Reality
REALITY is a Tokyo-based smartphone metaverse platform and GREE Holdings subsidiary operating the REALITY avatar live-streaming app (20M+ downloads across 63 countries), a B2B metaverse services arm (REALITY XR cloud), and a VTuber talent management agency (REALITY Studios).
- Company typePrivate
- Founded2017
- HeadquartersTokyo, Japan
- Headcount51–100
- GTM typeB2B and B2C
- OfferingSoftware
What Reality does
REALITY is a Tokyo-based smartphone metaverse platform operator and wholly-owned subsidiary of GREE Holdings (TSE-listed). It operates the REALITY app, a free-to-download smartphone VTuber live streaming and avatar-based social platform that has surpassed 20 million cumulative downloads as of June 2025, with 80%+ of users located outside Japan across 63 countries supported in 12 languages. The platform enables users to create custom 3D avatars and engage in live streaming, virtual world gatherings, gifting, and games without specialized PC or VR hardware, leveraging proprietary real-time 3DCG rendering, in-house motion capture infrastructure (Vicon systems), and a Go-based backend designed for high-concurrency live streaming with average sessions of approximately 170 minutes.
The company operates three business lines: a consumer app (REALITY), an enterprise B2B metaverse services arm (REALITY XR cloud, including REALITY Spaces, REALITY World, and REALITY Live Stage), and a VTuber talent management agency (REALITY Studios, including the RK Music joint venture with King Records). Revenue is generated through in-app virtual gift and item sales (gacha) to consumers, project-based fees for custom metaverse events and branded virtual spaces (e.g., ¥4M per 1-Day Virtual Event), and talent management and music royalties from managed VTubers including KMNZ, VESPERBELL, and HACHI. Notable enterprise clients span travel (HIS), telecom (KDDI), retail (Beams, Reebok), gaming (Sega, Aniplex), public sector (Osaka Metro, 2025 World Expo), and entertainment IP (Peanuts/Snoopy), evidencing a diversified B2B book despite project-based delivery.
REALITY is funded entirely by parent GREE Holdings, which has committed ¥10 billion cumulatively to the metaverse business, removing near-term capital constraints but also tying the company's strategic direction to a single sponsor. The company won Google Play Best of 2020 in the Entertainment category and was recognized as one of Japan's Top 100 Employers by Great Place to Work, signaling brand and talent traction in its home market.
Reality firmographics
Firmographics- Name
- Reality
- Legal name
- REALITY株式会社
- Website
- https://reality.inc
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- REALITY is a Tokyo-based smartphone metaverse platform and GREE Holdings subsidiary operating the REALITY avatar live-streaming app (20M+ downloads across 63 countries), a B2B metaverse services arm (REALITY XR cloud), and a VTuber talent management agency (REALITY Studios).
- Ownership category
- akta.pro rank
Reality industry classification
Industry- Product category
- Smartphone Metaverse Platform
- NAICS
- Information (51), Other Amusement and Recreation Industries (7139), Broadcasting and Content Providers (516)
- SIC
- Services-Prepackaged Software (7372), Services-Computer Integrated Systems Design (7373), Services-Amusement & Recreation Services (7900)
- akta.pro primary industry
- Metaverse & Social Virtual Worlds (BPAMAKAF)
- akta.pro secondary industries
- Metaverse Virtual World Platforms (social worlds, land, UGC) (FSAPAGAD), Metaverse Commerce & Monetization (virtual goods storefronts, payments, ads) (FSAPAGAK), Immersive/Interactive Animation (AR/VR/Real-Time) (MPAHACAN), VR/AR Gaming Platforms (BPAMAKAG)
Keywords
Where Reality is headquartered
LocationHeadquarters
- HQ city
- Tokyo
- HQ country
- Japan
- HQ region
- Asia
Offices1 record
Markets served
Reality business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales
Revenue model
- Gift / Virtual Item Sales (Live Streaming): Users purchase virtual gifts (e.g., 'chobbie hige', 'mini crown', 'tower cake') to send to live streamers during broadcasts. The platform earns a share of gift revenue. Streamers receive LIVE points convertible to cash based on viewership, comments, and gifts. This is the primary revenue mechanism for the consumer app.
- Avatar Item / Gacha Sales: Users purchase avatar customization items and gacha items (casual wear, accessories, collaborative items) to personalize their avatars. These are sold directly within the app, generating revenue per transaction.
- Enterprise XR Cloud Solutions: B2B services including metaverse event production, virtual branch creation, branded world development, and avatar advertising. Revenue is generated through project fees and service packages (e.g., '1 Day Virtual Event Plan' priced at ¥4,000,000 + tax).
