CTW
CTW Inc. operates G123, a leading HTML5 browser-based game platform offering free-to-play, anime IP-licensed games to consumer gamers across nearly 200 countries without downloads or installation.
- Company typePublic
- Founded2013
- HeadquartersRoppongi, Japan
- Headcount101–250
- GTM typeB2C
- OfferingSoftware
What CTW does
CTW Inc. (Nasdaq: CTW; formerly CTW Cayman, renamed in May 2026) operates G123.jp, an HTML5 browser-based game platform founded in Tokyo in 2013 and listed on Nasdaq in 2025. The platform enables instant-play access to free-to-play games across smartphones, tablets, and PCs without downloads, installations, or user registration, hosting 35 live titles as of January 31, 2026 with another 6 in pre-registration and 20 in backlog. CTW monetizes through in-game purchases (freemium model) across a catalog built primarily on anime IP licensing partnerships with over 25 rights holders, including premium franchises such as Crayon Shinchan, Doraemon, The Apothecary Diaries, Kakegurui, and Skeleton Knight in Another World. The company serves consumer gamers across nearly 200 countries with multi-language support (Japanese, English, Traditional Chinese, Korean) and is led by Founder/CEO Ryuichi Sasaki.
The company's business model centers on securing premium anime IP, partnering with external developers to build browser games around those franchises, and distributing them globally through its proprietary HTML5 technology, marketing, and distribution layer. CTW generated $40.9M in revenue in 1H26 (six months ending January 31, 2026), down 1% YoY, with segment profit of $18.0M (up 55% YoY at 37.1% of in-game purchases) and adjusted EBITDA of $4.3M (up 16% YoY at 10.5% of revenue). Operations are run from Tokyo (headquarters), with regional offices in Shanghai and Taipei for game development and operations, and a New York office established to localize marketing and user acquisition for international expansion beyond Japan. The asset-light publishing model — combining licensed IP, partner-developed games, and a proprietary browser distribution platform — is the core structural feature of the business.
CTW firmographics
Firmographics- Name
- CTW
- Legal name
- CTW Inc.
- Website
- https://ctw.inc
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- CTW Inc. operates G123, a leading HTML5 browser-based game platform offering free-to-play, anime IP-licensed games to consumer gamers across nearly 200 countries without downloads or installation.
- Ownership category
- akta.pro rank
CTW industry classification
Industry- Product category
- Browser-based Gaming Platform
- NAICS
- Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (516210)
- akta.pro primary industry
- Digital Game Distribution Platforms & Storefronts (PC/Mobile/Console) (MPAFABAB)
- akta.pro secondary industries
- PC & Console Game Distribution Platforms (BPAMAKAA), Cloud Gaming Storefronts & Channels (MPAFACAF)
Keywords
Where CTW is headquartered
LocationHeadquarters
- HQ city
- Roppongi
- HQ country
- Japan
- HQ region
- Asia
Offices4 records
Markets served
CTW business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Marketing or Sales, Technology or R&D, Operations, Supply Chain
Revenue model
- In-Game Purchases (Freemium): Free-to-play browser games monetized through in-game purchases including character customization, card collection systems, pre-registration rewards, and various game enhancements. Players can purchase virtual items, costumes, and gameplay advantages.
- IP Licensing and Game Development: CTW secures premium anime IP, partners with developers to build games around it, and brings those titles to players worldwide through its own technology, marketing, and distribution.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free-to-play base game with optional in-game purchases |
Go-to-market motion3 records
Distribution channels1 record
Marketing channels4 records
CTW product offering
Product offeringCore offering
CTW operates the G123 Game Platform, an HTML5 browser-based gaming platform that enables instant play of free-to-play anime-licensed games on smartphones, tablets, and PCs without downloads or registration. The platform hosts games built around premium anime IP from over 25 partner franchises and serves players in nearly 200 countries and regions. Revenue is generated through in-game purchases of virtual items, character skins, and gameplay enhancements.
Product overview
CTW operates the G123 Game Platform as its core product - a world's leading HTML5 browser-based gaming platform that enables instant play access to anime IP-based games across smartphones, tablets, and PCs without downloads. The platform hosts over 25 anime IP partnerships and serves players from over 200 countries and regions. The product portfolio includes the flagship G123 platform plus numerous sub-product game titles (Kakegurui ALL IN, In Another World with My Smartphone: Fantasia Connect!, The Ossan Newbie Adventurer, Doraemon Comic Traveler, Reincarnated as a Sword Brave Rush, Crayon Shinchan: My Sugoroku Great Strategy, Demon Lord Retry! R Reborn, The Apothecary Diaries Palace Chronicles, Tycoon Returner, Skeleton Knight in Another World SKULL BRAVE, Hyakka Ryoran Master Samurai Chronicles, and more) all delivered as free-to-play browser games with in-game purchases. Games are developed by external developers and published through G123, with CTW handling technology, marketing, and distribution.
