グリー（株）

What グリー（株） does

グリー（株）/ GREE Holdings, Inc. is a publicly listed Japanese internet entertainment holding company (Tokyo Stock Exchange First Section, ticker 3632) founded in February 2004 by Tanaka Yoshikazu, originally as Japan's first social networking service. In 2024 the company transitioned to a holding-company structure with subsidiaries organized across five segments: Games, Metaverse (REALITY smartphone metaverse platform), IP, DX (Digital Transformation), and Investment. The group operates the GREE Platform (a developer-facing social gaming marketplace historically serving 169 countries) and an extensive patent portfolio of 1,484 domestic and 419 overseas patents concentrated in electronic gaming (A63F13/00), plus active metaverse-related filings.

Core revenue mechanics are diversified: freemium mobile/social game monetization via GREE coins and virtual items; advertising through GREE Ads DSP and subsidiaries (Glossom); IP licensing and media-mix expansion of owned and partner franchises; subscription and live-streaming revenue from the REALITY metaverse and VTuber agency すぺしゃりて; and capital gains/dividends from venture investments via GREE Ventures. Go-to-market combines owned SNS/app distribution, App Store and Google Play, VTuber/live-streaming channels, and B2B services (influencer marketing, metaverse events, SaaS/media) to corporate clients, with historical physical distribution through 7-Eleven retail in Japan.

The customer base is primarily consumer end-users of games and VTuber/metaverse content, with B2B relationships including major Japanese game publishers (Bandai Namco, Capcom, Square Enix, Konami, Grani, CyberAgent) and historical joint ventures GRIXPHONE (with CyberAgent) and GxYz (with Yahoo! JAPAN). The group also operates すぺしゃりて VTuber agency, music production unit RK Music, animation arm GREE Entertainment, and education programs through Batonlink's Class-Es initiative.

Name

グリー（株）

Legal name

グリーホールディングス株式会社

Website

https://gree.co.jp

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Short description

GREE Holdings is a Tokyo-listed Japanese internet entertainment holding company operating Games, Metaverse (REALITY), IP, DX, and Investment segments through subsidiaries like Wright Flyer Studios, GREE Entertainment, and the すぺしゃりて VTuber agency.

Ownership category

akta.pro rank

Headquarters

HQ city

Minato-ku, Tokyo

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Game Revenue: Revenue from smartphone/social games including virtual currency (GREE coins) sales, item monetization, and freemium model across owned titles and partner developer titles on the GREE Platform
2. Advertising (GREE Ads): Mobile advertising services including GREE Ads DSP, non-incentive ads, video ads, and ad network operations through group companies such as Atlantis and Glossom
3. IP Licensing and Content: Revenue from IP licensing, character merchandise, anime adaptations, and media mix content leveraging GREE's owned and partner intellectual properties
4. Metaverse and VTuber Services: Revenue from REALITY platform subscriptions, VTuber management agency operations (すぺしゃりて), and metaverse event services
5. Investment Returns: Capital gains and dividend income from strategic investments in startups and portfolio companies through GREE Ventures and other investment vehicles

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

GREE Holdings operates a multi-segment social entertainment and internet services business encompassing smartphone games, the REALITY avatar-based metaverse platform, intellectual property licensing and animation production, digital transformation services for corporate clients (influencer marketing, metaverse events, advertising), and venture investments. Its foundation is the GREE mobile social network and GREE Platform, which together host community, gaming, virtual currency (GREE coins), and third-party developer titles across iOS and Android.

Product overview

GREE Holdings, Inc. is a diversified Japanese entertainment and internet services group structured as a holding company with multiple business segments: Games, Metaverse, IP, DX (Digital Transformation), and Investment. The portfolio includes the core GREE social platform (a long-standing mobile SNS offering social games and community features), the REALITY metaverse platform (avatar-based smartphone metaverse and VTuber ecosystem), and the GREE Platform (a developer platform for third-party social applications). The GREE Platform historically supported 169 countries and regions. Business operations span social gaming, anime/IP expansion, influencer marketing, B2B SaaS, and venture investment. The group also operates 6 deGREEs, an official owned media platform, as a stakeholder communication channel. Key subsidiaries include GREE Co., Ltd., REALITY Inc., GREE Entertainment Inc., and Wright Flyer Studios Inc.

Differentiator

Problem solved

Functional benefit

Brands

• 6 deGREEs: Official owned media platform of GREE Group, launched in 2021, featuring company news, employee interviews, and stories about the group's businesses and culture.
• REALITY
• GREE Ads

Products and services

• GREE social gaming platform (GREE グリーン) Japan-based social network and mobile gaming platform offering profile sharing, community engagement, social games, and entertainment content for individual consumers on iOS and Android devices; supports GREE Coins virtual currency.
• REALITY smartphone metaverse platform Avatar-based smartphone metaverse enabling virtual space participation, live streaming, and VTuber content creation and viewing for end users; supports subscriptions and virtual goods.
• GREE Platform (developer publishing platform) Platform allowing third-party game developers and publishers such as Bandai Namco, Capcom, Square Enix, Konami and Grani to publish titles on the GREE SNS, with built-in virtual currency and monetization infrastructure.
• GREE Ads (mobile advertising) Mobile advertising services including GREE Ads DSP, non-incentive ads, video ads, and ad network operations for advertisers and publishers.
• Special (すぺしゃりて) VTuber talent agency VTuber management agency operated under GREE Group that produces and manages livestreaming content focused on game streaming, distributed through REALITY and other channels.
• Tsuri Star World Tour (Steam) Full-fledged fishing action game from Wright Flyer Studios distributed globally on Steam, leveraging GREE's Tsuri Star intellectual property.
• GREEM DX (Digital Transformation services) B2B digital transformation services including influencer marketing support, metaverse event hosting, data-driven marketing, media and SaaS development, and advertising sales for corporate clients.

