）

16

FY2024

Forecast
October 2023 - September 2024

17

3. Forecast[Progress to Forecast] We revised the FY2024 earnings forecast upward becauseof the strong performance of our three key businesses and the contribution fromthe new successful games.
Revised
Forecast

Original Forecast(Released on Nov.1, 2023)

Sales

3Q FYTD

598.5B790 billion yen

750B

YoY +9.7%

3Q FYTDOperating income

30B

41 billion yen

35.9B

YoY +67.0%

3Q FYTD

Ordinary income

30B

41 billion yen

36.9B

YoY +64.6%

3Q FYTDNet income

8B

15.8B

16.5 billion yen
YoY +209.4%

18

880

880

880

3. Forecast
FY2023
FY2023~ ~We are committed to increasing sales and profits
with FY2023 OP as the low point.

4. Growth phase

8,880

7,880

5,880

Sales

720.2

FY2024E

up

FY2017 ~ FY2020

9.7% YoY

24.5 billion yen → 41 billion yen up 67.0% YoY

4,880

1180

Blilion Yen

720.2 billion yen → 790 billion yen

OP

1380

became a big hit

6,880

Sales

790
Blilion Yen

3. “Uma Musume Pretty Derby”*

The whole company has been united
since the preparation stage to achieve it.
FY2023Sales

FY2021 ~ FY2022
FY2021 ~ FY2022

2. ABEMA investment
phase

980

1380

780
1180

3,880

FY2013 ~ FY2016

1. Growth phase

880

2,880

売上高

OP

41

980

営業利益

580

Billion Yen
380

880
780

1,880

880

880

880

OP

580

24.5

880
売上高
Sales

180

Billion Yen

営業利益
OP

-120
FY2000FY2001
FY2002
FY2003* “Uma MusumePrettyDerby”: ©Cygames,
Inc.FY2004

380
FY2005

FY2006

FY2007

FY2008FY2009FY2010FY2011FY2012FY2013
FY2013

FY2014FY2015FY2016FY2017FY2017FY2018FY2019FY2020FY2021
FY2021

FY2022FY2023
FY2023

FY2024E
FY2024E-20

19

3. Forecast[Upward Revision]
FY2024
Original Forecast(Released on Nov.1, 2023)

FY2024
Revised Forecast(Released on Jul.31, 2024)

Difference(Amount)

Difference (%)

FY2023YoY

Net Sales

750

790

40

5.3%

720.2

9.7%

Operating income

30

41

11

36.7%

24.5

67.0%

Ordinary income

30

41

11

36.7%

24.9

64.6%

Net income
attributable toowners of the parent *

8

16.5

8.5

106.3%

5.3

209.4%

15yen

15yen

0yen

15yen

0.0%

Unit: billion yen

Dividend

0.0%* Net income attributable to owners of the parent is affected by the fact that AbemaTV, Inc. is exempted from the group tax sharing system, and non-controlling equity interest (minority interest) of Cygames, Inc.

20

Internet Advertisement214. Internet Advertisement Business[Ad spend distribution by medium ] The internet overtook the TV advertisingmarket in 2019, and has become the largest advertising medium. The internet
advertising market is expected to grow by 5.2%
3,333.0year-on-year in 2024 .
*1*2

3,333.0
Internet

3,091.2

Market Comparison

2,705.2

Exceeded the total of the fourmass mediums in 2021.

Sales growth outpaces
market growth*3.

2,229.0
2,104.8

2,089.8

2,058.4

2,070.5

1,956.4 1,932.3
1,947.81,912.3
1,877.0
1,861.2 1,839.3 1,801.9
1,812.8
1,810.5
1,965.7
1,976.8
1,734.7
1,758.9
1,902.3
1,655.9
1,784.8
1,509.4

1,31…
1,159.4
1,051.9
1,037.7
938.1
868.0
774.7806.2
698.3706.9
600.3
482.6
377.7

100
2012

351.2
116.3
113.9

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Internet
Ad Market

2017

2018

2019

2020

2021

2022

2023

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Newspapers
Magazines
Radio*1 Variation in Ad Cost by Medium : Dentsu, Inc. 2023 Advertising Expenditures in Japan *2 5.2% year-on-year in 2024 : Dentsu Group Inc. Global Ad Spend Forecasts 2023-2026*3 Growth transition: Growth rate based on setting 2012 as “100”224. Internet Advertisement Business[Internet Share of Total Media Ad Spend] The share of internet ad spend to total
ad spend grew to 45.6% in Japan and 57.7% worldwide in 2023. It is expected
to exceed 58.8% in 2024 and 61.1% in 2026 globally.
Global*2

Japan*1

45.6%

57.7%
2023

2023
43.5%
2022

*1 Internet share of total media ad spend in Japan: Dentsu Inc. 2023 Advertising Expenditures in Japan*2 Internet share of total media ad spend worldwide: Dentsu Group Inc. Global Ad Spend Forecasts 2023-2026

55.8%
2022

23

4. Internet Advertisement Business[Full Year Sales]

405.3
376.8

Outpace market growth continuously.