Differentiator
Problem solved
Functional benefit
Products and services
- G123 Game Platform World's leading HTML5 browser-based game platform operating at g123.jp that enables instant play access to anime IP-based games across smartphones, tablets, and PCs without downloads or registration requirements. Connects players from over 200 countries and regions and hosts over 25 anime IP partnerships.
- The Apothecary Diaries Palace Chronicles Simulation game based on the hit anime 'The Apothecary Diaries' with over 45 million copies sold worldwide. Features an original 'Medical Office' system, stage-based gameplay, and character recruitment. Free-to-play with in-game purchases.
- Kakegurui ALL IN Strategic sugoroku browser game based on the TV anime 'Kakegurui' featuring dice-rolling gameplay, card collection systems, and in-game costumes with newly created artwork. Free-to-play with pre-registration rewards and in-game purchases.
- Tycoon Returner Simulation game where players travel back 20 years with future knowledge to build a business empire through strategic decisions, investments, and company development. Genre: tycoon/isekai. Free-to-play with in-game purchases.
- Hyakka Ryoran Master Samurai Chronicles Turn-based idle RPG featuring SD-style Master Samurai characters from the Hyakka Ryoran series. Features auto-battle, tapping mechanics for special attacks, and character enhancement systems. Free-to-play with in-game purchases.
- Skeleton Knight in Another World SKULL BRAVE Isekai adventure RPG based on the hit TV anime 'Skeleton Knight in Another World' (3.5+ million copies). Players raise the skeleton knight Arc while adventuring through another world with allies. Free-to-play with in-game purchases.
- Doraemon Comic Traveler Free online RPG with rogue-like elements featuring a new planet adventure, based on the Doraemon IP. Includes pre-registration rewards and various training options. Available on the G123 platform.
- Crayon Shinchan: My Sugoroku Great Strategy Video game based on traditional Japanese sugoroku and characters from the Crayon Shinchan manga. Available on G123.jp across all devices.
- Reincarnated as a Sword Brave Rush Roguelike RPG on G123 platform based on the anime 'Reincarnated as a Sword'. Features dungeon exploration, skill customization, character skins, and launch rewards.
- The Ossan Newbie Adventurer, Trained to Death by the Most Powerful Party, Became Invincible. Orichalcum Soul Browser-based RPG on G123 platform featuring tap-based combat mechanics, character progression, and animated battle sequences. Available exclusively through web browsers without downloads.
- Demon Lord, Retry! R Reborn Browser game on G123 platform based on the TV anime 'Demon Lord, Retry!' featuring character customization and strategic gameplay. Accessible through browsers without installation.
Companies that use CTW
Customer profileSegments1 record
Ideal customer profiles3 records
CTW technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CTW partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- TV Anime Kakegurui (Licensed IP)coreCTW launched 'Kakegurui ALL IN' as a strategic sugoroku browser game on the G123 platform based on the TV anime 'Kakegurui.'
- TV Anime In Another World with My SmartphonecoreCTW opened pre-registration for 'In Another World with My Smartphone: Fantasia Connect' - an idle isekai RPG based on the TV anime series, developed for G123 platform.
- Anime IP for 'The Ossan Newbie Adventurer'minorCTW released browser-based RPG 'The Ossan Newbie Adventurer, Trained to Death by the Most Powerful Party, Became Invincible. Orichalcum Soul' on G123 platform based on anime series.
- Fujiko-Pro (Doraemon)coreCTW launched browser-based game 'Doraemon Comic Traveler' featuring new planet adventure on G123 platform - a Doraemon IP game with rogue-like elements.
- TV Anime Reincarnated as a SwordminorCTW launched roguelike RPG 'Reincarnated as a Sword Brave Rush' on G123 platform based on the anime Reincarnated as a Sword.
- Fujiko Pro (Crayon Shinchan)coreCTW launched 'Crayon Shinchan: My Sugoroku Great Strategy' based on the traditional Japanese sugoroku and characters from the Crayon Shinchan manga. The game became one of the company's largest titles by in-game purchases.
