for Shareholders and Investors Online Report

* Updated in December 25, 2023

This section includes the message from the president to shareholders and investors and summarizes information including the details of company activities. Past annual reports and notices to shareholders are also listed here.

Corporate Philosophy / Tagline

Corporate Philosophy

Making impossible entertainment , possible.

We believe in your abilities, uniqueness and creativity in building a future that is exciting
and world changing.


Really! Mad+Pure

Message from the President

Earnings Results for the Second Quarter of the Fiscal Year Ending March 2024

Katsumi Kuroiwa

In May 2022, the Avex Group announced its medium-term management plan "avex vision 2027," set forth under its corporate philosophy of "Continue to Pursue the Potential of Entertainment." Under the priority strategy: "Seek to discover and develop 'beloved' intellectual property in many different regions and fields," which was set out in the medium-term management plan, the Group is stepping up its investment to discover, develop, create and acquire new IP* in each business field.

Amid these developments, in the second quarter of the fiscal year ending March 2024, the Music Business posted increased sales, resulting in a net sales of 64.355 billion yen (a 19.0% increase year on year). However, there was a decrease in operating profit to 2.167 billion yen (a 40.1% decrease year on year), and profit attributable to owners of parent also decreased to 2.458 billion yen (a 23.4% decrease year on year). This was mainly due to changes in the sales mix across different businesses, resulting in a lower gross profit rate, and continued investments in IP creation to achieve our medium-term goals.

*IP=Intellectual Property

Overview by segment

In the Music Business, despite an increase in net sales from successful live concerts, merchandising, and e-commerce, operating profit decreased. This was caused by a lower gross profit rate resulting from changes in the sales mix and aggressive investment in IP creation.
In the Anime & Visual Content Business, net sales increased due to higher non-package sales, including box office revenue from film titles and events. However, operating profit declined chiefly due to changes in the sales mix.
In the Digital Business, although net sales decreased following the dissolution of the joint venture agreement for digital video distribution services, operating profit increased, mainly because of revenues from commissioned operations for the same services.
Despite two consecutive years of hosting an anime event in Saudi Arabia, Other Businesses experienced a decline in both net sales and profit. This was mainly due to a decrease in the amount of commissioned work.

Progress of avex vision 2027 Medium-term Management Plan

As we enter the second year of our medium-term management plan "avex vision 2027," we are making steady progress in discovering, nurturing, developing, and acquiring IP in each field. These efforts appear to be consistently yielding tangible results.

We will continue to invest in IP creation to build a business that grows over the medium to long term, aiming to achieve our targets of 15 billion yen in operating profit and a 15% return on equity by the fiscal year ending March 2027.

The following is a link to a summary of the avex vision 2027 Medium-term Management Plan.

Further Reinforcement through Internal Reorganization

In pursuit of our medium-term management plan "avex vision 2027," we restructured our group companies in August 2023 to further strengthen our business framework. Under the new structure, Avex Entertainment Inc. oversees the Music and Management Businesses, and Avex Pictures Inc. supervises the Anime & Visual Content Business, both as intermediate holding companies. By delegating authority to their respective operating companies and clarifying their responsibilities, the new structure enables speedy decision-making. This restructuring is aimed at achieving our growth strategy and expanding our business in the medium to long term.

Forecast for the Fiscal Year Ending March 2024 and Shareholder Return

Our performance in the second quarter of the fiscal year ending March 2024 exceeded the full-year forecast, but we will keep the full-year forecast unchanged as we continue to invest for medium-to-long-term growth. We project an operating profit of 2 billion yen and a profit attributable to owners of parent of 2.2 billion yen.

In accordance with our payout policy of maintaining a consolidated payout ratio of at least 35% and paying a minimum annual dividend of 50 yen per share, we have set an interim dividend of 25 yen per share. We expect to pay a year-end dividend of 25 yen per share, making an annual dividend of 50 yen per share.

Check detailed information about our business results and financial situation here. The following is the link to our IR library where earnings reports and other related statistics are available.
View more details

Business Categories

Music Business

The Music Business involves the planning and production of live concerts and events, the selling of tickets, merchandising, the management of artists, talent and creators, production, advertisement and sale of music content, the operation of an e-commerce site and other activities. We aim to be an Asia-leading multi-functional label company that consolidates music-related business infrastructure. We also work towards the creation of new hits and content and building an integrated framework for discovering, develop and managing talent.