10.2％

*1

321.3

405.3 billion yen (up 10.2% YoY )

18.7％

*2

269.3

256.6

19.7％

5.2％

Billion Yen*1 Market growth: Grew 6.8% year over year in 2023. “Advertising Expenditure
Forecast 2023” published in July 2023 by NIKKEI Advertising Research Institute.
*2 YoY change: MicroAd, Inc. became an unconsolidated affiliate and the sales of 9.44
billion yen of FY2022 has been exempted.

FY2019indicates the sales of MicroAd, Inc.

FY2020

FY2021

FY2022

FY202324

4. Internet Advertisement Business[Full Year OP]

OP

24.46

OPM

22.57

Investment in AI and DX businesses
is continued.

21.07

18.31

19.63

18.3 billion yen (up 25.1% YoY)

7.7%

7.8%

OP

7.0%

4.5%
6.5%

24.46

OPM

Billion Yen

FY201921.07

22.57
FY2020

FY2021

FY2022

FY202325

4. Internet Advertisement Business
112.1[Quarterly Sales]
105.4
104.0

＋6.4%

107.3

100.2

99.5

Sales hit a new record and grew steadily.

105.3

YoY

97.0

95.6
92.3

87.8

Q3

112.1 billion yen (up 6.4% YoY)

80.6

81.8 82.2

76.5
72.7
66.6

62.2

67.3

64.3 64.9

64.3 63.3

Billion Yen
indicates the sales of MicroAd, Inc., which became a non-consolidated company.

1Q

2Q

3Q

FY2019

4Q

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

4Q

1Q

2Q
FY20243Q

26

4. Internet Advertisement Business
7.47[Quarterly OP]

7.23
OP

6.72

OP Margin

OP margin improved year over year to
5.3% despite the increase of new
graduates.

5.97

6.19
5.70

5.66

5.74

YoY

＋54.2%

5.90
5.66

5.43

5.04

5.20

5.05 5.00

4.99

4.91

4.93

4.74

4.50

4.52

Q3

5.9 billion yen (up 54.2% YoY)

3.87

4.23

8.2% 7.8% 7.8%
6.8%

8.4%

9.2%

9.0% 7.47

7.4%
7.23
7.0%

6.4%

6.1%

6.5%

6.2%

6.72

OP

OP Margin Billion Yen
0
1Q* Quarterly OP and OPM: Special incentives in FY2020 and FY2021 are excluded.

5.3%

7.7%

7.5%

2Q

5.5% 5.2%

3.7%
4.9%

5.66FY2019

4Q

1Q

2Q

3Q

5.70
FY2020

4Q

1Q

2Q

3Q

5.74
FY2021

4Q

4.3%

5.97

6.19
3Q

YoY

＋1.6pt

5.4% 5.5%

1Q

2Q

3Q

FY20224Q

1Q

2Q 5.90
3Q

FY2023
5.66

4Q

1Q

2Q

FY20243Q

27

4. Internet Advertisement Business[Competitive Advantage] CyberAgent brings high advertising effectivenessthrough operation and technological capability utilizing AI.
Operation Capability

×Technological Capability< AI >< Creative >Sept. 2023

Sept. 2023

Digital Twin Label

KIWAMI Odaiba Studio

FUTURE EVENTCG・Voice
Communication AI

Maximize Advertising Effectiveness28

4. Internet Advertisement Business[Technological Capability] AI Lab, an AI R&D organization, was established in 2016
and ranked 4th in Japan and 49th in the world among the top 100 companies
leading AI research in 2022.
*

Academia-Industry partnerships
Universityof Osaka

Kyoto
University

Tokyo
Institute ofTechnology

Tokyo
Keio
Metropolitan
University
University

Hanjuku
VirtualCo., Ltd.

TohokuUniversity

WasedaUniversity

Kwansei
Ritsumeikan University
GakuinUniversity of Tsukuba
University

KyushuUniversity

about

25

institutions

Ranking of AI Companies in Japan
1st place : NTT
2nd place : NEC
3rd place : Fujitsu
4th place : CyberAgent* AI Research Ranking 2022 Thundermark Capital (Revised in February 2023)

Publication of research papers
95 papers were accepted at top
Conferences in 2023.
(approx. 50 papers in 2022)

29

4. Internet Advertisement Business[Technological Capability] We utilize in-house AI products to achieve high-volume
creative production and rapid operations in a shorter time.
Released in
KIWAMI Prediction AI
May 2020
AI produces highly effective ad creative.
More than 80% of our advertisers*1
introduced it.

KIWAMI Prediction AI Human

Released in
October 2020

More than 600 successful AI-generated
models*2 has been used in ads.
Released in
KIWAMI Prediction Trimming
June 2021
AI generates a batch of images withhigh predicted CTR*3 values foreach search term.

Released in
KIWAMI Prediction TD
May 2020
AI automates creating text ads.
more than 80% of our advertisers*1
introduced it.

KIWAMI Prediction LED

Released in
January 2021

AI predicts the ad effectiveness of shot
video and still images in real-time.
KIWAMI Prediction LP

Released inJune 2021

AI creates landing pages*4 with highpredicted ad effectiveness values.

*1 Advertisers: Advertisers who run display ads and search ads and can implement AI-driven products. *2 As of June 2021
*3 CTR : Click Through Rate, A ratio of clicks on the number of times your ad was viewed. *4 Landing page : The first page that a user accesses via a search-based advertisement.

