TYO:4816
Toei Animation, one of the oldest and most powerful anime studios in the world, commands a portfolio of globally iconic franchises including Dragon Ball, One Piece, Pretty Cure, and Slam Dunk. With FY2025 revenue surpassing 100 billion yen and a bold VISION2030 plan targeting 200 billion yen by 2031, Toei is transforming from a domestic animation house into a global entertainment conglomerate. This report examines its IP empire, financial engine, global licensing strategy, and what it all means for international partners.
Company Overview
| Item | Details |
|---|---|
| Official Name | Toei Animation Co., Ltd. (東映アニメーション株式会社) |
| Founded | 1948 (as Japan Animated Films; rebranded 1998) |
| Headquarters | Nerima, Tokyo, Japan |
| Parent Company | Toei Company, Ltd. (TYO: 9605) |
| Stock Listing | Tokyo Stock Exchange (TYO: 4816) |
| Employees | Approx. 960 |
| Content Library | 269 films, 238 TV programs, 13,900+ episodes |
| CEO (Parent) | Fumio Yoshimura |
| FY2025 Revenue | 100.8 billion yen (~$670M USD) |
Founded in the aftermath of World War II, Toei Animation is the oldest major anime studio still in operation. The company pioneered Japan’s first color animated feature film, Hakujaden (1958), and went on to define the magical girl, super robot, and shonen battle genres. Today it operates through three core business segments: Film Production & Sale, Licensing, and Product Sale.
IP Portfolio: The Four Pillars
Toei’s dominance rests on a remarkably concentrated portfolio. Four franchises generate the overwhelming majority of revenue, each addressing distinct demographics and geographic markets.
Dragon Ball
Dragon Ball remains Toei’s single highest-earning franchise, generating 19.0 billion yen in FY2025 (ending March 2025). The franchise’s cumulative revenue through licensing, merchandising, and gaming exceeds any other Toei property. Key revenue drivers include:
- Dragon Ball Daima — A new anime series that debuted in October 2024, injecting fresh content after a multi-year gap
- Dragon Ball Super: Super Hero (film) — Grossed $86.6 million worldwide in 2022
- Gaming — Bandai Namco’s Dragon Ball game franchise is one of the best-selling anime game series globally
- Merchandise — Figures, apparel, and collectibles remain a steady revenue stream
One Piece
One Piece earned 18.4 billion yen in FY2025, running neck-and-neck with Dragon Ball. A remarkable surge saw One Piece overtake Dragon Ball in Q1 FY2026 (April-June 2025) with 6.1 billion yen vs. 5.16 billion yen. Growth catalysts include:
- Netflix Live-Action Series — Season 1 became Netflix’s most-watched debut of 2023, introducing millions of new fans globally
- One Piece Film: Red — Grossed $151.8 million worldwide, making it one of the highest-grossing anime films ever
- Seasonal Format Shift — Toei transitioned One Piece from year-round (since 1999) to a seasonal 26-episode format, prioritizing animation quality
- Manga milestone — The One Piece manga continues as the best-selling manga in history with over 530 million copies sold
Pretty Cure (Precure)
Pretty Cure generated 1.3 billion yen in FY2025. While dwarfed by the two mega-franchises, Precure holds strategic importance as Toei’s original IP (not based on existing manga). It dominates the young girls’ demographic in Japan with:
- Annual series rotation — A new Precure series launches each year, keeping the brand perpetually fresh
- Merchandising power — Toys, fashion items, and stationery generate reliable domestic revenue
- 20+ year legacy — Running since 2004, the franchise has aired over 1,000 episodes across 20+ series
Slam Dunk
The First Slam Dunk (2022) proved that dormant IPs can deliver explosive returns. After decades without new anime content, the film grossed $279 million worldwide, becoming the highest-grossing basketball film of all time:
| Market | Box Office | Notes |
|---|---|---|
| Japan | 15.74 billion yen (~$112M) | Highest-grossing domestic film of 2023 |
| China | $55.2M (opening weekend) | Biggest animated film import opening ever |
| South Korea | $35.5M | Strong nostalgia-driven performance |
| North America | ~$1M | Limited release by GKIDS |
| Worldwide Total | $279M | 6th highest-grossing Japanese film ever |
Film Box Office Track Record
Toei Animation’s theatrical films are a critical revenue pillar. The studio set a box office record in 2022 with combined revenues of 32.56 billion yen (~$250M) from Dragon Ball Super: Super Hero and One Piece Film: Red.