- VTuber Talent Management: REALITY Studios manages and produces VTuber talents (KMNZ, VESPERBELL, HACHI) across YouTube activities, music releases, live concerts, merchandise, fan clubs, and crowdfunding. Revenue comes from talent management fees, music sales, event ticket sales, and merchandise.
- REALITY Spaces / Partner Program: A white-label platform license and partner program for enterprises to create branded virtual events and metaverse advertising. Revenue generated from platform licensing, customization fees, and co-marketing arrangements with partner companies.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | 1 Day Virtual Event Plan for enterprise clients |
| Other | Multi-year contract | REALITY World initial development promotional discount |
| Freemium | Pay-as-you-go | Live streaming app (FREE for users to download) |
| One time/ perpetual license | Pay-as-you-go | KMNZ VR LIVE ticket price (third-party event) |
| One time/ perpetual license | Pay-as-you-go | Shonan no Kaze virtual live ticket tiers |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels7 records
Reality product offering
Product offeringCore offering
REALITY operates a smartphone-based metaverse platform that enables users to create 3D avatars and engage in live streaming, gaming, and social communication without specialized equipment. The company also delivers enterprise metaverse solutions (REALITY XR cloud) including virtual event production, branded world creation, and metaverse advertising for corporate clients, and manages VTuber talent through REALITY Studios.
Product overview
REALITY株式会社 operates a multi-product smartphone metaverse ecosystem centered on the REALITY app, a platform that enables users to create avatars and engage in live streaming, gaming, and social communication. The core REALITY app (with its World virtual space feature) serves individual consumers globally. Enterprise customers are served through REALITY XR cloud (which encompasses REALITY World for businesses, REALITY Spaces for virtual events, and REALITY Live Stage for artist performances). The company also operates REALITY Studios, a VTuber talent agency managing personalities across multiple sub-productions including First Stage Production, Specialite, and RK Music. The portfolio spans consumer-facing social entertainment, B2B metaverse solutions, and talent management—unified by avatar-based virtual identity technology.
Differentiator
Problem solved
Functional benefit
Brands
- REALITY: Smartphone metaverse app enabling users to create avatars and engage in live streaming, gaming, and communication without showing their face.
- REALITY XR cloud
- REALITY Studios
Products and services
- REALITY (Smartphone Metaverse App) A free smartphone metaverse app that allows individual users to create 3D avatars, broadcast live streams, send virtual gifts, and interact socially in virtual worlds without specialized hardware. Available in 63 countries across 12 languages with 20M+ cumulative downloads.
- REALITY XR cloud Enterprise-focused metaverse solution providing 3D CG-powered virtual spaces, event production platforms, metaverse advertising, partner programs, and consulting services for corporate clients.
- REALITY Studios VTuber talent management and production agency that manages and produces multiple virtual talents including KMNZ, VESPERBELL, and HACHI across YouTube, music releases, live concerts, merchandise, and fan club operations.
- REALITY Spaces White-label virtual business event creation platform enabling companies to build event venues and corporate booths in virtual spaces, supporting presentations, attendee interaction, and events ranging from dozens to tens of thousands of participants.
- REALITY Live Stage Virtual live production platform for artists featuring motion capture technology to recreate performances as 3D avatars with stage effects impossible in physical venues. Integrated with Fanbeats for crowdfunding, ticketing, and merchandise.
- RK Music VTuber-focused music label providing original songs, music artist debut support, promotion, live events, and merchandise for VTubers. Operates as a wholly consolidated subsidiary of REALITY.
Quantifiable outcome
- 20 million+ cumulative worldwide downloads
- +5 more outcomes
Companies that use Reality
Customer profileNamed customers11 records
Segments3 records
Ideal customer profiles3 records
Reality technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
Reality partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered core and minor.
- viviON Inc. (株式会社viviON)coreREALITY and viviON (operator of 'Aogiri High School' VTuber production) co-hosted the 'REALITY x viviON Next-Generation VTuber Discovery & Training Audition.' Successful applicants debut as VTubers managed by viviON while continuing activities on REALITY, bridging the platform's streamer ecosystem with viviON's professional VTuber management and IP expertise.
- Vebop ProjectminorBusiness transfer of the 'Vebop Project' VTuber production to REALITY Studios, consolidating multiple VTuber productions under one management structure within the REALITY Studios umbrella.
- Osaka Metro / JR West Communications (大阪metro/JR 西日本コミュニケーションズ)minorREALITY XR cloud produced the 'O-Matsuri Live' festival-themed virtual streaming event in the metaverse, the second such event following the success of the 2024 Osaka expo virtual programming.