30

4. Internet Advertisement Business[Technological Capability] CyberAgent is partnering with NVIDIA from 2022 tofacilitate larger-scale and faster AI development.
*1*2

80 NVIDIA H100 Tensor Core GPUs have been installed to※2adapt large-scale AI development*1 NVIDIA: a technology company based in Santa Clara, California *2 GPU: Graphics Processing Unit

31

4. Internet Advertisement Business[Technological Capability] AI lab released a Japanese large language model (LLM)
to the public in May 2023, version 2 in November 2023, Vision language model(VLM) in June 2024, version 3 in July 2024.
CyberAgent Released
Japanese LLM
with up to 6.8 Billion Parameters

CyberAgent Released
Japanese LLM Ver.2
Up to 32,000 Tokens | Commercial Use Available

The Model Trained with Open Data | Commercial Use Available
1st in Japan
14th in the world*

CyberAgent Released VLMCyberAgent Released
Japanese LLM Ver.3

The Image Chat Model | Commercial Use Available

22.5 billion parameters | Commercial Use Available

Provides vision to CyberAgentLM2* NIKKEI Digital Governance and Weights & Biases jointly evaluated 42 major Japanese large language models developed by leading companies and research institutions based on 14 indicators. (August 2024)

32

4. Internet Advertisement Business[Technological Advantage] Using generative AI to improve productivity in theadvertising operation process.
Use AI and LLM to promote business development and operational efficiency
Ad creative tools with generative AI“Kiwami Prediction Series”

Japanese language models
developed by CyberAgent
2023年11月“Kiwami AI Odaiba Studio”
Video production studio equipped with AI and CG technologies

CyberAgentLM
6.8 billion parameters※2

CyberAgentLM2
7 billion parameters
Jun. 2024

Personal AI Assistant “CA Assistant”
Jun. 2024

Vision Language Model
Jul. 2024

CyberAgentLM3
22.5 billion parameters

Features of AI assistants-

Support ad analysis
Create charts and graphs
Set up ad campaigns
Answer technical questions
Generate message/mail response33

4. Internet Advertisement Business[Upfront Investment] We are expanding DX business to a wide range of industries by utilizing
our extensive knowledge and technical capabilities.
Our capabilities in DX business
Expertise andtechnicalcapability in the digital field

Advertising
Creating a new advertisingbusiness which utilizes data

Healthcare
A dedicated teamwith over 300 staffs

Supporting the introduction of
online doctor visits andmedication guidance.
DX Support

Research & development
capability of AI

Support for digital services fromstrategy formulation todevelopment and service growth

DX Direct Business Center34

4. Internet Advertisement Business[Focus Area] We focus on industries that have unique data and developing
collaborations with them.
Partner Companies

Market Size Estimate in Retail
Advertising Business*1

Retail

¥1.5T(E)

Finance1%

Mobility

TelcomCommercial
Sales Value*2¥154T
Create advertising business
utilizing data
*1 Advertising Business: Estimated by CyberAgent based on the US market.
*2 Commercial Sales Value: the “Current Survey of Commerce 2022,” Ministry of Economy, Trade and Industry

35

4. Internet Advertisement Business[Upfront Investment] We promote various DX business in retail companies.
Developing retail media• Developing and• Turn retail storesgrowing an original app
into media• E-commerce marketing • Support advertisers

Producing new advertising platforms
that leverages purchasing data,physical stores, and e-commerce
websites owned by retailers.

• Developing
humanless stores• Remote customer
service by robots36

4. Internet Advertisement Business[Video] CyberAgent Delivers DX for Partners with "Technology" and"Implementation Capability“ is available on CyberAgent IR Channel.

https://www.cyberagent.co.jp/way/list/detail/id=28055

37

4. Internet Advertisement Business[Future Expectations] DX business is moving into growth and then maturity stage.
*

Upfront
Investment
Stageｚ

FY2023GrowthStage

MaturityStage

30 partner companies

FY2024* DX business: to help industries such as retail, finance, mobility, and telecoms to develop new ways to advertise.

FY202538

4. Internet Advertisement Business[Future Plans] New service and partnership are released in the DX business .
*Jan. 2024

Nov. 2023

ANA X and CyberAgent to Launch Digital Ad Distribution Service“ANA Moment Ads”

* DX business: to help industries such as retail, finance, mobility, and telecoms to develop new ways to advertise.

Strategic Business Alliance Agreement on
Marketing Platform Business39

4. Internet Advertisement Business[Competitive Advantage]

1

Operation capability to realize
high advertising effectiveness2

Cutting-edge technology using
AI and other technologies

3

Adaptability to change in responseto the external situation
40

Game

41

5. Game Business[Game Market in Japan]

2.1

The gaming population, which increased
due to demand from people staying at
home during the coronavirus pandemic,
has become established.
1.2
Expand to 2 trillion yen scale.
1.1

1.7

2.0

2.0

2020

2021

2.2

2.0

1.7

1.6
1.4

1.4

2015

2016

Trillion yen

2013

2014

2017

2018

* Kadokawa ASCII Research Institute "Famitsu Mobile Game White Paper 2023" (published in March 2023) Collection period: December 31, 2012 - December 25, 2022

2019

2022

2023

2024

(Predicted value)42

5. Game Business[The structure of the game business]
9 subsidiaries in the game segment

43

5. Game Business[Full Year Sales]

262.7

228.3

179.1 billion yen (Down 21.6% YoY)

179.1

Sales decreased due to slowdown of the152.2
successful game released
in FY 2021 and others.
New titles will be released on an
ongoing basis From FY 2024 onward.