| Film | Year | Worldwide Gross |
|---|---|---|
| The First Slam Dunk | 2022 | $279M |
| One Piece Film: Red | 2022 | $151.8M |
| Dragon Ball Super: Broly | 2018 | $124.5M |
| Dragon Ball Super: Super Hero | 2022 | $86.6M |
| One Piece Film: Gold | 2016 | $64.1M |
| Dragon Ball Z: Resurrection F | 2015 | $61.7M |
Financial Analysis
FY2025 Results (April 2024 – March 2025)
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Net Sales | 100.8B yen | 88.7B yen | +13.7% |
| Operating Profit | 27.0B yen | ~20.0B yen | +35.0% |
| Net Profit | 23.6B yen | 18.8B yen | +25.5% |
| Net Profit Margin | 25.2% | 21.2% | +4.0pp |
Revenue by Franchise (FY2025)
| Franchise | Revenue (Billion Yen) | Share of Top Franchises |
|---|---|---|
| Dragon Ball | 19.0 | 47.5% |
| One Piece | 18.4 | 46.0% |
| Pretty Cure | 1.3 | 3.3% |
| Digimon | 1.06 | 2.7% |
| Others | ~0.2 | 0.5% |
The concentration is striking: Dragon Ball and One Piece together account for 93.5% of franchise-attributable revenue. This dual-pillar structure is both a strength (massive scale) and a risk (dependency on two IPs).
Segment Breakdown
| Segment | Activities | Key Growth Driver |
|---|---|---|
| Film Production & Sale | TV anime, theatrical films, streaming content | Seasonal format; new series launches |
| Licensing | Character merchandising, gaming rights | Overseas licensing up 27.5% to 50.6B yen |
| Product Sale | Figures, toys, apparel, events | Global collectibles market expansion |
Global Licensing: The Growth Engine
Overseas licensing is Toei’s fastest-growing segment, rising 27.5% year-over-year to 50.6 billion yen in FY2025, with profit surging 36.8%. Currently, international revenue accounts for roughly 30% of total sales. Toei’s VISION2030 plan targets raising this to 50% by 2033 and 60% by 2031 (120 billion yen of the 200 billion yen target).
Regional Strategy
| Region | Strategy | Key Initiatives |
|---|---|---|
| Asia | Co-production & local IP creation | Voltes V Legacy (Philippines/GMA Network); CJ ENM partnership (Korea); China local IP co-production |
| North America | Streaming & theatrical expansion | Crunchyroll simulcasts; Netflix catalog deals; GKIDS theatrical distribution |
| Europe | Licensing & brand partnerships | Toei Animation Europe VP overseeing One Piece and Dragon Ball strategy |
| Latin America | Emerging market penetration | Dragon Ball’s cultural dominance leveraged for licensing growth |
A notable case study is Digimon, whose revenue is 90% from outside Japan. This franchise demonstrates Toei’s ability to build international-first revenue streams even for secondary IPs.
Streaming Strategy
Toei’s approach to streaming reflects a deliberate multi-platform distribution model rather than exclusivity:
- Crunchyroll — Primary simulcast partner for new episodes (One Piece, Dragon Ball Daima, Precure)
- Netflix — Catalog library (One Piece arcs, films) plus the live-action One Piece co-production; new episodes air one week after Crunchyroll
- Seasonal format adoption — One Piece’s shift to 26 episodes/year (from year-round since 1999) allows higher production quality and strategic release windows
This non-exclusive approach maximizes reach while maintaining leverage across platforms. Unlike studios that sign exclusive deals with a single streamer, Toei retains control of its distribution rights.
Anime Industry Structure: Production Committees
Understanding Toei’s business model requires understanding the seisaku iinkai (production committee) system that underpins the Japanese anime industry:
- How it works — Multiple companies (manga publisher, anime studio, broadcaster, music label, merchandiser) jointly fund and share ownership of an anime production
- Revenue sharing — Each committee member receives revenue proportional to their investment
- Toei’s advantage — As both a production studio AND major rights holder, Toei often controls the most commercially valuable committee seats (especially international licensing)
- IP ownership — For original IPs like Pretty Cure, Toei holds full ownership rights, capturing 100% of licensing revenue
This structure means Toei captures value far beyond production fees. On Dragon Ball and One Piece, Toei serves as the primary licensing agent for international markets, earning commission on all overseas deals.
VISION2030: The 200 Billion Yen Roadmap
In 2025, Toei Animation unveiled its ambitious mid-term strategy, VISION2030, targeting a transformation into a global entertainment powerhouse:
| Target | Current (FY2025) | Goal (FY2031) | Growth |
|---|---|---|---|
| Net Sales | 100.8B yen | 200B yen | ~2x |
| Operating Profit | 27.0B yen | 50B yen | ~1.9x |
| International Revenue Share | ~30% | 60% | +30pp |
| CAGR Target | — | 17% | — |
| ROE Target | — | >15% | — |
Four Strategic Pillars
- Studio — Upgrade production facilities, invest in AI-assisted animation tools (5 billion yen invested in Preferred Networks for AI R&D)
- IP — Triple new IP creation to 40 IPs over the plan period, including 25 overseas-origin IPs
- Region — Open new studios in Asia; 20 billion yen earmarked for overseas development
- Customer Engagement — Theme parks, events, and direct-to-consumer experiences
Investment Allocation
| Category | Investment | Purpose |
|---|---|---|
| Total Strategic Investment | 200B yen | 5-year transformation plan |
| IP & Content Development | 70B yen | New IPs, existing IP expansion |
| Global IP-fication | 30B yen | Elevating Dragon Ball & One Piece worldwide |
| M&A | 50B yen | Studio acquisitions, partnerships |
| Overseas Development | 20B yen | Regional studios, co-productions |
| New Overseas IP | 11B yen | 25 new IPs created outside Japan |
AI & Technology Investment
Toei made headlines in 2025 by outlining plans to integrate AI into multiple stages of animation production:
- Preferred Networks partnership — Toei contributed 5 billion yen (~$34.7M) to a consortium investing 24 billion yen in Japanese AI firm PFN, alongside Kodansha and TBS
- Target applications — Storyboarding, coloring/color specification, in-between animation, and background generation from photographs
- Precedent — Toei previously collaborated with PFN in 2021 to create an experimental short film using PFN’s “Scenify” tool for photo-to-anime background conversion
- Industry reaction — The announcement drew significant backlash from animators and fans. Toei clarified that no current productions use AI but maintained its forward-looking plans
For international technology partners, this signals both opportunity (AI tools for animation) and sensitivity (public sentiment around AI in creative industries).