- GREE X, Inc. (グリーエクス株式会社)coreGREE X, Inc. operates the REALITY XR cloud website and corporate metaverse solutions business, serving as the operational entity for B2B metaverse services under the REALITY brand. It leverages GREE Group's accumulated IT/VR expertise to provide enterprise metaverse solutions.
- Beams Inc. (株式会社ビームス)minorBeams' Directors Bank (senior creative director Minami-Kosh越一義) produced 'O-furo Paradise Totono I Bettan Chiiki' on REALITY World, recreating Spa Mexxa Otaka (a major spa/sauna facility in Chiba) as a metaverse experience.
- H.I.S. Co., Ltd. (エイチ・アイ・エス)minorCollaboration to create 'HIS Travel World' — a virtual branch on the REALITY metaverse featuring travel photo spots for Hawaii, Okinawa, and Huis Ten Bosch. HIS used the space for non-contact digital tourism promotion, reaching 1.3 million+ visitors.
- Voice Actor Office S (株式会社S)minorCollaboration to offer virtual voice actor training lessons within the REALITY metaverse. Office S runs a voice acting school (PineS), and REALITY provided the virtual venue for monthly lessons featuring professional voice actors as teaching assistants.
- Reebok Japan (リーボック)minorReebok collaborated with KMNZ (REALITY's virtual girl duo) on co-branded merchandise — sneakers (CLUB C FVS KMNZ, ¥9,889) and sweatshirts (CL PVT SWT CREW KMNZ, ¥8,789) — sold via ZOZOTOWN and a virtual pop-up store in XRshop World.
- Sega Corporation (株式会社セガ)minorSega's 'Ryuu Ga Gotoku' (Like a Dragon) studio fully cooperated in producing Shonan no Kaze's first virtual concert featuring a crossover with the Ryuu Ga Gotoku game franchise, leveraging REALITY Live Stage's virtual concert technology.
- epistroph Inc. (epistroph株式会社)minorWFLE provided full production support (planning, direction, execution) for WONK's first-ever full 3DCG virtual live 'EYES SPECIAL 3DCG LIVE.' epistroph is the music label for experimental soul band WONK.
- cluster (クラスター株式会社)coreCapital and business partnership for avatar interoperability. REALITY users can use their REALITY avatars within cluster's VR event platform, and both companies co-develop features for cross-platform virtual music live events and exclusive avatar items.
- RK Music (株式会社RK Music)coreThe VTuber music label joint venture (established with King Records) produces original songs and manages music artist careers for VTubers including KMNZ, HACHI, and others. It operates as a wholly consolidated subsidiary and provides music production and distribution for the broader REALITY ecosystem.
- Aniplex Inc. (株式会社アニプレックス)minorWFLE and Aniplex co-produced VTuber 'Nachoko,' a high school student who tries various entertainment part-time jobs. Aniplex contributed IP and media expertise while WFLE provided the VTuber platform and production infrastructure.
- MateReal Inc. (MateReal株式会社)minorWFLE partnered with MateReal to co-produce the virtual idol unit 'Alt!!' (Nanami Loma, Akatsuki Klara, Tosaka Yura). WFLE supported REALITY live streaming and RK Music label activities, while MateReal handled production and management.
- iid Inc. (株式会社イード)minoriid (operator of game media 'INSIDE') and WFLE co-produced the game information variety show 'INSIDE@REALITY' on the REALITY platform, featuring iid's VTuber mascot 'Inside-chan Mark2' as MC. This was one of the earliest branded content programs on REALITY.
- Virtual YouTuber Inc. (株式会社バーチャルユーチューバー)coreWFLE (now REALITY) entered a capital and business partnership with Virtual YouTuber Inc. to support IP expansion for the 'Game-bu Project' and Domyoji Kokoa VTubers. The partnership included music label support via RK Music and Bilibili co-operation for Japan-China VTuber expansion.
- Bilibili Inc.coreBilibili (China's leading youth entertainment platform) partnered with WFLE for Japan-China VTuber cooperation, including platform distribution, event appearances, merchandise, and localization support. Bilibili operates youth entertainment platforms and communities where VTuber channels are established, providing access to China's massive VTuber audience.
- KDDI CorporationminorKDDI and WFLE reached basic agreement on a strategic partnership for 3D character VTuber business, aligning KDDI's telecom and media assets with WFLE's VTuber platform and production capabilities.
