Mobile game hololive Dreams off to a strong start with number 2 ranking

Research evidence excerpt

Mobile game hololive Dreams off to a strong start with number 2 ranking

Global Markets Research

24 July 2026Cover

5253.T 5253 JP / EQUITY: JAPAN SERVICES

Mobile game hololiveDreams off to a strong start Rating Buywith number 2 ranking

Target price JPY 2,600Quick Note

Closing price

23 July 2026 JPY 1,545Off to a very strong start; we see upside potential versus our forecast

Cover launched its hololiveDreams mobile game at 11:00am JST on 23 July. As of (Note: Quick Note reports are not a

07:00am JST on 24 July, the title ranked second in the iOS sales rankings, indicating that vehicle for changes to ratings, target

it is off to a very strong start (the top-ranked game was eFootball, which has seen prices, or earnings forecasts)

increased demand after the FIFA World Cup). Our forecasts assume hololiveDreams will

contribute around ¥3bn to operating profits in 27/3, but considering its ranking, we think

the contribution could end up being more like ¥4–5bn. We assume further sales growth as

a result of limited-time in-game campaigns and will be watching closely to see if the game Research Analysts

can maintain its high ranking.

Japan games & amusement

Main points Naruhito Miki - NSC

naruhito.miki@nomura.com

• Monetization: At the start of the game, players are guaranteed one of the rarest +81 3 6703 1136

characters (VTubers) from their initial loot box, and since it is not particularly difficult to

make progress in the story, players currently have little pressure to spend. However,

the game offers a membership plan (¥290/month) for each of the individual VTubers

(over 50 different VTubers are available), and we are impressed by the monetization

design, which appears tailored to oshikatsu (spending by fans in support of their