- TV Anime Demon Lord, Retry!minorCTW released browser game 'Demon Lord, Retry! R Reborn' on G123 platform with various pre-registration rewards and in-game events.
- TV Anime The Apothecary DiariescoreCTW announced pre-registration for a simulation game based on the anime The Apothecary Diaries, which has over 45 million copies sold worldwide.
Scale indicators10 records
Recent moves7 records
Expansion highlights5 records
CTW competitors and assessment
Company assessmentDirect peers
- DeNA: Japanese mobile and online gaming platform operator (Mobage) with a similar free-to-play, in-game purchase model and anime/Japanese IP content library. Comparable as a Japan-headquartered, publicly listed game publishing/distribution platform targeting similar consumer demographics.
- GREE: Japanese social/browser-based gaming platform with historical strength in H5 and mobile free-to-play games. Comparable business model (F2P + in-app purchases), Japanese consumer base, and platform-mediated distribution.
- CyberAgent (Cygames): Japanese internet conglomerate whose Cygames subsidiary publishes anime-IP mobile games (e.g., Uma Musume, Princess Connect, Granblue Fantasy). Comparable as a Japan-based, publicly listed publisher leveraging Japanese anime IP for free-to-play games.
- DMM Games: Major Japanese browser-based game distribution platform with a large free-to-play catalog including many anime-licensed titles. Closest direct competitor to G123 in the H5/browser-based anime game distribution space.
- HoYoverse (miHoYo): Chinese-origin global publisher of anime-style free-to-play gacha games (Genshin Impact, Honkai). Comparable anime aesthetic, F2P in-game purchase monetization, and global 200+ country reach targeting similar anime fan demographics.
- Crunchyroll Games: Anime-focused gaming arm of Crunchyroll (Sony), publishing mobile games based on licensed anime IP. Directly comparable anime IP licensing model and anime-fan target demographic.
Broad incumbents
- Bandai Namco Holdings: Large Japanese entertainment conglomerate publishing major anime-licensed games (Dragon Ball, Naruto, One Piece) across mobile and console. Comparable as a publicly listed Japanese anime-licensed game publisher, though operates at much larger scale and across more platforms.
- Nexon: Japan/Korea-headquartered global free-to-play game publisher with diversified portfolio. Comparable as an Asia-based, publicly listed F2P game publisher with global distribution, though at much larger scale and broader genre mix.
Regional players
- Kakao Games: Korean game publishing platform distributing free-to-play titles including anime-licensed games globally. Comparable F2P platform model and anime-IP publishing, though primarily Korea-anchored.
- Colopl: Japanese mobile game developer and publisher with anime-licensed titles (e.g., White Cat Project, Dragon Quest Walk). Comparable as a Japan-based publicly listed free-to-play mobile game publisher with anime-IP exposure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
CTW social profiles
Digital presenceCTW financial estimates
Financial estimateRevenue estimate
Valuation estimate
CTW leadership team
Management profileNumber of profiles
Profiles7 records
CTW subsidiaries and ownership
Company hierarchySubsidiaries1 record
CTW funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CTW M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CTW
What does CTW do?
CTW operates the G123 Game Platform, an HTML5 browser-based gaming platform that enables instant play of free-to-play anime-licensed games on smartphones, tablets, and PCs without downloads or registration. The platform hosts games built around premium anime IP from over 25 partner franchises and serves players in nearly 200 countries and regions. Revenue is generated through in-game purchases of virtual items, character skins, and gameplay enhancements.
Is CTW a public or private company?
CTW is a public company. It is classified as public and is currently operating.
When was CTW founded?
CTW was founded in 2013. It employs 101 to 250 people.
Where is CTW based?
CTW is headquartered in Roppongi, Japan, in the Asia region.
How does CTW make money?
Two revenue lines are on record. In-Game Purchases (Freemium) is the primary driver. The others are IP Licensing and Game Development.
Who are CTW's main competitors?
Direct peers on record are DeNA, GREE, CyberAgent (Cygames), DMM Games, HoYoverse (miHoYo) and Crunchyroll Games. Broad incumbents are Bandai Namco Holdings and Nexon. Regional players are Kakao Games and Colopl.
Does CTW have an API?
No public API is recorded for CTW.
What industry is CTW in?
CTW's product category is Browser-based Gaming Platform. Its primary akta.pro industry code is MPAFABAB, Digital Game Distribution Platforms & Storefronts (PC/Mobile/Console), with a secondary code of BPAMAKAA, PC & Console Game Distribution Platforms. Its NAICS code is 516210.