Anime & Visual Content Business

We seek to maximize our sales by developing what we call the 360-degree business, which is our advantage. This involves, for example, the planning and production of and investment in animation and live-action works and the creation of adaptations of our content for the stage and screen. Furthermore, we pursue the acquisition and expansion of new IP.

Digital Business

We are striving to achieve optimization through a range of different businesses including the operation of fan clubs and the planning, production, sale and distribution of digital content.

Other Business

We engage in different efforts such as the license business in Asia, the planning and production of live concerts and events, music publishing in the United States and investment in venture businesses in pursuit of the creation of synergy with the businesses we are focused on.

Check the details of the businesses here.


Music Business

Da-iCE complete their third national arena tour

Da-iCE successfully completed their national arena tour "Da-iCE ARENA TOUR 2023 -SCENE-" from June 2023 across six cities with 12 performances, attracting 100,000 attendees. The members are also active in their solo projects. Sota Hanamura voices the role of Willy Wonka in the Japanese-dubbed version of the film The Beginning of Wonka and the Chocolate Factory to be released on December 8. To celebrate their 10th anniversary since their major debut, they will perform at the Nippon Budokan for the first time in seven years in January 2024 with "Da-iCE 10th Anniversary LIVE," followed by a national tour "Da-iCE 10th Anniversary Live House Tour 2024" starting in July.

BE:FIRST dominate top place for 116 places in various charts "Mainstream" by with

BE:FIRST released their 4th single "Mainstream" on September 13, 2023, earning top place for 116 times on various music charts, including the Billboard JAPAN Hot 100. The music video has received over 31 million views on YouTube and 100 million views on TikTok. Their first national arena tour, "BE:FIRST ARENA TOUR 2023-2024 'Mainstream,'" started in November, with 22 performances across nine cities. They also have an additional dome performance, "BE:FIRST LIVE in DOME 2024 'Mainstream – Masterplan,'" scheduled for 2024.

ULTRA JAPAN 2023 held on a grand scale


Japan's premier urban dance music festival, ULTRA JAPAN 2023, was held at Tokyo Odaiba Ultra Park in September, attracting 60,000 people over two days. The event featured internationally renowned artists, such as Hardwell, Axwell Λ Sebastian Ingrosso, and Skrillex, who captivated the crowd with their electrifying performances. At the end of the event, it was announced that ULTRA JAPAN 2024 will be held in September 2024.


Rina Kawaei continues to appear in many high-profile projects in 2024

Rina Kawaei is set to make her debut as the lead in a prime-time drama series, with the new Nippon TV Wednesday drama, Tonari no Nurse Aid, starting in January 2024. Additionally, she will take on the new role of Chihiro in the stage adaptation of Spirited Away, which will begin its run at the Imperial Theatre, Tokyo in March 2024. She is also cast as the heroine Yuzuki in the movie Strange House, scheduled for release on March 15, 2024.

Meru Nukumi selected as the Face of the Year for 2023

Meru Nukumi has been chosen as the "Face of the Year 2023" by Nikkei Trendy. In 2023, she has expanded her activities beyond fashion magazines and variety shows, making notable appearances in TV dramas, such as Sexy Tanaka-san, which started airing in October on Nippon TV.

Anime & Visual

Paradox Live celebrates its 4th anniversary with special projects

©Paradox Live2023

Since October 2023, the TV anime "Paradox Live THE ANIMATION" has been broadcasting, marking a significant milestone for the Paradox Live project.
In November 2023, the project celebrated its 4th anniversary with various commemorative events, including its first-ever 24-hour special program. In the spring of 2024, fans can look forward to the release of a new album and the publication of the Official Fanbook Vol. 2.

"Vincenzo" Adapted into the World's First Musical

© 2021 Studio Dragon Corporation/

Avex Pictures Inc. has partnered with Studio Dragon, the largest drama studio in Asia, to transform the popular drama "Vincenzo" into a musical. Masanari Wada plays the role of Vincenzo Cassano, while Suzuka Tomita from Hinatazaka 46 portrays Hong Cha-Young, originally played by Jeon Yeo-been. The Japanese performances of the musical were held in August 2023. The Blu-ray disc of the musical was released on December 1, 2023.

Global operations

A local subsidiary established in Saudi Arabia

We have established a new local subsidiary in the Kingdom of Saudi Arabia to expand our business portfolio and develop new ventures in the Middle East, where we have been producing large-scale anime events. This move signifies our strategic commitment to investing in IP licensing, event operations, and music projects in the Middle Eastern market.

