30 September 2025
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U-Next's big gain. Japan's leading streamer U-Next continues to strengthen its market position through a diversified content strategy spanning sports, local and Hollywood entertainment. The platform recorded its strongest net subscriber additions since November 2023, with revenues increasing 18% Y/Y while annual recurring revenue grew 10% Y/Y and 3% Q/Q to US$730 million. Operating profits expanded by an impressive 32%, driven by high-ARPU customer acquisition and retention, with monthly ARPU holding steady at US$13.
This performance is largely attributed to the company's comprehensive content ecosystem, which strategically integrates domestic dramas, variety shows, sports, and music programming to drive new subscriber acquisition. In February 2025, U-Next secured exclusive streaming rights for the U.S. Open and PGA Championship, establishing complete coverage of all four men's golf major tournaments and further solidifying its position as Japan's premier destination for premium sports content.
Notes:
(1) MRR = Monthly Recurring Revenue, incl. regular subscription fees and excl. PPV and one-time transactions.
(2) ARR = Annual Run Rate Revenue (Monthly recurring revenue multiplied by 12)