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Marvelous Revenue Grows but Video Game Business Loses Money Because Making Good Games is Expensive

Giuseppe Nelvaby Giuseppe Nelva
October 31, 2025
in News
Reading Time: 2 mins read
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Today, Marvelous Entertainment announced its financial results for the first half of the fiscal year, between April and September 2025.

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According to the documents provided by the publisher, sales for the company as a whole were 20,281 million yen, up 57.5% year-on-year.

Operating income was 226 million yen, down 61.8% year-on-year.

The significant increase in revenue is due to the release of three new games for consoles and the strong performance of the entertainment business.

On the other hand, profits dropped due to the high development costs of these three games.

Looking at the Digital Content business, which includes video games, sales were 12,414 million yen, up 98.7% year on year. The segment actually lost money, and specifically 1,175 million yen.

Rune Factory: Guardians of Azuma and Story of Seasons: Grand Bazaar both performed solidly and shipped over half a million copies each. On the other hand, sales of Daemon X Machina: Titanic Scion were sluggish.

As usual, Dolphin Wave, by the developers of Senran Kagura at Honey Parade Studio, performed strongly, alongside the other mobile game, Bikkuriman Wonder Collection.

That being said, the company sees these results as better than expected.

The full-year forecast remains unchanged, with the expectation of sales at 35,000 million yen (up 25.2% year-on-year) and operating income at 2,000 million yen (up 10% year-on-year).

If you’d like to compare these results with historical data, you can read our report about the previous quarter, based on data released in July.

Other gaming companies have already announced their financial results this quarter, including Koei Tecmo, Electronic Arts, Capcom, Microsoft, and Konami. You can expect plenty more reports on this topic in the coming days and weeks.

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Tags: BusinessDaemon x Machina Titanic ScionDolphin Wavefinancial resultsFinancialsMarvelousRune Factory: Guardians of AzumaStory of Seasons: Grand Bazaar
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