Second quarter report FY2024.4 (link grabbed from another thread and compiled) comparison.
Cover - published last month
Japanese version
https://contents.xj-storage.jp/xcontents/AS05169/4dfd373d/0369/47a6/bd69/5741ebbe3bdf/140120231109584121.pdfEnglish version
https://contents.xj-storage.jp/xcontents/AS05169/30fa9066/6979/4359/9e61/db644287257e/20231109150214125s.pdfAnycolor - published a few days ago
Japanese version
https://www.nikkei.com/nkd/disclosure/tdnr/20231213502825/English version
https://ssl4.eir-parts.net/doc/5032/ir_material_for_fiscal_ym3/146950/00.pdfCommentary
Let's start with what most people are concerned about - the profits and comparing both of them.
>Gross profit Anycolor 7,729 million yens
Cover 5,966 million yens
>Net profit/income Anycolor 4,499 million yens
Cover 1,657 million yens
>Net profit YoY growth (between Q2/23 and Q2/24)Anycolor 50.5%
Cover 154.5%
Next is about some highlights, I just pick a few of the interesting points, the reports are short enough that you can have a read yourself, took me about
10 minutes each document.
1. Anycolor's viewers are mostly zoomers and mostly females.
>25% 19 years old or below>56% for 20-29-year-old group>65% femalesThat is based on their official website/store's data. Data from Youtube showed that it is 40% females to 60% males, zoomers are still the ones that watch
them the most with 43% of users being 24 years or younger.
Cover did not disclose their viewer's age and gender.
2.Anycolor is holding a lot of cash/deposits and their debts are decreasing, it is not necessary a bad thing but it usually means the company is not using
its assets properly.
Cover on the other hand is holding more and more fixed assets, which definitely includes their own studios. Their debt is increasing too and that is
usually a sign that the company is growing.
3. Are the companies paying their vtubers well?
There is no direct comparison of payouts from the companies to the vtubers because Anycolor obfuscated it under "Direct variable costs" which "includes
fees paid to VTuber, various platform fee, and cost of merchandise and event related sales" but Cover displayed it more directly under the section
"performer remuneration".
Interesting to note that "Direct variable costs" of anycolor is growing on par with their revenue mean while Cover's "performer remuneration" has been
stagnating. Based on Cover's total expenses, which is growing on par with the gross profit margin, from 2,335 million yens (Q2/23) to 3,801 million yens
(Q2/24), if anycolor is running similar business model, then the payout to their vtubers might be stagnating just like Cover.
4. Streaming earnings (including SCs, memberships and most likely streamlabs too) are stagnating for both companies. With the growth of other incomes
including promotions, branding and events/concerts, it is increasingly clear that the brandings are gaining powers and importance in comparison to
individual streamers.
5. Another interesting thing is that both companies' ultimate goal for their market is "metaverse". Metaverse, what does it mean?