- King Records (キングレコード株式会社)coreJoint venture 'RK Music' (¥80M capital, WFLE 51% / King Records 49%) — a VTuber-focused music label. Provides original songs, music artist debut support, promotion, live events, and merchandise for VTubers produced by WFLE and other active VTubers.
- Nitroplus (株式会社ニトロプラス)minorWFLE co-produced the popular IP character 'Super Sonico' (Nitroplus's existing mascot girl) as a VTuber. This was WFLE's first major IP co-production, demonstrating its ability to transform existing anime/game IP into virtual talent.
Scale indicators12 records
Recent moves7 records
Expansion highlights6 records
Reality competitors and assessment
Company assessmentDirect peers
- VRChat: Largest global avatar-based social VR platform with strong UGC world-building tools. Competes for the same avatar-based social entertainment use case as REALITY but with a VR/PC-first approach.
- IRODORI (formerly IRIAM): Japanese smartphone-based VTuber live streaming platform operated by DeNA. Directly competes with REALITY in the same smartphone-only, low-friction VTuber streaming category in Japan.
- Zepeto: Naver Z's smartphone-friendly avatar social metaverse platform with a strong Gen Z user base globally, particularly in Korea and Southeast Asia. Closest direct competitor to REALITY's smartphone-only avatar social positioning.
- Virtual Cast: Japan-based VR streaming platform with HTC Vive integration that has a direct integration partnership with REALITY. Competes in the VTuber streaming space with a hardware-dependent, higher-fidelity positioning.
- cluster: Direct Japan-based competitor operating a cross-platform metaverse platform (PC, smartphone, VR) for avatar-based events, live concerts, and social spaces. Capital and business partner of REALITY with bidirectional avatar interoperability.
Broad incumbents
- Bilibili: China's leading youth entertainment and live streaming platform with significant VTuber activity. Capital and business partner of REALITY for Japan-China VTuber distribution, and a potential competitor in cross-border VTuber IP.
- Cover Corporation (Hololive): Operator of Hololive Production, the largest VTuber agency globally by audience size. Competes for top-tier VTuber talent and live concert production in the same Japanese market where REALITY Studios operates.
- Roblox: Global UGC avatar-based gaming and social platform with hundreds of millions of users. Competes in the broader 'avatar-based virtual world' category and is the benchmark for smartphone/metaverse scale that REALITY's 'hundreds of millions of users' ambition targets.
- ANYCOLOR (Nijisanji): Listed Japanese VTuber agency operating the Nijisanji brand across multiple languages. Competes with REALITY Studios for VTuber talent, audience attention, and live event production budgets.
Emerging players
- Brave group: Comprehensive VTuber production company and metaverse ecosystem builder in Japan. REALITY is an investor in Brave group, and the two are ecosystem partners with overlapping audiences in the Japanese VTuber market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Reality social profiles
Digital presenceReality financial estimates
Financial estimateRevenue estimate
Valuation estimate
Reality leadership team
Management profileNumber of profiles
Profiles5 records
Reality subsidiaries and ownership
Company hierarchySubsidiaries3 records
Reality funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Reality M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Reality
What does Reality do?
REALITY operates a smartphone-based metaverse platform that enables users to create 3D avatars and engage in live streaming, gaming, and social communication without specialized equipment. The company also delivers enterprise metaverse solutions (REALITY XR cloud) including virtual event production, branded world creation, and metaverse advertising for corporate clients, and manages VTuber talent through REALITY Studios.
Is Reality a public or private company?
Reality is a private company. It is classified as corporate owned and is currently operating.
When was Reality founded?
Reality was founded in 2017. It employs 51 to 100 people.
Where is Reality based?
Reality is headquartered in Tokyo, Japan, in the Asia region.
How does Reality make money?
Five revenue lines are on record. Gift / Virtual Item Sales (Live Streaming) is the primary driver. The others are avatar Item / Gacha Sales, enterprise XR Cloud Solutions, VTuber Talent Management and REALITY Spaces / Partner Program.
Who are Reality's main competitors?
Direct peers on record are VRChat, IRODORI (formerly IRIAM), Zepeto, Virtual Cast and cluster. Broad incumbents are Bilibili, Cover Corporation (Hololive), Roblox and ANYCOLOR (Nijisanji). Brave group is listed as an emerging player.
Does Reality have an API?
No public API is recorded for Reality.
What industry is Reality in?
Reality's product category is Smartphone Metaverse Platform. Its primary akta.pro industry code is BPAMAKAF, Metaverse & Social Virtual Worlds, with a secondary code of FSAPAGAD, Metaverse Virtual World Platforms (social worlds, land, UGC). Its NAICS code is 51 and its SIC code is 7372.