155.8

Billion yen

FY2019FY2020

FY2021

FY2022

FY202344

5. Game Business[Full Year OP]

96.4

60.5

22.7 billion yen (Down 62.5% YoY)
OP declined due to lower sales ofthe most profitable titles.
30.3

22.7

26.0

Billion yen

FY2019FY2020

FY2021

FY2022

FY202345

5. Game Business[Quarterly Sales]

92.3

76.4

69.0
67.1

Sales increased year on year driven by the newgame “Gakuen iDOLM@STER” released in May 2024.

Q3 38.8 billion yen (up 15.1% YoY)

63.9

62.1
58.3
54.8

46.2

44.8
39.9
36.3

45.0

38.8

42.3

40.9
38.2 37.7

36.7

35.2

YoY

＋15.1%

39.0
33.7

29.9

Billion Yen* Gakuen iDOLM@STER ：Distributor: NAMCO BANDAI Entertainment Inc.
Development and operation: Consolidated subsidiary QualiArts Inc.
THE IDOLM@STER & ©Bandai Namco Entertainment Inc.

1Q

2Q

3Q

FY2019

4Q

1Q

2Q

3Q

FY20204Q １Q 2Q

3Q

FY20214Q １Q 2Q

3Q

FY20224Q １Q 2Q

3Q

FY20234Q １Q 2Q
FY20243Q

46

5. Game Business[Quarterly OP]

44.2

28.1

The continuous release of new games worked
well and resulted in significant OP growth.

23.2
21.3

Q3 5.1billion yen (up 5.2billion yen）

18.2
17.1
15.2

12.1
10.4
8.3
7.4

9.8
7.5 7.4

7.0

5.1
5.2

5.1

3.4

3.1

* Quarterly OP : Special incentives in FY2020 and FY2021 are excluded.

＋5.2
billion yen

2.4

Billion Yen
1Q

YoY

2Q

-0.1

1.1
3Q

FY2019

4Q

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

4Q

1Q

2Q
FY20243Q

47

5. Game Business[Gakuen iDOLM@STER ] The game was released in May 2024 and took first place in*1

the sales ranking. It has been performing well for more than two months after its releaseand has become a new popular title.
Publisher: Bandai Namco Entertainment Inc. Dev and ops: QualiArts Inc. - consolidated subsidiary*1 Gakuen iDOLM@STER : THE IDOLM@STER & ©Bandai Namco Entertainment Inc.
*2 It ranked #1 multiple times on each platform.

48

5. Game Business[Umamusume: Pretty Derby ]The box office has surpassed 1 billion yen in less than a month since the film’s
release in May 2024. It aims to be a long-term IP by maintaining topicality.
*1

*2

Game
MobileMovie *2

English Ver
To be released

Released in
May 2024

Console *4

Other Media

Released on
Aug.30

Merchandise

Comics

Products

Anime

Partnership
Brand
Music streaming
collaboration*1 © Cygames, Inc.
*2 ©2024 Theater version“UMA MUSUME Pretty Derby: The Door to a New Era” Production Committee Public Release: May 2024
*3 Box office: As of June 15, 2024
*4 © Cygames, Inc.

Event
Physical event49

5. Game Business[Upcoming games ] Four new games were released and became successful in FY*12024. “Umamusume: Pretty Derby” will release its first console game on August 30, 2024.
Upcoming Games

Released GamesTo be releasedon Aug.30

Owned
IP

3. Console-Dec.2023

4. Console -Feb.2024

Third
Party
IP

1. Mobile -Dec.2022

2. Mobile-Sep.2023

FY2023*1 Copyrights are stated on the last page.
*2 © Cygames, Inc.

5. Mobile -Nov.2023

6. Mobile – May.2024

8. Mobile/PC - Spring 2025

7. Console - Aug.2024

11. Console-Release date TBD

12. Console-Release date TBD

confidential

confidential

9. Mobile Release date TBD

13. Mobile Release date TBD

confidential

confidential

10. Mobile Release date TBD

14. Mobile Release date TBD

FY202450

5. Game Business[Upcoming Movie] HATSUNE MIKU: COLORFUL STAGE!, A rhythm & adventure gamethat has surpassed 39 million downloads is to release its first anime
movie.

Project SEKAI Movie: The broken world and Miku unable to sing *2

To be releasedon January 17, 2025

*1: © SEGA / © Colorful Palette Inc. / © Crypton Future Media, INC. www.piapro.net
All rights reserved.
Publisher: SEGA CORPORATION Dev and ops: Colorful Palette, Inc. - consolidated subsidiary*2: “Project SEKAI Movie: The broken world and Miku unable to sing”: “Project SEKAI Movie: The broken world and Miku unable to sing” production committee

51

5. Game Business[Competitive Advantage] Collaborative work among subsidiaries
Major titles
Released in Mar.2014

Owned IP

Third Party IP

4. Project SEKAI Colorful Stage! Feat.Hatsune Miku

* Copyrights are stated on the last page.