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Eleven partnerships are on record, tiered key, core and minor.

• サエッタ (Saetta)keyStrategic or Co-development Partner · 26 June 2026Gree Entertainment and Saetta established a long-term collaboration framework for animation planning and production spanning the next 10 years, announced June 26, 2026.
• Brave groupkeyStrategic or Co-development Partner · 22 April 2026GREE Group made an additional investment in Brave group, becoming its largest shareholder and strengthening strategic partnership in the VTuber domain.
• 株式会社グラニ (Grani)coreStrategic or Co-development PartnerGrani is a key game development partner that created '神獄のヴァルハラゲート' (awarded Comprehensive Grand Prize at GREE Platform Award). GREE invested in and partnered with Grani for game development.
• 株式会社グリфон (GRIPHONE)coreStrategic or Co-development PartnerJoint venture between CyberAgent and GREE (established Feb 2013, GREE holds 33.35% stake) focused on GREE Platform social game development. Developed 'ミリオンブレイブ' as its second title.
• ジクシーズ株式会社 (GxYz)coreStrategic or Co-development PartnerJoint venture between Yahoo! JAPAN and GREE (established March 2013, GREE holds 51%, Yahoo! JAPAN 49%) for social game development. First title was 'ドリランド 魔王軍vs勇者！' on GREE.
• グリーエンターテインメント株式会社 (GREE Entertainment)coreStrategic or Co-development PartnerSubsidiary focused on entertainment content production, including animation and live entertainment, forming key part of GREE Group's IP strategy.
• REALITY株式会社 (REALITY)coreStrategic or Co-development PartnerSubsidiary developing and operating the REALITY smartphone metaverse platform, one of GREE Group's strategic pillars alongside games and IP.
• 株式会社WFS (Wright Flyer Studios)coreStrategic or Co-development PartnerGame development studio creating titles such as 'ヘブンバーンズレッド'. Part of GREE Group's game portfolio with strong IP and marketing capabilities.
• 株式会社BatonlinkminorImplementation/ SI/ Consulting PartnerBatonlink operates 'Class-Es', a collaborative classroom program connecting companies and schools. GREE participates in educational programs through Batonlink's platform at high schools including Takashima and Hoshino.
• 千葉大学教育学部minorStrategic or Co-development PartnerCollaborated on a 'Media Literacy Education Seminar' class (2013) where GREE employees taught university students about gamification in education and media literacy, as part of Chiba University's Teacher Training program.
• グリーと高知県minorStrategic or Co-development PartnerOngoing social game collaboration with Kochi Prefecture, including annual game development contests and local developer engagement, to foster regional employment in the gaming industry.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• mixi: Japanese mobile/social gaming company behind Monster Strike and the original SNS 'mixi'. Direct peer in Japanese social gaming — directly comparable business model (SNS + freemium mobile games), same target demographics, and historical rivalry.
• DeNA: Japanese mobile gaming and internet services company (Pokémon Masters, Final Fantasy Record Keeper). Direct peer in mobile gaming publishing with overlapping B2B platform services (Mobage was a direct historical competitor to GREE Platform).
• CyberAgent: Japanese internet conglomerate with Cygames as a core subsidiary (Uma Musume Pretty Derby, Princess Connect). Direct competitor in mobile gaming and JV partner (GRIPHONE, 2013) — closely comparable in scale, business mix, and Japanese market focus.
• Nexon: Korean-Japanese mobile and online game publisher (MapleStory, Dungeon Fighter Online). Comparable freemium mobile gaming business model with global scale — broader geographic reach than GREE, similar mechanics.
• Square Enix: Japanese major game publisher (Final Fantasy, Dragon Quest). Direct peer in mobile gaming with significant IP library; GREE Platform partner publishing titles like Dragon Quest Collection.
• Capcom: Japanese major game publisher (Monster Hunter, Resident Evil, Street Fighter). Both a partner on GREE Platform and a comparable mobile gaming/IP holder — directly comparable in mobile and IP licensing.
• Bandai Namco Holdings: Japanese major game publisher and IP holder (Dragon Ball, Naruto, One Piece mobile games). Direct peer in mobile gaming and IP licensing with comparable anime/media-mix business model.
• Brave group: Japanese VTuber agency and metaverse company. Direct peer in the VTuber/metaverse segment; also a strategic investee where GREE became the largest shareholder in April 2026 — closely comparable in target segment and product offering.
• ANYCOLOR (Nijisanji): Japanese VTuber agency operating Nijisanji, one of the largest global VTuber networks. Direct peer in VTuber talent management and live-streaming content — competes with GREE's Specialty agency and Brave group investment.
• Konami Group: Japanese major game publisher (eFootball, Yu-Gi-Oh, Metal Gear). Both GREE Platform partner and competitor — Konami has its own mobile games and IP licensing operations, and is a customer on the GREE Platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/GREE_pr_jp
• YouTubeyoutube.com/user/greePRJP
• Facebookfacebook.com/gree.group
• LinkedInlinkedin.com/company/%E3%82%B0%E3%83%AA%E3%83%BC%EF%BC%88%E6%A0%AA%EF%BC%89

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about グリー（株）