Japan games & amusement sector: Monthly box office revenues

Research evidence excerpt

Japan games & amusement sector: Monthly box office revenues

Japan games & amusement sector: Monthly box Global Markets Research

office revenues 30 June 2026

EQUITY: JAPAN GAMES & AMUSEMENT

Research Analysts

Aggregated estimates of June box office revenues Japan games & amusement

Japan small cap - games &

June box office revenues low, but we expect contributions from major amusement

movies in July Naruhito Miki - NSC

naruhito.miki@nomura.com

June box office revenues at all-time low, multiple major releases coming in July +81 3 6703 1136

Box office revenue data through the last weekend of June is now all out for major film

releases. In this report, we break down box office revenues by major company and

provide aggregate estimates of monthly box office revenues. These aggregate estimates

are based on box office revenues as of 28 June and are calculated using estimates of

revenues as of 30 June.

Total box office revenues for major distribution companies (production & distribution

operations) were down 51% y-y at ¥8.4bn in June (Figure 1). When excluding the

pandemic period, June box office revenues were at their lowest level for June since 2010.

We attribute this to a lack of movies generating box office revenues of over ¥1.0bn and

the major hit movie Michael not being included in the data. We are looking for strong box

office revenues in July, as while last year's box office revenues benefited from the release

of a movie in the DemonSlayer:KimetsunoYaiba series, there are a good number of

major movies scheduled to open in July this year (Figure 2).

Key points for Toho

Toho [9602] (Neutral) is scheduled to release 27/2 Q1 (Mar–May) results on 15 July, and

we estimate a 2% y-y decline in operating profits. We fielded relatively few questions