japan's media

(c) 2015 Eurotechnology Japan KK www.eurotechnology.com Japans media (Version 14) August 26, 20151

JAPANS MEDIAVersion 14 of August 26, 2015

by Gerhard Fasol PhD, Eurotechnology Japan KK http://www.eurotechnology.com/

[email protected]

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JAPANS MEDIA - VERSION OVERVIEW

2

Version Date Revision and comments

1

2

3 October 24, 2005

4 February 2, 2009

5

6 February 8, 2009

7

8 May 23, 2009

9

10 November 11, 2009

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JAPANS MEDIA - VERSION OVERVIEW

3

Version Date Revision and comments

11 March 25, 2014 revision, data added up to 2014

12 July 21, 2015 updates, CyberAgent, LINE added

13 July 26, 2015

14 August 26, 2015 M&A Dentsu, Nikkei-FT acquisition

15

16

17

18

19

20

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LICENSE

4

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EXECUTIVE SUMMARYJAPANS MEDIA

Japans media industry has a prominent position globally, both as a market and as a creator with global impact. Understanding the structure of Japans media industry is important for many - including marketing and communications specialists, or people working in branding and media.

Japans media industry is extremely creative and make important global cultural contributions. Japans creative sectors include the animation and cartoon industry, movies, game software and hardware, music, mobile communications, mobile internet and several others.

Dentsu is Japans dominating agency with an overwhelming position in Japan. Starting with the acquisition of Aegis, Dentsu is now on a path to leverage its dominating position in Japan globally.

With a circulation of almost 72 million copies per day, Japans newspaper industry has much larger circulation than that of the USA and is at the core of Japans media industry

TV is dominated by five large private media groups grown out of and linked to the main newspaper groups: Nihon Televi, Fuji Televi, TBS, Televi Asahi and Televi Tokyo, as well as the public NHK which is financed via subscriptions.

Internet and mobile internet are increasing steadily in importance and influence. Mobile music takes over as a music distribution channel from traditional CD and DVD sales. Mobile games take over from TV games. Traditional sectors, for example Karaoke, tend to decrease in importance.

Several dramatic take-over battles for management control and ownership of Japans largest media groups, manifest changes in Japans media industry caused by the growth of the internet, globalization, transition to digital from analog TV and many other factors of change.

5



AGENDA - JAPANS MEDIA

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-Executive Summary-Japans media - overview and trends-Disruption: LINE-Advertising agencies and creative: Dentsu, Hakuhodo, Recruit and Cyberagent-News agencies: Kyodo -Newspapers-Magazines-TV and Radio, CATV, Satellite-Mobile terrestrial digital TV for mobile phones OneSeg-Packet radio-Telecommunications landscape-Animation, manga and character goods-Movie industry and video sales and rentals-Music, mobile music, Karaoke-eBooks, and eManga for mobile phones-Games-Summary



OVERVIEW AND TRENDS

7



TRENDS

10

-TV: -analog TV terminated in 2011, digital terrestrial TV (DTV)-mobile digital TV (one-seg) remains a niche- linking mobile phones and TV, mobile phones/smartphones as additional screens- liberalization of regulatory environment put on hold-holding companies to avoid takeovers a la Livedoor/Fuji and Rakuten/TBS

-Smart phones, tablets, mobile phones:-The transition to 3G is complete, LTE is widely deployed-economics have moved from traditional Japanese feature phones/galake to smart phones-mobile games/smartphone games replace video games

-Broadband-25 million Fiber to the home( FTTH) subscriptions, however the FTTH rollout is slower than initially projected by NTT and the Government

-Unbundling leads to much lower prices and higher competition-see: http://www.eurotechnology.com/store/jcomm/

- Internet and mobile internet disruption-after an initial delay, Japan has catapulted itself to the forefront of the global internet revolution. CyberAgent is Japans king of blogs, and leveraged blogs into a media group, while LINE build an empire from sticker communications. Unlike Europe, Japan has managed to create its own internet groups, e.g. Rakuten, which is working towards a global position via acquisitions

-Games:-Games are moving from consoles to smart phones-Nintendo and traditional game companies are down, Colopl, GungHo, Gree, and DeNA are up, see: http://www.eurotechnology.com/store/jgames/

http://www.eurotechnology.comhttp://www.eurotechnology.com/store/jcomm/http://www.eurotechnology.com/store/jgames/