Owned IP

2.Shadowverse

1. Granblue Fantasy
Released in Sep.2020

Released in Jun.2016

Released in Sep.2023 Third Party IP

5.FINAL FANTASY VII EVER CRISIS

Released in Feb.2021

Owned IP

3. UMA MUSUME Pretty Derby
Released in Nov.2023

Third Party IP

6. Jujutsu Kaisen Phantom Parade52

5. Game Business[Competitive Advantage] Possesses a complete development environment.
Cygames Development Environment

Body Scanner

Motion Capture StudioFace Scanner53

5. Game Business[Competitive Advantage①

Extending the lifespan of game titles
by leveraging operational skills
and making them viral②

Creative appeal and technological capabilities
to increase success rate of new game titles

54

Media55

6. Media Business
1,411[Full Year Sales]

141.1 billion yen (up 25.9% YoY)

1,121

Strong ABEMA related sales led
to sales growth.

828

570
465

Billion Yen

FY2019FY2020

FY2021

FY2022

FY202356

6. Media Business[Full Year OP]

Operation Loss 11.5 billion yen(0.8 billion yen loss reductionYoY )FY2019FY2020

FY2021

FY2022

FY2023

Loss improved despite the large
investment.

-12.4

-11.5

-15.1
-16.8
Billion Yen

-18.2

57

6. Media Business[Quarterly Sales]

42.7

42.0

41.0

YoY

＋22.9%

40.8

33.3

ABEMA-related businesses performed well.
29.5

Q3 41.0 billion yen (up 22.9% YoY)

33.4

33.4

1Q

2Q

30.2

27.3
24.9
22.6
20.4

19.8

19.9

2Q

3Q

17.6

13.8

13.3

12.2

Billion Yen
1Q

2Q

3Q

FY20204Q

1Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

3Q

FY2023

4Q

1Q

2Q
FY20243Q

58

6. Media Business[Quarterly OP]

OP maintained profitability
following the previous quarter.
Monetization is in progress.

FY20191Q

2Q

3Q

FY2020
4Q

1Q

2Q

3Q

FY2021
4Q

1Q

2Q

3Q

FY2022
4Q

1Q

2Q

3Q

FY2023
4Q

1Q

2Q

FY2024

3Q

4Q

1Q

2Q

0.1
Billion Yen-0.5

Q3 0.33 billion yen(1.8 billion yen increase YoY )

-0.06

-0.9

3Q

0.3

YoY

＋1.8
billion yen

-1.5

-1.9

-2.6

-3.4

-3.6

-4.3

-4.1

-4.2

-4.6

-3.9

-4.0

-3.5
-3.8

-3.8

-3.9

-4.6
-5.0

-9.3
*1 Q1 FY2023:The expenses related to FIFA World Cup Qatar 2022 are recorded.
*2 Quarterly OP: Special incentives in FY2020 and FY2021 are excluded.

59

6. Media Business[ABEMA] AbemaTV, Inc. has established as a joint venture between
CyberAgent, Inc. and TV Asahi corporation.
*

April 11, 2016 Official launch* AbemaTV, Inc. announced the issuance of new shares to Dentsu Inc. and Hakuhodo DY Media Partners Inc. through a third-party allocation on October 31, 2018.
Shareholding Ratio after TPA: CyberAgent, Inc. 55.2%; TV Asahi Corporation 36.8%; Dentsu Inc. 5.0%; Hakuhodo DY Media Partners Inc. 3.0%

©AbemaTV, Inc.

60

6. Media Business[ABEMA] The features of the new future television, ”ABEMA“

FREE

Available for everyoneLIVE

Shares real-time events by live streaming

TREND

Starts a trend in Japan

NEWS

Brings the latest news

ACCESSIBILITY

Not bound by time or place©AbemaTV, Inc.

61

6. Media Business[ABEMA] ABEMA provides 24/7 broadcast with approx. over 25 channels.
Multiple device support and diverse channels.

NEW

NEW

NEW

NEW

©AbemaTV, Inc.

62

6. Media Business[ABEMA] ABEMA is compatible with various devices.
Major TV devices have an “ABEMA button” on their remote controllers.

Amazon FireTV Series *2Compatible TV devices *1

The “ABEMA button” is installed on the
Amazon Fire TV series remote controller.

*1 Compatible TV devices: as of 2023 (The compatibility differs from model to model.
*2 Amazon FireTV Series: include Fire Stick, Fire TV Stick 4K Max, Fire TV Cube, and others.

©AbemaTV, Inc.

63

6. Media Business[ABEMA] ABEMA brought a new viewing experience for the FIFA World Cup
Qatar 2022 broadcast.
Original Website for FIFA World Cup Qatar 2022

Comment Feature

Multi-camera Angles

Device Compatibility

Game Data

On-demand Replay

Time Shift Replay

The Value of ABEMA as a medium has considerably increased.
©AbemaTV, Inc.

64

6. Media Business[ABEMA] Viewership of popular sports and anime content have been strong.
The number of weekly active users exceeded 27 million in June 2024.
Growth of WAU*1

27.46 million
WAU*2※2

25 million

20 million

15 million

10 million

5 million*1 WAU: Weekly Active Users*2 The number of weekly active users from Monday June 17, 2024, to Sunday, June 23, 002024.

©AbemaTV, Inc.

