Doga Kobo business profile: ownership, profit, and strategy
Doga Kobo became a Kadokawa subsidiary in 2024, giving it a media parent but exposing its results to Kadokawa's studio strategy.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: Doga Kobo Inc. is a Japanese animation studio founded in July 1973. In July 2024 it became a wholly owned subsidiary of KADOKAWA Corporation. For the fiscal year ended March 2025, Doga Kobo reported revenue of JPY 16.116 billion and net profit of JPY 1.237 billion. For the fiscal year ended March 2026, net profit fell to JPY 45 million, a sharp decline from the prior year.
What Doga Kobo is and who owns it
Doga Kobo Inc. is a Tokyo-based animation production studio founded in July 1973. It became a wholly owned subsidiary of KADOKAWA Corporation in July 2024, following Kadokawa's announcement that it would acquire the studio to strengthen its anime production network. As of June 2024, Doga Kobo had 62 employees.
The studio is known for producing adaptations of properties tied to Kadokawa and other publishers, including Oshi no Ko, New Game!, Monthly Girls' Nozaki-kun, and The Apothecary Diaries. Under Kadokawa, it is part of a production network that also includes ENGI, Studio KADAN, RagingBull, BELLNOX FILMS, and affiliate Kinema Citrus.
How Doga Kobo makes money
Doga Kobo's main business is the planning and production of television and theatrical animation. It works as a primary contractor on adaptations, earning production fees from production committees. Its hit titles can also generate downstream rights income, though the extent depends on each production committee's contract structure.
After the Kadokawa acquisition, Doga Kobo became a preferred production partner for Kadokawa-owned and Kadokawa-licensed properties. This gives it a more stable pipeline than many independent studios, but also ties its fortunes to Kadokawa's commissioning decisions.
Where revenue and profit sit
For the fiscal year ended March 2025, Doga Kobo reported revenue of JPY 16.116 billion, up 23.7% year over year, and net profit of JPY 1.237 billion. That was a strong year, likely reflecting the contribution of Oshi no Ko and other high-profile productions.
For the fiscal year ended March 2026, the studio's net profit collapsed to JPY 45 million, though it remained profitable. The swing highlights how sensitive a production studio's bottom line is to the timing of deliveries, production costs, and the specific titles in its slate.
Doga Kobo results in millions of JPY. Source: Gamebiz and official-gazette database.| Fiscal year | Revenue | Net profit | Note |
|---|
| FY2025 ended March 2025 | JPY 16,116M | JPY 1,237M | Strong year |
| FY2026 ended March 2026 | Not disclosed | JPY 45M | Profit fell sharply |
Reporting scope note: Doga Kobo is an unlisted subsidiary of KADOKAWA. Publicly available figures come from Japanese official-gazette filings as reported by Gamebiz and the official-gazette database.
Why Kadokawa bought Doga Kobo
KADOKAWA announced the acquisition in July 2024, stating that it would strengthen cooperation among its anime production subsidiaries and build anime works capable of global success. Doga Kobo's track record with hit adaptations made it a natural fit.
The acquisition also reflects a broader industry trend: publishers and platforms are buying studios to secure production capacity and keep more of the value chain in-house. Kadokawa later wrote down part of the Doga Kobo acquisition goodwill, describing the impairment as a non-cash accounting adjustment rather than a withdrawal from the studio business.
Strategy and outlook
Doga Kobo's strategy under Kadokawa is to become a reliable production hub for Kadokawa-backed adaptations while continuing to work with external production committees. The studio benefits from Kadokawa's access to source material and international distribution relationships.
Its near-term challenge is restoring profitability after the FY2026 collapse. Kadokawa has indicated it will centralize indirect costs across its studio group to improve economics. Whether that is enough depends on the studio's ability to control production costs and deliver another slate of commercially successful titles.
Frequently asked questions
Who owns Doga Kobo?
KADOKAWA Corporation acquired Doga Kobo in July 2024 and owns 100% of the studio.
What was Doga Kobo's revenue?
For the fiscal year ended March 2025, Doga Kobo reported revenue of JPY 16.116 billion and net profit of JPY 1.237 billion.
Why did Doga Kobo's profit fall in FY2026?
Net profit dropped to JPY 45 million in FY2026 from JPY 1.237 billion the previous year, reflecting production timing, costs, and the mix of titles delivered in that fiscal year.
What are Doga Kobo's best-known works?
Notable titles include Oshi no Ko, New Game!, Monthly Girls' Nozaki-kun, The Apothecary Diaries, and Himouto! Umaru-chan.