Avex USA's contracted artists create top global IPs

Avex USA Inc. has signed exclusive publishing contracts with GENT! and Ambezza, two renowned producers behind Doja Cat's latest album's lead singles and hit tracks for Drake. Under the publishing umbrella of Avex USA, Jasper Harris and Grant have collaborated with Tate McRae on the chart-topping song "greedy," which has gained immense popularity globally. The track dominated both the Billboard Global 200 chart and the Spotify Global Top 50 chart for several days in a row. Avex USA will continue its commitment to creating global hits alongside its talented roster of creators.


Meeting held in November 2023 with the United Nations Development Programme (UNDP) to exchange opinions

In November 2023, representatives from the United Nations Development Programme (UNDP), a leading UN agency fighting to end injustices, including poverty, inequality, and climate change, visited our company. The attendees included Hideko Hadzialic, the UNDP Representative in Japan, and Shinobu Yamaguchi, Senior Advisor for the Japan Unit.
Our Sustainability Promotion Office team, along with the President of Avex Management Agency Inc. and the Chief Manager of Pikotaro, held discussions and exchanged perspectives on sustainability initiatives.

Avex's climate change initiatives based on TCFD Recommendations published in June 2023

Our environmental initiatives include simplifying CD and DVD packaging, using ticketless ticketing for live shows, and other actions to reduce carbon emissions.
In FY2022, our energy-saving measures led to indirect CO2 emissions from electricity consumption totaling 754 t-CO2, which marks a 64% decrease from FY2018, partly due to the relocation of our headquarters. In line with the Japanese government's aim to decrease CO2 emissions for a sustainable society, we have set a goal of achieving net-zero CO2 emissions by 2050.

An educational program called “avex class” held in which artists and talent visited educational institutions across Japan to share with children the importance of “the power to believe in one’s talents and dreams”

In the "avex class" program, our artists and talent take on the role of instructors for a day, sharing their motivation for pursuing their current professions, the joys and challenges of their work, and anecdotes from their student days.
Instructors: Daimaou Kosaka, SAM (TRF), DJ KOO (TRF)
Conducted in: seven schools across various regions, including four schools in Tokyo, one in Ibaraki, one in Shiga, and one in Kagoshima
Total number of participating students: approx. 1,150
*Between February and September 2023

Performance and Financial Information


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View more Financial Highlights

*Information for each quarter is cumulative data from 1Q to that quarter.


Sustainability policy

Contribution to future talent and undiscovered joy

We believe in a prosperous future created by diverse talent and joy, and, as an entertainment company, aim to create new value models that will contribute to a sustainable society.

With the goal of fulfilling our responsibilities as an entertainment company to help achieve a sustainable society, we engage in many different activities by specifying three material issues: creating and delivering intangible wealth, enabling the success of future generations of people and establishing an an organization that is a foundation for the creation of intangible wealth and the success of future generations.

Click here for details and related information.

History of the Avex


We started from a small apartment.

Arpril 1988

Founded in Machida, Tokyo as a record importer and wholesaler

Founded in Machida, Tokyo as a record importer and wholesaler

May 1993

Head office relocated to Minami Aoyama in Minato-ku district, Tokyo

Head office relocated to Minami Aoyama in Minato-ku district, Tokyo

July 1995

Went into the artist management business

October 1997

Established an in-house music package distribution company

October 1998

Began trading on the OTC market (currently JASDAQ)

Began trading on the OTC market (currently JASDAQ)


Listed in the First Section of the Tokyo Stock Exchange

December 1999

Listed in the First Section of the Tokyo Stock Exchange

January 2000

Logo (corporate identity) changed

Logo (corporate identity) changed

August 2002

Started the “a-nation” nationwide circuit live music event

Started the “a-nation” Started the “a-nation”

October 2004

Avex Group Holdings Inc. and new company Avex Inc. are established and transferred to a special company by corporate split

May 2009

The BeeTV film distribution website for mobile phones is launched

The BeeTV film distribution website for mobile phones is launched


Announced details of a renewed tagline, "Really! Mad+Pure"

May 2017

Announced details of a renewed tagline, "Really! Mad+Pure"

Announced details of a renewed tagline, "Really! Mad+Pure"

November 2017

Trade name, logo (corporate identity) changed

Trade name, logo (corporate identity) changed

June 2018

Started a new system composed of Matsuura, the CEO, Kuroiwa, the COO, and Hayashi, the CFO

Started a new system composed of Matsuura, the CEO, Kuroiwa, the COO, and Hayashi, the CFO