65

6. Media Business[ABEMA]Time Spent by Linear vs. On-demand

Viewing Device Composition
The proportion of viewing on large
screens is increasing.

On-demand viewing and linear viewing arealmost equal now.

TV

20％

June.
2024

PC

16％

Linear

52％

June.
2024

On-demand48％

Smart Phone
Tablet

59％

6％

66

6. Media Business[ABEMA]
Users by Gender

Users by Age Group

Increased number of male users due to theimpact of increased sports content.

Users' ages are varied.

Teenagers

12％

Female30％

Age 35+

53％

June.
2024

Age 20-34

35％

June.
2024
Male

70%

67

6. Media Business[Sales of ABEMA & Related Businesses]

25.8

26.2

26.0
PPV ＋

23.5
21.7

Ads and ABEMA-related businesses
remain stable.

YoY

23.0%

21.3 21.1

19.0 19.0

RelatedBusinesses

16.9
15.2

Q3 26.0 billion yen (up 23.0% YoY)

13.3

10.3 10.4 10.5

7.9

4.7
3.9

Monthly
Subscription

4.5

Ads
Billion Yen
1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

4Q

1Q

2Q
FY20243Q

68

6. Media Business[Ad Products of ABEMA] ABEMA focuses on performance advertising.
AAA(ABEMA Advanced Ad) ーProgrammatic Adsー
①Ads for Connected TVs

APA（ABEMA Premium Ad）- Direct Buying Ads ① Home SponsoredExclusive distribution on the first view area of the home screen of ABEMA.

Ad Distribution

Ad Effectiveness Measurement

Demographic

Brand Lift Survey

GEO-Demographic

Measure App Installs

Link with TV Commercials

Measure Website Traffic②Programming Targeting ③Audience Targeting② Contents Sponsored
Ad contents integrated with ABEMA's original popular programs.

©AbemaTV, Inc.

69

6. Media Business[Subscription Plan of ABEMA]ABEMA offers various features and benefits for 960 yen a month.

* Some contents are excluded.

Unlimited Contents

Ad-free*

Comments Available afterLive Streaming

Time-shifting Replay

Download Available

Discount Contents on
the PPV Store©AbemaTV, Inc.

70

6. Media Business[ABEMA] ABEMA partnered with DAZN , WOWSPO , J SPORTS to provide
more sports content on ABEMA.
*1*2

Feb.2024

ABEMA

ABEMA de DAZN *1*3

Apr. 2024

ABEMA de WOWSPO *2

May. 2024

ABEMA de J SPORTS *3

MBL

Subscription Plan

*1 ABEMA de DAZN was launched on February 23, 2024.
*3 ABEMA de J SPORTS was launched on May 13, 2024.

*2 ABEMA de WOWSPO was launched on April 2, 2024.

©AbemaTV, Inc.

71

6. Media Business[ABEMA PPV] 6 features available on “ABEMA PPV ONLINE LIVE“

1. 3D live virtual concert

2. Time shift playback

3. Shopping

BUY

4. Comment

5. Time-shifting replay

6. Multi-device compatibility©AbemaTV, Inc.

72

6. Media Business[ABEMA PPV] ABEMA Launches Online Live Platform “ABEMA Live ” toDisseminate Japanese and Other Asian Entertainment to the World.
** January 24, 2024, ABEMA start the service in three countries: Thailand, the Philippines, and South Korea,and plans to gradually expand the area it provides services to.

©AbemaTV, Inc.

73

6. Media Business[ABEMA Related Businesses]
Winticket has the No.1 share of the Internet bicycle race voting service.

Live Streamof Races

Predictions
Using AI

Extensive
Database

Keirin Shows
on ABEMA

74

6. Media Business[Business Overview] Expand the businesses around ABEMA to improve monetization.
ABEMA
Ads

ABEMA Related Businesses
Public Sports

Subscription

Entertainment/IP

Anime ＆ IP Business Unit

Production

Entertainment
Business Unit
PPV

Commerce* The sales of BABEL LABEL Inc., Nelke Planning Inc, and Nitroplus Co.,Ltd. are not included in the sales of ABEMA-related businesses.

©AbemaTV, Inc.

75

6. Media Business[Competitive Advantage]①

Technological capabilities to realize
stable streaming②

Production capabilities to deliver highquality content③②

Creativity to develop new business andnew features

76Medium to Long-Term Strategy

77

7. Medium to Long-Term Strategy

Media

Make ABEMA a social infrastructure that canconnect anytime, anywhere. Aim for high profitability
by strengthening monetization.

Ad

Take market share with the capability to maximize
advertising effectiveness. Working to commercialize
AI and DX related business to improve OP margin.

Game

Create high-quality new games.
Make Game business stable by extending lifespan ofreleased games.

With FY2023 OP at the bottom,
we are committed to increasing sales and profits.
78

7. Medium to Long-Term Strategy for Media Business
Umamusume: Pretty Derby * achieved huge success by becoming a
multimedia franchise. To replicate the success story, we do:

Use ABEMA which maintain many weekly
active users as a baseAcquire companies that create original IPs and develop new businesses
NEW

STUDIO ZOON

NEW

Vertical reading manga studio

Anime & IP Business Unit

Animation AI Lab

Game AI Lab

Aim to create a new IP in the CyberAgent group.
* © Cygames, Inc.