INNOVATION AND DISRUPTION OF JAPANS MEDIA INDUSTRIES

11



LINEthe leading provider of sticker-based

communications

12



LINE COMMUNICATE WITH STICKERS

15

Brown & Cony

Moon & James



LINE COMMUNICATE WITH STICKERS

16

LINE Creators market started April 17, 2014 270,000 sticker creators (7 November 2014) receive 50% of all revenues 30,000 sets of stickers for sale 8 April, 2014 - 7 November 2014 (6 months):

35.95 million stickers purchased total sales: 3.59 billion (US$ 30 million)



DISNEY TSUMU-TSUMUNIKKEI HIT PRODUCTS OF 2014: NO. 7

19

cuddly toys + smart phone screen cleaner function

start: October 20132 million sold by Aug. 2014

top ranking smartphone gamecooperation with LINEstart: January 2014



ADVERTISING, AGENCIES AND CREATIVE

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DENTSU

26



DENTSU HEADQUARTERS IN TOKYO-SHIODOMEARCHITECT: JEAN NOUVEL



Dentsu

Founded December 27, 1906 as Japan Telegram Communications Company. 1936 sold news, focus on advertising. 1955 name change to Dentsu.

Founder Hoshiro Mitsunaga

Headquarters Tokyo, Shiodome

Stock Exchange TSE 4324 (IPO Nov 30, 2001)

Consolidated sales YEN 1943.1 Billion (US$ 19.4 Billion) FY 2012 (ended March 31, 2013)

Number of employees 21,649 (March 31, 2013)

Major share holders Kyodo Press 7.37%, Jiji Press 6.74%, Mizuho Corporate Bank 1.8%

Major business areas Advertising, Marketing, content services



DENTSU - MARGINSSWITCH FROM JGAAP TO IFRS

37

According to IFRS accounting standards, Dentsus margins are:operating margin on the order of 20% andnet margin on the the order of 10% (reflecting the approx 50% Japanese corporate tax rate)

2000 2005 2010 2015 2020-10

0

10

20

30

annualoperatingm

argin

(%)

Annual margins Dentsu (%)

operating margin (JGAAP)

net margin (JGAAP)

operating margin (IFRS)

net margin (IFRS)

(c)2015EurotechnologyJapanKK

www.eurotechnology.com



HAKUHODO

38



HAKUHODO GROUP MARGINS

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Hakuhodo Groups margins are in the same low range as Dentsus - in the case of Japanese accounting standards

2000 2005 2010 2015 2020-1

0

1

2

3

4

5

annualoperatingm

argin

(%)

Annual margins Hakuhodo (%)

operating margin

net margin





ASATSU-DK

= A PIONEER OF THE ANIMATION LEGENDS

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ASATSU DK GROUP MARGINS

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ADKs margins are in the 1% range, except in times of crisis, e.g. September 11 and Lehman crisis.

2000 2005 2010 2015 2020-3

-2

-1

0

1

2

3annualoperatingmargin(%

)Annual margins Asatsu DK (%)

operating margin

net margin





RECRUIT

49



ADVERTISING INDUSTRY OVERVIEW

53

Hot pepper is usually distributed by part time workers around the day the salaries are paid (around last Friday of the month). Distribution boxes shown above are also use.



HOT PEPPER - COUPON MAGAZINE

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Left: This issues of Hot Pepper uses the music group SMAP for advertising/co-branding. Coupons are issued as QR-Codes (more about QR-codes: http://www.eurotechnology.com/store/qr/

Right: corresponding QR code for coupons at the entrance of restaurant taking part in the promotion

http://www.eurotechnology.comhttp://www.eurotechnology.com/store/qr/


RECRUIT GROUP MARGINS

58

Recruit groups margins have been decreasing, pointing to increased competition and commoditization in the internet world compared to Recruits traditional paper journals and free papers

2000 2005 2010 2015 20200

10

20

30

40annualoperatingm

argin

(%)

Annual margins Recruit (%)

operating margin

net margin(c)2015EurotechnologyJapanKK




CYBERAGENT (4751)

59



CYBERAGENTS GAME BUSINESS

62

In FY2014 CyberAgents game business achieved:Revenues YEN 50.6 billion (US$ 400 million) of which 91.6% were smartphone games

revenues from native games was YEN 21.4 billion (US$ 172 million)

top ranked smartphone games are:Sengoku Enbu KIZNA (by Sumzap Inc), currently ranked No. 8 of all apps in the Japanese iPhone AppStore

Granblue Fantasy (by Cygames Inc)currently ranked No. 11 of all apps in the Japanese iPhone AppStore



COMPARING AGENCIESDENTSU VS HAKUHODO VS RECRUIT VS CYBERAGENT

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COMPARING DENTSU, HAKUHODO, RECRUIT AND CYBERAGENT

66

-Rather than comparing Dentsu with smaller Japanese advertising companies such as Hakuhodo, we believe that Dentsus main competitors are:

-Google-Facebook-Publicis-Omnicom-WPP-Recruit (in Japan)

In the present section we compare Dentsu and Hakuhodo with CyberAgent and Recruit financial data.