Competitive Landscape
| Studio | Revenue (FY2025) | Key IPs | Strengths | Model |
|---|---|---|---|---|
| Toei Animation | 100.8B yen (~$670M) | Dragon Ball, One Piece, Precure | IP ownership, global licensing, 75+ year legacy | Integrated production + licensing |
| Aniplex (Sony) | ~$920M | Demon Slayer, Fate, Sword Art Online | Sony ecosystem, music/gaming synergies | Production committee lead + Sony distribution |
| MAPPA | ~$120M | Jujutsu Kaisen, Attack on Titan (Final), Chainsaw Man | Premium animation quality, critical acclaim | Production-focused (limited IP ownership) |
Key competitive dynamics:
- Aniplex has surpassed Toei in raw revenue, powered by Demon Slayer‘s phenomenon and Sony’s global distribution network. However, Aniplex operates primarily as a committee member/distributor, not a studio
- MAPPA represents a newer model: premium production quality attracting top-tier source material. But MAPPA owns few IPs, limiting its long-term licensing upside
- Toei’s moat is its dual role as both producer and primary licensor. This vertical integration, combined with multi-decade IP relationships, creates durable competitive advantages
The formation of Hayate Inc. (March 2025), a joint venture between Aniplex and Crunchyroll, signals intensifying competition in production capacity. Toei’s response — VISION2030’s studio investments — aims to maintain its production edge.
Business Opportunities for Global Partners
For Licensing & Merchandising Partners
- Fastest-growing segment — Overseas licensing revenue grew 27.5% YoY with 36.8% profit growth
- Regional opportunities — Southeast Asia, Latin America, and the Middle East are underserved markets where Dragon Ball and One Piece have deep cultural penetration
- Consumer products — Toei is actively seeking new licensing partners for fashion, food & beverage, and lifestyle categories beyond traditional toys and collectibles
For Technology Companies
- AI/ML tools — Toei’s Preferred Networks investment signals openness to animation technology partnerships
- Production pipeline — Opportunities in digital asset management, cloud rendering, and workflow automation for 13,900+ episode library
- Streaming infrastructure — Multi-platform distribution creates demand for content delivery and rights management solutions
For Content & Media Companies
- Co-production — Toei’s plan to create 25 overseas-origin IPs creates unprecedented partnership opportunities
- Live-action adaptation — The success of Netflix’s One Piece has proven the model for other Toei IPs
- Theme parks & experiences — Toei World and Dragon Ball-themed attractions present location-based entertainment opportunities
Outlook & Key Risks
Growth Catalysts
- One Piece endgame — As the manga approaches its conclusion (after 27+ years), final arc content will drive unprecedented viewership and merchandise demand
- Dragon Ball franchise expansion — New anime and film projects in development
- Netflix One Piece Season 2+ — Continued live-action seasons will funnel new audiences to anime and merchandise
- VISION2030 execution — If achieved, doubling revenue to 200 billion yen would put Toei among the world’s top entertainment companies
Key Risks
- IP concentration — 93.5% dependence on two franchises creates vulnerability if either declines
- Creator dependency — The passing of Dragon Ball creator Akira Toriyama (March 2024) raises questions about franchise direction
- AI backlash — Industry and fan resistance to AI in anime production could slow technology adoption
- Competitive pressure — Sony/Aniplex and Crunchyroll’s Hayate venture are investing heavily in production capacity
- Yen volatility — A strong yen would reduce the value of overseas licensing revenue when repatriated
Japonity Research Services
Need deeper analysis on Toei Animation’s business segments, licensing opportunities, or competitive positioning in the anime industry? Japonity provides custom research reports, market entry analysis, and partner matching for companies exploring the Japanese animation and entertainment sector.
Contact us for a tailored briefing →
Interested in Japanese business opportunities?
Whether you're looking for technology partners, engineering talent, or market insights — we can help connect you with the right Japanese organizations.
Get in Touch →
