Usen-Next Holdings

What Usen-Next Holdings does

U-NEXT HOLDINGS (TYO:9418, also referred to as USEN-NEXT HOLDINGS and USEN&U-NEXT GROUP) is a publicly traded Japanese entertainment and technology conglomerate headquartered in Tokyo, organized around four reporting segments: Content Distribution, Store Services, Financial/Real Estate, and Communications/Energy. Its content business centers on U-NEXT, Japan's largest video streaming platform with approximately 4.2 million members following the 2023 integration with Premium Platform Japan (the Paravi operator), offering movies, dramas, anime, original programming, and a dedicated children's vertical (U-NEXT Kids). Its store services business is built on the legacy USEN brand, founded in 1961 as Japan's first subscription-based wired music broadcasting service, providing in-store BGM, music broadcasting infrastructure, and convenience services to commercial establishments nationwide.

The group has actively expanded its footprint through mergers and acquisitions: a 2022 virtual restaurant acquisition and 2023 consolidations of WannaEat and Toremoro created the FooShare and Orderly food delivery order-management services for restaurant operators; a 2026 joint venture (StudioMonowa) with Korea's CJ ENM and Japan's TBS added Korea-Japan content production and distribution; and the June 2026 launch of USEN-NEXT ENGINEERING extended the group into construction and engineering, positioned as the next growth pillar. Subsidiaries include USEN (music broadcasting), U-NEXT (streaming), Orderly, WannaEat, Virtual Restaurant (Tokyo), USEN-NEXT ENGINEERING, and the jointly controlled StudioMonowa.

U-NEXT HOLDINGS monetizes through a diversified mix of B2C streaming subscriptions, B2B BGM and store infrastructure contracts with restaurant and retail operators, telecommunications and energy services to enterprise and business clients, and newer restaurant-tech SaaS (FooShare, Orderly). CEO Yasuhide Uno (宇野康秀), founder's son and architect of the 2017 USEN/U-NEXT management integration and the 2023 Paravi merger, leads the group, which reports continuous revenue and profit growth since the 2017 integration and is publicly listed on the Tokyo Stock Exchange.

Name

Usen-Next Holdings

Legal name

U-NEXT HOLDINGS Co., Ltd.

Website

https://www.usen-next.co.jp/

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

U-NEXT HOLDINGS is a publicly traded Japanese entertainment and technology conglomerate operating Japan's largest streaming platform (U-NEXT, ~4.2M members), a nationwide in-store BGM and music broadcasting service (USEN, est. 1961), restaurant-tech delivery order management (FooShare/Orderly), and telecom/energy services to enterprise and consumer clients.

Ownership category

akta.pro rank

Product category

Entertainment and Lifestyle Services

NAICS

Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (51621)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Enterprise/B2B Music Streaming (Business Background Music) (MPAIACAJ)

Keywords

• Video streaming platform
• In-store BGM services
• Store music broadcasting
• Food delivery management
• Communications and energy

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Core offering

Usen-Next Holdings (U-NEXT HOLDINGS) is a diversified entertainment and technology group whose core offerings include consumer video streaming via the U-NEXT platform (Japan's largest with approximately 4.2 million members), B2B in-store background music and infrastructure services via the USEN brand, telecommunications and energy services for enterprise clients, food brand and delivery order management for restaurant operators, and a newly launched construction/engineering services business. The group's revenue is generated primarily through subscription fees, service fees, and B2B contracts across these six operating segments.

Product overview

U-NEXT HOLDINGS operates as a diversified entertainment and technology group, combining four main business segments: (1) Content Distribution (video streaming via U-NEXT platform with ~4.2M members, merged with Paravi in 2023, plus children's programming via U-NEXT Kids), (2) Store Services (BGM and music services via USEN brand founded in 1961), (3) Food Services (operates FooShare and Orderly for integrated food brand and delivery order management, along with acquired virtual restaurant operations), and (4) Communications/Energy. The group also maintains a joint venture StudioMonowa with CJ ENM and TBS for Korean-Japanese content production.