JAPANS NEWS AGENCIES

70



JAPANS NEWS AGENCIES (NOT INCLUDING INTERNATIONAL AGENCIES)

71

-Kyodo News-Flash 24-JIJI Press-Tokyo News Tsushinsha-NP Tsushinsha-Sun Telephoto-Nihon dempa news (NDN)-Radio Press (RP)-PANA (Pan-Asia Newspaper alliance)-Shin a tsushinsha-KPI (Korea Press International)



KYODO NEWS

72



KYODO NEWS HEADQUARTERS BUILDING IN TOKYO SHIODOME, VERY NEAR DENTSU HEADQUARTERS AND NIHON TELEVI



JIJI PRESS

77



JAPANS NEWSPAPERS-AND THEIR POWER

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JAPANS NEWSPAPER CIRCULATION

81

-Japan is No. 3 after China and India in terms of circulation-Japans newspaper circulation is much higher than in US, Germany or UK about three times higher than German newspaper circulation

Country Circulation Copies/1000 people Number of newspapers

China 93,500,000 71.6

India 78,800,000 73.0

Japan 71,694,000 664.0 106

US 55,578,000 274.1 1468

Germany 23,838,000 371.1 381

UK 17,899,000 383.4 109



NEWSPAPER DISTRIBUTION

86

93.4% of newspapers are distributed to homes through a dense network of about 20,000 distribution points employing about 430,000 people

each newspaper group has their own network of distribution bases (above left: Nikkei, above center : Tokyo Shinbun, right; Fuji-Sankei)



YOMIURI SHINBUN

90



Yomiuri Shinbun Holdings

Founded 1874in todays form on July 1, 2002

Founder

Headquarters Tokyo

Stock Exchange privately held KK

Consolidated sales YEN 713.5 Billion (=US$ 7.1 Billion), FY 2012 (ended March 31, 2013)

Number of employees

Major share holders Yomiuri investors association 29,76%, Foundations, Private individuals

Major business areas Newspaper, media. Linked to Nihon-Televi (0-Tele)



YOMIURI

92

-Guiness Book of World Records records that Yomiuri Shinbun holds the record for Highest daily newspaper circulation:

-The newspaper with the highest daily circulation is the Yomiuri Shinbun, founded in 1874, and published in Tokyo, which had a combined morning and evening circulation of 14,322,781 throughout January 2002.-Note, that this is about 7 times higher than the circulation of the Wallstreet-Journal (1,966,281 copies/day worldwide circulation for April-Sept 2001)-and about 30 times higher than the worldwide daily circulation of the Financial Times (July - Dec 2001)

-Politically Yomiuri Shinbun is regarded conservative center



MAINICHI SHINBUN

93



ASAHI SHINBUN

96



NIHON KEIZEI SHINBUN NIKKEI

99



NIKKEI ACQUIRES FINANCIAL TIMES

103

Image shows the front page of Nihon Keizai Shinbun announcing the acquisition of Financial Times



NIKKEI VS WALL STREET JOURNAL VS NEW YORK TIMES VS FINANCIAL TIMES

104

-Figures compares subscription/issue numbers of Nihon Keizai Shinbun (Nikkei) vs Wall Street Journal, New York Times and Financial Times, showing that Nihon Keizai Shinbun is by far the largest of these.

Nikkei WSJ NYT FT0

1

2

3

4

5million

newspapers issued and digital subscriptions

morning papers

evening papers

digital subscriptions

paper copies

digital subscriptions





SANKEI SHINBUN

108



JAPANS MAGAZINE MARKETS

111



JAPANS TV AND RADIO MARKETS

120



OPERATING INCOME AND NET INCOME

128

-Operating income and net income of Japans top 5 TV media groups was hit by the Lehman shock aftermath, but could recover well since FY2011.

