Gree

What Gree does

GREE Holdings, Inc. (グリーホールディングス株式会社, tyo:3632) is a Japan-based publicly traded internet entertainment holding company founded in 2004 and headquartered in Minato, Tokyo. The group operates five core business segments: Game Business (mobile social games and PC/console titles including the Fishing Star World Tour on Steam), Metaverse Business (VTuber agency すぺしかりて with five talent generations, virtual entertainment), IP Business (animation and IP licensing — including a 10-year collaboration framework with Saetta), DX Business (digital transformation services for enterprise clients), and an Investment Business (including the majority stake in Brave group). The company serves two distinct customer bases: individual consumers seeking gaming, VTuber entertainment, and music content (via sub-brands like すぺしかりて and RK Music), and enterprise clients procuring DX and IP licensing services. Distribution spans proprietary mobile and web platforms, Steam for global PC gaming, and an owned-media platform (6 deGREEs).

The company's revenue model combines recurring subscription-like revenue from internet entertainment and gaming with project-based revenue from IP licensing and DX services, and capital returns from its investment activities. The product portfolio is anchored by self-developed and acquired studios (notably Light Flyer Studio and historical acquisitions including Funzio and OpenFeint), talent agencies (すぺしかりて), and IP holdings across animation and music. Marketing and audience engagement are conducted through X (Twitter), Facebook, YouTube, and the 6 deGREEs owned-media platform.

GREE Holdings employs 1,001-5,000 people globally and is positioned as a small-cap public company relative to larger Japanese entertainment peers, with international operations via Steam and overseas titles. The group's strategic posture through 2026 has shifted toward ecosystem consolidation — deepening VTuber ownership via the Brave group majority stake and locking in long-duration content production capacity via the Saetta animation partnership — signaling a pivot from pure mobile gaming toward a multi-vertical entertainment platform.

Name

Gree

Legal name

GREE Holdings, Inc.

Website

https://corp.gree.net

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

GREE Holdings (tyo:3632) is a Japan-based public internet entertainment holding company operating five segments — games, metaverse/VTubers, IP, digital transformation, and investments — serving global consumers via mobile platforms, Steam, and sub-brands like すぺしかりて and RK Music.

Ownership category

akta.pro rank

Headquarters

HQ city

Minato

HQ country

Japan

HQ region

Asia

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. Internet Entertainment and Gaming: GREE generates revenue through internet entertainment and gaming services, operating games, metaverse, IP, and digital transformation businesses in Japan and internationally.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

GREE Holdings develops, publishes, and distributes mobile and PC games (including Fishing Star World Tour) and operates a diversified portfolio of internet entertainment services across five segments: Games, Metaverse (including VTuber agency 'すぺしゃりて'), IP licensing, Digital Transformation (DX) consulting, and Investment. The company produces virtual entertainment content, manages VTuber talent across multiple generations, runs the music label RK Music, and operates the corporate media platform 6 deGREEs.

Product overview

GREE Holdings operates as a diversified internet entertainment and gaming company with a platform-plus-business-unit structure consisting of five core business segments: Game Business (ゲーム事業), Metaverse Business (メタバース事業), IP Business (IP事業), DX Business (DX事業), and Investment Business (投資事業). The company also operates sub-brands including VTuber agency 'すぺしゃりて', music production label 'RK Music', and owns '6 deGREEs' as its official media platform. Recent product launches include fishing action game '釣りスタ ワールドツアー' and expansion of VTuber talent through its agency operations, with strategic investments in companies like Brave group.

Differentiator

Problem solved

Functional benefit

Brands

• 6 deGREEs: Official owned media platform for GREE Group
• すぺしゃりて
• RK Music

Products and services

• Fishing Star World Tour (釣りスタ ワールドツアー) Full-scale fishing action PC game developed by Light Flyer Studio under the GREE Group umbrella, distributed worldwide on Steam with over 200,000 cumulative sales; targeted at global gaming consumers.
• Game Business (ゲーム事業)

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered flagship, minor and core.

• Saetta (サエッタ)flagshipStrategic or Co-development Partner · 26 June 2026Gree Entertainment and Saetta established a long-term collaboration framework for animation planning and production over the next 10 years, signaling a major commitment to IP-based content development.
• RK MusicminorStrategic or Co-development Partner · 24 April 2026Music production company RK Music debuted artist NUROJUNK, representing GREE Group's expansion into music IP and content production.
• Brave groupcoreStrategic or Co-development Partner · 22 April 2026GREE Group made an additional investment in Brave group, becoming the largest shareholder. The partnership strengthens strategic collaboration in the VTuber domain, with Brave group operating as a VTuber agency within GREE's ecosystem.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CyberAgent: Japanese internet conglomerate with significant mobile gaming (Cygames) and digital advertising operations. Directly comparable to GREE's mobile/social gaming and internet entertainment business, with overlapping customer segments in Japan and similar diversified internet-services model.
• DeNA: Tokyo-listed mobile gaming and internet services company with a long-running mobile-game portfolio. Directly comparable to GREE's mobile gaming and metaverse business, both targeting Japanese consumers with mobile-first entertainment experiences.
• Mixi: Japanese mobile social-networking and gaming company (Monster Strike). Closely comparable to GREE's original mobile social networking roots and game-publishing model, with overlapping target demographics and platform-led distribution.
• GungHo Online Entertainment: Tokyo-listed mobile and online game publisher (Puzzle & Dragons). Direct comparable to GREE's mobile game publishing and development business, both generating consumer-driven entertainment revenue in Japan and select international markets.
• Colopl: Japanese mobile game developer (White Knight series, DRAGON QUEST WALK). Comparable to GREE in mobile-game development and publishing, sharing similar target audience and Japan-centric distribution.

Emerging players

• Cover Corp: Operator of Hololive VTuber agency, a direct adjacency to GREE's VTuber business (Specialists) and Brave group investment. Comparable as a VTuber-led entertainment platform, though more focused on talent management and live-streaming than GREE's broader portfolio.
• Anycolor: Tokyo-listed operator of Nijisanji VTuber agency. Comparable to GREE's VTuber agency sub-brand (Specialists) and Brave group partnership, competing in the same Japan-led VTuber talent and live-streaming market.

Broad incumbents

• Capcom: Major Japanese video game developer and publisher with established IP franchises. Comparable to GREE's IP and games segments as a broad incumbent operating across multiple regions and platforms, though significantly larger and more console-focused.
• Konami: Diversified Japanese entertainment conglomerate with mobile gaming, arcade, and IP operations. Comparable to GREE's multi-vertical entertainment strategy, though operating at significantly greater scale and with deeper IP libraries.
• Square Enix: Major Japanese game publisher with mobile, console, and MMO operations. Comparable to GREE's gaming and IP businesses, particularly in mobile RPG publishing and IP-driven content strategy, though at materially larger scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/gree_pr_jp
• YouTubeyoutube.com/user/greePRJP
• Facebookfacebook.com/gree.group
• LinkedInlinkedin.com/company/gree-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments42 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gree