Differentiator

Problem solved

Functional benefit

Brands

• U-NEXT: Japan's largest video streaming platform with approximately 4.2 million subscribers, offering entertainment content delivery services.
• USEN

Products and services

• U-NEXT (Video Streaming) Japan's largest video streaming platform with approximately 4.2 million members, offering entertainment content including movies, dramas, anime, and original programming for individual consumers in Japan.
• USEN (In-Store BGM Service) Subscription-based background music and in-store audio entertainment infrastructure service for retail stores, restaurants, and public spaces across Japan, originating as Japan's first wired music broadcasting service in 1961.
• U-NEXT Kids Children's content category under the U-NEXT video streaming platform, featuring original programming such as 'Ugo Kosaku' that won the top prize at Prix Jeunesse 2026.
• FooShare Food brand management service that integrates with delivery orders to help food service operators manage their restaurant brands across multiple delivery platforms, jointly offered with Orderly through WannaEat Inc. and Toremoro Inc.
• Orderly Delivery order management service that integrates with food brand operations to reduce operational loads and increase sales for food service operators, offered jointly with FooShare through WannaEat Inc. and Toremoro Inc.
• Virtual Restaurant (Toremoro Food Delivery Franchise) Tokyo-based virtual restaurant company operating a food delivery franchise with multiple original brands, established in 2020, that became a subsidiary of USEN-NEXT HOLDINGS in 2022 to enter the food delivery service market.
• StudioMonowa (Content Production Joint Venture) Korea-Japan content production and distribution joint venture established by CJ ENM, TBS, and U-NEXT Holdings to produce and distribute content based on Korean and Japanese intellectual property.
• USEN-NEXT ENGINEERING (Construction and Engineering) Newly launched subsidiary of USEN-NEXT HOLDINGS established in June 2026 to operate as the group's next growth business in the construction and engineering domain.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered flagship and core.

• CJ ENMflagshipStrategic or Co-development Partner · 1 May 2026CJ ENM of Korea formed a joint venture called StudioMonowa with Japan's TBS and U-Next Holdings to produce and distribute content based on Korean and Japanese IP. The venture combines CJ ENM's K-drama and global production expertise with TBS's IP discovery capabilities and U-Next's platform distribution reach.
• TBSflagshipStrategic or Co-development Partner · 1 May 2026TBS of Japan partnered with CJ ENM and U-Next Holdings to form StudioMonowa joint venture for producing and distributing Korean-Japanese content. TBS contributes IP discovery capabilities to the partnership.
• Toremoro Inc.coreStrategic or Co-development Partner · 1 September 2023WannaEat Inc. announced collaboration with Toremoro Inc. to jointly offer 'FooShare' and 'Orderly' services, aiming to reduce operational loads and increase sales for food service operators through integrated management of food brands and delivery orders.
• WannaEat Inc.coreStrategic or Co-development Partner · 1 September 2023WannaEat Inc. collaborated with Toremoro Inc. to jointly offer 'FooShare' and 'Orderly' services for food service operators, integrating management of food brands and delivery orders.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Rakuten Group: Japanese digital conglomerate operating e-commerce, fintech, mobile, and content (Rakuten TV); comparable conglomerate structure spanning similar lifestyle verticals.
• Toho Co., Ltd. Japanese entertainment conglomerate with film production, theatrical distribution, and streaming; overlaps with USEN-NEXT's content distribution and entertainment verticals.
• Sony Group Corporation: Diversified entertainment conglomerate including music, film, gaming, and Crunchyroll streaming; broad strategic overlap with USEN-NEXT's entertainment portfolio.

Direct peers

• Lemino (NTT Docomo): NTT Docomo's streaming service with deep telecom distribution into Japanese mobile subscribers; competes directly with U-NEXT on price, content, and bundling.
• Hulu Japan: Disney-owned SVOD service operating in Japan; directly competes with U-NEXT for streaming subscribers and Japanese content licensing.
• Mood Media: Global leader in in-store background music and sensory media; directly comparable to USEN's BGM service for retail and restaurant customers.
• Netflix: Global video streaming leader and direct competitor to U-NEXT in Japan; competes for the same paying subscribers and Japanese-language content rights.
• Amazon Prime Video: Bundled streaming service bundled with Amazon Prime; competes head-to-head with U-NEXT for Japanese subscribers and original content.

Emerging players

• CJ ENM: Korean media and entertainment company and StudioMonowa JV partner; relevant peer given shared content production and Asian distribution ambitions.
• Apple TV+: Premium streaming service from Apple with growing original content slate; competes with U-NEXT for higher-end Japanese subscribers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/unext_holdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A3 records

Investments2 records

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

Frequently asked questions about Usen-Next Holdings