-Japans TV media groups are generally healthy in terms of profitability despite the growth of the internet

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

0

50

100

150

200

operatingincome

(YEN

billion

)

Japan's major 5 TV media groups (operating income)

US$ 0.5 billion

US$ 1.0 billion

US$ 1.5 billion

US$ 2.0 billion

Fuji TV

Nihon TV

TBS

AsahiTokyo TV



1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

0

20

40

60

80

100

120

netincome

(YEN

billion

)

Japan's major 5 TV media groups (net income)

US$ 0.5 billion

US$ 1.0 billion

Fuji TV

Nihon TV

TBS

AsahiTokyo TV





NHK

132



NHK- JAPANS NATIONAL BROADCASTING AGENCY

133

-NHK headquarters are located in Tokyos Yoyogi area near Shibuya.-NHK performs substantial R&D operations in addition to the broadcasting operations, e.g. on high-definition TV



FUJI MEDIA HOLDINGSFUJI TV

136



FUJI MEDIA GROUP HEADQUARTERS IN TOKYO- ODAIBA

137



FUJI TV

139

-Fuji-TV is at the core of the Fuji-Sankei Media Group. Other member companies of the group are:

-Fuji TV-Sankei Shinbun (Sangiyo Keisai Shinbun)-Nihon Hosou (Japan Radio)-PONY-Canion-Fuso Publishing-Pro-Baseball Team: Yakult Swallows-FUJI TV was founded in 1957.



HISTORIC NOTE: THE LIVEDOOR - JAPAN RADIO - FUJI-TV TAKE-OVER BATTLE

140



FUJI MEDIA HOLDINGS GROUP MARGINS

146

Fuji Media Holdings margins have been relatively steady. Operating margins have fallen from about 10% to around 5% over the last 15 years, while net margins have been steady around 5%.

2000 2005 2010 2015 20200

5

10

15

20

annualoperating/netm

argin

(%)

Annual margins Fuji Media Holdings Inc(%)

operating margin

net margin(c)2015EurotechnologyJapanKK




NIHON TELEVISION HOLDINGS

147



NIPPON TELEVI

148



NIPPON TELEVI HEADQUARTERS IN TOKYO SHINBASHI

149



NIHON TELEVISION HOLDINGS GROUP MARGINS

154

Margins dipped in the aftermath of the Lehman shock and have recovered since to the 10% range (operating margin) and 5% (net margin)

2000 2005 2010 2015 20200

5

10

15

20

25

30

annualoperatingm

argin

(%)

Annual margins Nippon Television Holdings (%)

operating margin

net margin





TBS TOKYO BROADCASTING SYSTEM HOLDINGS

155



TBS TOKYO BROADCASTING SYSTEM HOLDINGS

156



TBS TOKYO BROADCASTING SYSTEM HOLDINGS GROUP MARGINS

163

Margins are in the 5%-10% range but decreasing steadily

2000 2005 2010 2015 2020-10

-5

0

5

10

15

20annualoperatingm

argin

(%)

margins TBS Tokyo Broadcasting System Holdings (%)

operating margin

net margin





TELEVI ASAHI

164



TELEVI ASAHI PROGRAM OVERVIEW

165



TV TOKYO HOLDINGS

170



TV TOKYO HOLDINGS

171



TV Tokyo TV Tokyo Corporation (TV Tokyo Holdings Corporation)

Founded July 1, 1968

Founder

Headquarters Tokyo

Stock Exchange TV Tokyo Corporation TSE 9411 (August 5, 2004 - Sept 28, 2010)TV Tokyo Holdings Corporation TSE 9413 (IPO Oct 1, 2010)

Consolidated sales YEN 111.5 billion (US$ 1.1 billion) (FY ending March 31, 2012)

Number of employees 1419 (March 31, 2012)

Major share holders Nihon Keizai Shinbun 33.34%, Itoyama Eitarou 14.39%, Nihon Seimei Life Insurance 5.02%

Major business areas TV, Televi Tokyo Productions, Televi Tokyo Music 100%



SATELLITE AND CABLE TV

176



MSO - MULTIPLE SYSTEMS OPERATORS

179

-Jupiter Telecom (J:Com)-Japan Cable Net-Media-T Communications



SATELLITE BROADCASTING

180



DIGITAL TERRESTRIAL MOBILE TV (ONE-SEG)

182

see: http://www.eurotechnology.com/store/mobiletv/

http://www.eurotechnology.comhttp://www.eurotechnology.com/store/mobiletv/


MOBILE TV

183

-At least four types of mobile TV are, or were experimentally in operation in Japan:

-Terrestrial digital mobile TV (1-seg) started on April 1, 2006

-Conventional analog terrestrial TV (will be terminated by July 24, 2011, however this date could be postponed)

-Streaming TV broadcasts via the mobile internet data interface (I-Mode, Ezweb, etc)