©AbemaTV, Inc.

79

7. Medium to Long-Term Strategy for Media Business[BABEL LABEL *1] The Parades *2 ranked No. 1 in the weekly movie ranking on Netflix Japan for two
consecutive weeks. The new movie 18x2 Beyond youthful Days *3 was No. 1 at the box office on its
first day in Taiwan. More than 600,000 people in the Asian region watched the movie.
Netflix Japan weekly movie ranking No. 1*1

Feb.2024
Worldwide release

No. 1 at the box office on its first day in Taiwan*1 The sales of BABEL LABEL Inc. are not included in the sales of ABEMA-related businesses.
*2 Netflix original movie “The Parades” ranked No. 1 in the weekly movie ranking on Netflix Japan in the week of March4 and11, 2024.
*3 Release Date:March 14 in Taiwan, April 4 in Hong Kong, April 10 in Singapore, April 10 in Malaysia, April 12 in Vietnam, May 8 in Cambodia, May 20 in Mainland China, May 22 in Korea,

May 3, 2024
Release in Japan

Exclusively streaming on Netflix.
© 2024 18x2 Beyond youthful Days Film Partners

80

7. Medium to Long-Term Strategy for Media Business[Nelke Planning ] Nelke Planning Co., Ltd, a leading anime musical production
company joined CyberAgent group.
*1*2

Musical “The Prince of Tennis”
6th season Seigaku vs. Rokkaku

Live Spectacle NARUTO-The Shinobi Way of Life-*1 Nelke Planning sales are not included in "ABEMA-related business*3 Copyrights are stated on the last page.

“Promise of Wizard
THE STAGE”
Festival Series Part2

HYPNOSISMIC-Division Rap Battle BattleRule the Stage

Touken Ranbu: The Musical MANKAI STAGE[A3!] ACT2!
“Suehirogari Ranbu～SUMMER 2023～
Yagaimatsuri”*2 Anime musical refers to is a type of modern Japanese musical theatre production based on Japanese anime, manga, or video games.

817. Medium to Long-Term Strategy for Media Business[NITRO PLUS] The company offers high-quality content in various genres, including
games, animation, novels, illustrations, and most notably Touken Ranbu.
Animation “Touken Ranbu” *1
Animation “STEINS;GATE”*2*1 © 2015 EXNOA LLC/NITRO PLUS
*3 © Ishimori Production・Toei © Stage “Kamen Rider Zangetsu: -Gaim Gaiden-” Production committee*5 Nitroplus Co.,Ltd. are not included in the sales of ABEMA-related businesses.

Stage “Kamen Rider
Zangetsu: -Gaim Gaiden-”*3*2 © 2009-2010 5pb. Inc./Nitroplus © 2011 5pb. /Nitroplus Mirai Gadget Research Lab*4 © 2024 NITRO PLUS

Game “Dolls Nest”*4
Release in
2024

82

7. Medium to Long-Term Strategy for Media Business[MANGA APARTMENT VUY]
We will provide a designated apartment for people who want to become manga artists
with Shihei Lin, a manga editor who supervised many bestsellers such as Chainsaw Man
and Spy x Family.
The apartment will be renovated by the consolidated subsidiary REALGATE, inc. ** Exterior and interior design may differ from the actual building.

Scheduled to openin Apr. 2025

83

Dividend and Management Index84

8. Dividend and Management Index[Return to Shareholders] We aim to increase stock price over the medium to longterm and pay dividend continually.
Total dividend Amount

Stock Price of CyberAgent vs Nikkei Stock Average*
18

7.5

17

7.0

16

15

14

13

5.5

12

11

CyberAgent

10

9

4.1

4.2

FY2019FY2020

8

7

6

5

4

Nikkei Stock
Average

3

2

Billion yen

1

(X)

0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

FY2021

FY2022

FY20232024* CyberAgent Inc. vs Nikkei Stock Average (Nikkei 225): Transition of stock price of CyberAgent vs Nikkei stock average.

85

8. Dividend and Management Index[Management Index] We adopted “DOE 5% or more” as management index tomaintain shareholder returns through dividends or share buybacks, etc. during theinvestment phase.
Dividend
DOE
Payout Ratio
*

×

＝

ROE

245.2%

38.1%

142.5
%

5.3
%

142.5%

5.2%

17.7%

3.7%

5.1%

5.1%

5.2%

5.3%

FY2021

FY2022

FY2023

TSE Average 3.0%

64.9%

7.8%
29.2%

3.7%
13.4%

2.1%
FY2019FY2020

FY2021

FY2022* DOE: Dividend on Equity (ROE x Dividend Payout Ratio)

FY2023

FY2019FY2020

FY2021

FY2022

FY2023

FY2019FY202086

8. Dividend and Management Index
2,500[Acquisition of treasury stock]
Purchased and retired treasury stocks 4 times.

Nov. 2007
Acquired treasury stocks worth
0.99 billion yen(Sep. 2008: 0.99 billion yen
retired)2,000

Feb. 2013
Acquired treasury stocks
worth 4.99 billion yen(Feb. 2013: 4.3 billion yen
retired)

1,000

Oct. 2011
Acquired treasury
stocks worth 1.99
billion yen

Feb. 2002
Acquired treasury stocks
worth 1.5 billion yen(Jun. 2004: 1.19 billion
yen retired)Jan. 2006
Livedoor shock

Changes instock prices
Share price [unit: yen]

Apr. 2004
Collapse ofInternet bubble

1,500

500

Sep. 2008
Influence of
subprime crisis

May. 2012
Complete gacha
shock

02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

87

Reference- Governance- Index Inclusions889. Reference_ Governance
50% of the board are outside directors. The number of executive officers
increased in FY2023. The female-to-male ratio is 18.2% in senior management .
*Board of Directors

Four executive directors
include a female director

Four outside directors

Corporate Executive Office

Eight executive directors who are higher than senior managing executive officers

Managing Executive Officers* New management team has introduced in FY2021.

