Ufotable anime business profile: Demon Slayer studio, privately held
Ufotable is one of the industry's highest-profile studios, yet its financials remain private and its public record includes a tax evasion case.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: Ufotable Inc. is a privately held Japanese animation studio headquartered in Shinjuku, Tokyo. It was established in October 2000 and is led by President Hikaru Kondo. As of March 2024, the company had 256 employees. Ufotable is best known for the Demon Slayer franchise and the Fate series. The studio does not publish financial results, so its revenue and profit are not publicly disclosed. In 2021, Ufotable and Kondo were indicted for tax evasion; prosecutors alleged unpaid corporate taxes of approximately JPY 137 million.
What Ufotable is
Ufotable Inc., also known as Yufotable Yugen-gaisha, is a Japanese animation studio based in Shinjuku, Tokyo. It was established in October 2000 by producer Hikaru Kondo, who previously worked at Telecom Animation Film, a TMS Entertainment subsidiary. As of March 2024, the company employed 256 people.
The studio's main business is animation planning and production. It also handles series composition and screenplay production, live-action video planning and production for television and promotional videos, CG production, clay animation and stop-motion animation, mobile content planning and production, website planning and operation, character planning and design, and copyright management tied to those activities.
Ufotable's notable works and expansion beyond animation
Ufotable is best known for the Demon Slayer franchise and its work on TYPE-MOON adaptations including Fate/Zero and Fate/stay night: Unlimited Blade Works. The studio has also produced original works and contributed to game and promotional videos.
Beyond animation production, Ufotable operates collaboration cafes under the Machi Asobi Cafe brand, dining events, a cinema, and an online shop. It also manages artists. These businesses extend the studio's revenue beyond production fees into events, food and beverage, and merchandise.
Why Ufotable's financials are not public
Ufotable is a private company and does not publish financial results. It is not listed on a stock exchange and does not file securities reports. This means its revenue, profit, and detailed ownership structure are not publicly available.
The only financial figure that has entered the public record through legal proceedings is the tax evasion case. In July 2021, prosecutors indicted Ufotable and Hikaru Kondo for allegedly underreporting income and failing to pay approximately JPY 137 million in corporate taxes. This figure comes from court filings and press reports, not from company disclosures.
Where public evidence stops: Ufotable does not disclose revenue or profit. The JPY 137 million tax figure comes from public legal proceedings, not from the company's own financial statements. Estimates of Ufotable's revenue from business databases are unverified.
How Ufotable makes money
Ufotable earns revenue from animation production fees, theatrical and home video distribution, streaming rights, merchandise, and its own cafe, dining, cinema, and online shop operations. The studio's direct-to-consumer businesses are unusual for an animation studio and give it additional revenue streams beyond traditional production work.
Because Ufotable owns or co-owns copyright in many of its works, it can also capture downstream licensing revenue. However, the exact split between production fees, rights income, and consumer businesses is not public.
Strategy and where Ufotable fits in anime
Ufotable's strategy is built on high production values and selective projects. The studio produces relatively few titles but invests heavily in visual quality, particularly in action sequences and effects. Demon Slayer demonstrated that this approach can produce both critical acclaim and massive commercial success.
The studio's reliance on a small number of high-profile franchises is a strategic choice. When those franchises perform, the returns can be large; when they end or slow, the studio faces a concentration risk. Without public financials, the exact scale of that risk is unknown.
Frequently asked questions
What is Ufotable's annual revenue?
Ufotable does not publish financial results, so its revenue is not publicly known. Third-party estimates are unverified.
Is Ufotable publicly traded?
No. Ufotable is a private company and is not listed on any stock exchange.
How many employees does Ufotable have?
According to its official company profile, Ufotable had 256 employees as of March 2024.
What businesses does Ufotable operate besides animation?
Ufotable operates collaboration cafes, dining events, a cinema, an online shop, and artist management, in addition to animation production.