-Satellite broadcasts to mobile phones by Mobaho (terminated with end March 2009)

-Mobile TV can be watched with a variety of terminals, including mobile phones, laptops, Nintendo DS and SONY-PSP portable game terminals, etc

Internetserver

terrestrial digital TV(started April 1, 2006)

analog TV(ends July 24, 2011)

(c) E

urot

echn

olog

y Ja

pan

KK

ww

w.e

urot

echn

olog

y.co

mNintendo

DS PC

mobilephone

SONY PSPPSP

satellite

Mobaho

streaming TVvia IP

1-segdigital mobile TV

analog TV



MOBILE TV TO MOBILE PHONES

184

-Four different methods of sending TV signals to mobile phones are in use today in Japan, or have been tested experimentally:

-Terrestrial digital TV broadcasting 1-seg (started officially on April 1, 2006)

-Traditional terrestrial analog TV (will end on July 24, 2011)

-Internet streaming via the mobile internet data connection on 3G (FOMA/i-mode, Ezweb)

-Satellite broadcasting (Mobaho, terminates end March 2009)

-In addition, wCDMA (FOMA) also provides a circuit-switched 64kbps digital dial-up channel similar to video-telephony. However, high video-telephony communication charges per-minute apply (about 20-30 US-cent/minute)

Internetserver

terrestrial digital TV(started April 1, 2006)

analog TV(ends July 24, 2011)

(c) E

urot

echn

olog

y Ja

pan

KK

ww

w.e

urot

echn

olog

y.co

m

mobilephone

satellite

streaming TVvia IP

1-segdigital mobile TV+ data broadcast

analog TVMobaho



ONE-SEG HANDSETS IN JAPAN

185

-This figures shows the cumulative number of mobile phones sold in Japan with mobile digital terrestrial TV (one-seg).

-With the paradigm-shift to iPhones and Android-smartphones, one-set mobile TV has seen its peak, and might be headed for extinction

total of mobile TV phones shipped in Japan

total number of mobile TVphones shipped in Japan

sales startedOctober 2005 !c"20

08EurotechnologyJapanKK


Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 20090

10000000

20000000

30000000

40000000

50000000

60000000

totalm

obile

TVphonesshipped



RADIO

186



JAPANS TELECOM INDUSTRY

191

see: http://www.eurotechnology.com/store/jcomm/

http://www.eurotechnology.comhttp://www.eurotechnology.com/store/jcomm/


MANGA, ANIMATION AND CHARACTERS

192



HELLO KITTY MOBILE PHONES

196

-Licensed popular characters add special value to merchandise.

-Softbank produced a series of mobile phones with a variety characters: Snoopy phones, Hello Kitty phones, Disney character phones and many more



JAPANS MOVIE INDUSTRY

197



KARAOKE

199



KARAOKE BOXES

203

-Karaoke Boxes are small rooms for 3-12 people equipped with a video equipment for Karaoke songs which are delivered online via network.

-The Karaoke Box market has decreased from US$ 6 billion to US$ 4 billion from 1998-2003.



INTEGRATION OF KARAOKE WITH MOBILE PHONES

204

-The karaoke equipment shown above has interfaces with mobile phones for payment, exchange of photos, playlists, download of music and other types of interactions to personalize the experience, and to use the mobile phone as a personal entertainment center



JAPANS GAME INDUSTRY

205

see: http://www.eurotechnology.com/store/jgames/

http://www.eurotechnology.comhttp://www.eurotechnology.com/store/jgames/


SUMMARY

206



SUMMARY: JAPANS MEDIA

207

-Japan is one of the worlds largest media markets-Japans newspapers have the largest circulation in the world. Japans five national newspapers have enormous power, and are the basis for the Japans US$ 25 billion newspaper industry, which however is losing revenues to internet and mobile media over the long term-Japans five national newspapers are at the core of Japans five commercial TV networks, the basis of Japans US$ 40 billion TV industry.-Karaoke, Manga and Anime have been created in Japan, and are increasingly exported.



CONTACT AND MORE INFORMATION

208

-Contact-Gerhard Fasol PhD-Eurotechnology Japan KK, Tokyo, Japan-http://www.eurotechnology.com/ -Mobile [email protected] [email protected]

-More information:-reports:http://www.eurotechnology.com/store/ -twitter : http://twitter.com/gfasol/ -website: http://www.eurotechnology.com/

http://www.eurotechnology.comhttp://www.eurotechnology.com/mailto:[email protected]:[email protected]://www.eurotechnology.com/store/http://twitter.com/gfasol/http://www.eurotechnology.com/