Formulating the avex vision 2027 Medium-term Management Plan

May 2022

Formulating the avex vision 2027 Medium-term Management Plan

Formulating the avex vision 2027 Medium-term Management Plan
View the whole History of Avex

Company Overview

Name Avex Inc.
Location Sumitomo Fudosan Azabu-Juban Building, 1-4-1 Mita, Minato-ku, Tokyo 108-0073 (General Reception on 10th Floor)
Established on As of April 11, 1988
Capital 4,599.6607 million yen
Representative Chairman Masato Matsuura
President,CEO Katsumi Kuroiwa
CFO Shinji Hayashi
Employees 1,514 (as of March 31, 2023)

List of executives

Representative Director and Chairman

Masato Matsuura

Representative Director, CEO

Katsumi Kuroiwa

Representative Director, CFO

Shinji Hayashi


Toru Kenjo

Board Director and Audit and Supervisory Committee Member (Full-Time)

Nobuyuki Kobayashi

Board Director and Audit and Supervisory Committee Member (Outside)

Keiichi Okubo

Akihiro Tamaki

Yoshihide Sugimoto

Operating Officer

Hideo Katsumata

Hisaou Wakaizumi

Seiichi Hatamoto

Yasuhiro Yamamoto

Hajime Shibata

Hideki Endo

Corporate Governance

In the Medium-term Management Plan, "avex vision 2027" announced on May 12, 2022, Avex Group defined a new corporate philosophy with the aim of clarifying the purpose of its corporate activities and the significance of its existence in society. The new philosophy is to "Continue to pursue the potential of entertainment. Believe in the infinite creativity of people and deliver a variety of talent and excitement to the world. And create an enriched future." Based on this corporate philosophy, in order to "Seek to discover and develop "beloved" intellectual property in many different regions and fields," which is a key strategy under the plan, Avex Group will implement key initiatives such as "Develop proprietary intellectual property that is rich in continuity, while seeking exits by type of culture;" "Improve talent development in line with the distribution market and discover many different kinds of intellectual property;" "Develop festivals and events valuable as intellectual property;" and "Develop and acquire intellectual property for animation and video works that will be loved for a long time."

To push forward with this Medium-term Management Plan, Avex Group recognizes that it is essential to build a more robust corporate governance framework in order to properly meet the expectations and trust placed in it by its shareholders and all other stakeholders. Avex Groupʼs basic philosophy of corporate governance is to build a management framework that provides the functions of accurate managerial decision-making, and prompt and appropriate business execution, and the adequate monitoring of these functions, while at the same time working to maintain and improve corporate ethics.

Avex is a Company with Audit and Supervisory Committee and the majority of Audit and Supervisory Committee is composed of Independent Outside Directors. By including members of the Audit and Supervisory Committee in its Board of Directors, Avex seeks to ensure the effectiveness of the supervisory function of the Board of Directors and further strengthen the corporate governance framework, and by delegating some of the decision-making authority for business execution of the Board of Directors to Directors, Avex seeks to separate the supervisory function and business execution, with the aim of speeding up management decision-making and increasing the flexibility of business execution.

  • Overview of Corporate Governance Structure

    Avex has adopted the system of a Company with Audit and Supervisory Committee, and the Audit and Supervisory Committee, which comprises four members including three Outside Directors, audits and supervises the business execution of Directors.

  • Internal Control Systems

    The Group maintains and develops a system of internal controls for ensuring the reliability of its financial reporting and increasing the effectiveness and efficiency of its business operations.

  • Outside Directors

    Avex appoints three Outside Directors. When these Outside Directors are selected, Avex sets forth the Independence Standards to assess their independence.

  • Executive Compensation

    The Company has positioned executive compensation as a driver to achieve sustained growth that will bring about greater corporate value.

  • Financial Audits

    Avex has a contract with Deloitte Touche Tohmatsu LLC to conduct financial audits as stipulated in the Companies Act and Japan's Financial Instruments and Exchange Law.

Stock Information

Stock Information

(as of March 31, 2023)

Prime Market of
Tokyo Stock Exchange
Stock code
Trading unit
Authorized shares
Shares issued
Fiscal year
April 1 to
March 31
General shareholders meeting
June of each year
Year-end dividend record date
March 31
Interim dividend record date
September 30
Transfer agent
Sumitomo Mitsui Trust Bank, Limited
Special account manager
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Trust Bank, Limited Stock Transfer Agency Business Planning Department (2-8-4 Izumi, Suginami-ku, Tokyo 168-0
All Sumitomo Mitsui Trust Bank offices in Japan


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