Executive Officers

899. Reference_ Governance[Directors] Eight directors include three Audit and Supervisory Committee
members. Seven male directors and a female director, of which four are outside
directors.
Directors
OutsideSusumu Fujita

Representative Director

Yusuke Hidaka
Director

Go Nakayama
Director

Koichi Nakamura
Outside Director

OutsideKozo Takaoka
Outside Director

Members of Audit and Supervisory Committee
FemaleToko Shiotsuki

DirectorStanding member of Audit
and Supervisory Committee

OutsideMasao Horiuchi

Outside Director

OutsideTomomi Nakamura
Outside Director

909. Reference_ Governance[Executive officers]
Corporate Executive OfficeFemale91

9. Reference_ Governance[Executive officers]
Managing Executive Officers※2

Corporate Officers

FemaleFemaleFemaleFemale92

9. Reference_ Index Inclusions[Inclusions] CyberAgent is added to Nikkei 225 in October 2018, being part of
13 indexes in total, including ESG indexes.
ESG

Nikkei Stock
Index 300

Nikkei 225

Nikkei 500 Stock
Average

Nikkei 225 Climate
Change 1.5℃
Target Index

The JPX-Nikkei
Index 400

ESG

JPX Prime 150
Index

Japan New
Economy Index

ESG

ESG

Women Select Index

Morningstar Japan
ex-REIT Gender
Diversity Tilt Index

ESG

MSCI Japan
Empowering
Women Index(WIN)

FTSE JAPANIndex

MSCI Japan
Empowering

FTSE All-World
Index

S&P/JPX
Carbon Efficient
Index

93

Aiming to be a company withmedium to long-term supporters

94Integrated Report CyberAgent Way 2023

In the 2023 edition, we will explain the competitive advantages and growth strategies of our three main businesses
through interviews with 11 executive officers: the media business centered around ABEMA, which marked its 7th anniversary,
the internet advertising business that generates about half of our consolidated revenues,
and the game business that has succeeded in producing many hit titles.

Integrated Report CyberAgent Way 2023

https://www.cyberagent.co.jp/en/ir/library/annual/

Click!!
95

Copyrights of Game Business page50
1 Tokyo Revengers Pazuribe! The Road to Supremacy : © Ken Wakui, Kodansha/ Anime “Tokyo Revengers” Production Committie
2 FINAL FANTASY VII EVER CRISIS :© SQUARE ENIX Powered by Applibot, Inc. Character Design: TETSUYA NOMURA / Character Illustration: LISA FUJISE
3 Granblue Fantasy Versus: Rising : © Cygames, Inc. Developed by ARC SYSTEM WORKS
4 Granblue Fantasy: Relink: © Cygames, Inc.
5 Jujutsu Kaisen Phantom Parade:© Gege Akutami/ Shueisha, Jujutsu Kaisen Production Committee © Sumzap, Inc./TOHO CO., LTD.
6 Gakuen iDOLM@STER : THE IDOLM@STER & ©Bandai Namco Entertainment Inc.
7 Umamusume: Pretty Derby –Party Dash : © Cygames, Inc.
8 Shadowverse: Worlds Beyond: © Cygames, Inc.
11 GARNET ARENA: Mages of Magicary : © Cygames, Inc.
12 Project Awakening : © Cygames, Inc.
*Games #9,10,12,13 are to be disclosed.

Copyrights of Game Business page52
1 © Cygames, Inc.
2 © Cygames, Inc.
3 © Cygames, Inc.
4 © SEGA / © Colorful Palette Inc. / © Crypton Future Media, INC. www.piapro.net
All rights reserved.
5 © SQUARE ENIX Powered by Applibot, Inc. CHARACTER DESIGN: TETSUYA NOMURA / CHARACTER ILLUSTRATION: LISA FUJISE
6 ©Gege Akutami/ Shueisha, Jujutsu KaisenProduction Committee © Sumzap, Inc./TOHO CO., LTD.

Copyrights of Media Business page81
1 ©Takeshi Konomi/Shueisha・Musical The Prince of Tennis Production Committee
2 ©MASASHI KISHIMOTO Scott/Shueisha ©Live Spectacle NARUTO Production Committee 2023
3 ©coly/Promise of Wizard THE STAGE Production Committee
4 ©"HYPNOSISMIC -Division Rap Battle-” Rule the Stage Production Committee
5 ©NITRO PLUS・EXNOA LLC/Musical "Touken Ranbu“ Production Committee
6 ©Liber Entertainment Inc. All Rights Reserved. ©MANKAI STAGE "A3!” Production Committee