Anime co-productions business model: shared risk, shared rights, global reach
Co-productions are becoming the default way for global platforms and foreign studios to secure anime rights early and influence creative decisions.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: Anime co-productions are projects in which two or more companies from different countries or industries share the cost, risk, and revenue of an anime. The most common form is a foreign platform or broadcaster joining a Japanese production committee. Crunchyroll funded at least 87 productions of full-length anime titles that aired on Japanese terrestrial and satellite television in 2024 and 2025, accounting for 21% of the 417 such titles. It led committees in only two cases, Meiji Gekken: 1874 and Tower of God Season 2, showing that foreign partners usually participate rather than commission. Asahi Broadcasting has committed ¥8 billion over three years to join at least 15 anime production committees and expand its international content rights business, including the Hollywood co-production Death Stranding: Mosquito.
What an anime co-production is
A co-production is any anime financed by more than one party. In the Japanese context, it usually means a foreign company joins the domestic production committee. The foreign partner contributes money, guarantees distribution in its territory, and receives a share of rights and revenue proportional to its investment.
The alternative model is a full international co-production, where a Japanese studio and a foreign studio jointly develop and produce an original work. This is less common because Japanese committees prefer to retain creative and rights control. Netflix and Crunchyroll have produced original anime outside the committee system, but most of their anime activity is still committee-based.
Common forms of anime co-production.| Co-production type | Who leads | What the partner gets |
|---|
| Committee investment | Japanese committee | Streaming rights + revenue share |
| Joint development | Shared | Creative input + global rights |
| Commissioned original | Foreign platform | Exclusive global rights |
| Regional co-production | Japanese studio + local partner | Local market access + shared financing |
Why foreign partners co-produce instead of licensing later
Joining a committee is more expensive and complex than licensing a finished show, but it secures rights before competitive bidding drives up the price. It also gives the partner a voice in windowing, dubbing, and marketing. For Japanese rights holders, a co-production partner reduces financial risk and guarantees an international audience.
The trade-off is a long-term relationship. A committee member is tied to the project's success or failure for years, whereas a pure licensee can simply let a deal expire.
A worked example: Asahi Broadcasting's international push
Asahi Broadcasting Group, a Kansai-region commercial broadcaster, plans to invest ¥8 billion in anime production over three years and join at least 15 production committees. The goal is to grow its content rights business as traditional broadcasting revenue declines.
One of its projects is Death Stranding: Mosquito, based on the video game franchise by Hideo Kojima. Asahi partnered with Hollywood production studio Line Mileage and is animating the project at an in-house studio formed in 2020. The company has also opened an office in Shanghai and plans to enter anime merchandising in North America. This shows how a regional broadcaster is using co-productions to become a rights exporter.
Co-production is not the same as ownership: Joining a committee gives a partner a revenue share and some rights, but the production committee as a whole retains ownership of the anime. Individual members cannot unilaterally license or exploit the property outside their agreed territory or format.
Platform-scale co-production: Crunchyroll and Netflix
Crunchyroll has become the most active foreign committee participant. It funded at least 87 productions in 2024 and 2025, overtaking KADOKAWA, which participated in 82 committees in the same period. However, Crunchyroll led only two committees. KADOKAWA and Sony Music Entertainment Japan unit Aniplex remain the top commissioners, coordinating 24% of all production committees.
Netflix takes a different approach. It distributes more than 300 anime titles in over 190 countries and has produced original anime such as Castlevania and Cyberpunk: Edgerunners. Netflix generally pays upfront flat fees rather than joining Japanese committees, which gives it global rights without shared governance.
Risks and rewards
The reward of co-production is a deeper stake in a growing market. Overseas anime business reached ¥2.17 trillion in 2024, up 26.0% year over year, according to AJA. A co-production partner can capture part of that growth directly rather than paying higher license fees later.
The risk is concentration. A partner that invests in many committees is exposed to the hit-or-miss nature of anime production. Most titles do not become global hits, and a co-producer cannot easily exit a committee if a project underperforms. The model rewards patient capital and a diversified slate.
Frequently asked questions
What is an anime co-production?
An anime co-production is a project financed by multiple parties, often a Japanese production committee plus a foreign platform, broadcaster, or studio. Partners share costs, risks, and revenue according to their investment.
Why do streaming platforms co-produce anime?
Co-production lets platforms secure rights early, avoid bidding wars for finished shows, and share in revenue beyond their own territory. Crunchyroll funded at least 87 productions that aired on Japanese TV in 2024 and 2025.
Do co-producers own the anime?
Usually not. The production committee owns the anime as a whole. Each co-producer owns specific rights or a revenue share according to its committee agreement.
What is the difference between Netflix and Crunchyroll anime strategies?
Crunchyroll typically joins Japanese production committees and pays minimum guarantees plus revenue share. Netflix more often commissions or licenses anime directly and pays upfront flat fees.
Sources and methodology
- Crunchyroll ramps up production committee participation, Animenomics. Crunchyroll committee participation counts, title share, comparison with Kadokawa and Aniplex, and Japanese subsidiary profit figures.
- Anime home video sales plummet in streaming shift, Animenomics. Asahi Broadcasting's ¥8 billion anime investment plan, Death Stranding: Mosquito co-production, and international expansion strategy.
- Anime Industry Report 2025 English summary, Association of Japanese Animations. Overseas anime market size (¥2.17 trillion) and growth (26.0% YoY) for 2024.
- Anime Distribution Companies: The Complete 2026 Guide, Vitrina. Netflix anime title count and territorial reach, plus description of co-production and distribution roles.