📚 Japan's print publishing market just fell below ¥1 trillion for the first time in 50 years. From a peak of ¥2.6 trillion in 1996, the market has shrunk to less than 40% of its former size. But the term "publishing crisis" doesn't tell the whole story. Shueisha is posting record profits. Major publishers are entering the gaming industry. From "selling books" to "creating IP"—here's how Japan's publishing business model is transforming.
Print Publishing Falls Below ¥1 Trillion After 50 Years
According to data released by the Research Institute for Publications on January 26, 2026, Japan's print book and magazine sales for 2025 came to ¥964.7 billion, down 4.1% from the previous year. This marks the first time since 1975—50 years ago—that the figure has dropped below ¥1 trillion.
The combined print and digital publishing market totaled approximately ¥1.546 trillion, down 1.6% year-over-year, marking four consecutive years of decline. While the print market has significantly contracted, the digital publishing market grew 2.7% to ¥581.5 billion.
Magazines have been hit particularly hard, falling 10.0% to ¥370.8 billion. The return rate for weekly magazines exceeded 50% for the first time, and many prominent publications have either ceased publication or reduced their frequency.
The Hidden Evolution Behind the Numbers
However, judging the industry as "in crisis" based solely on these numbers would be premature.
What's fascinating is the performance of major publishers. Shueisha's revenue for fiscal year 2024 reached ¥209.6 billion (up 7.4% year-over-year), with business income hitting ¥74.2 billion. Kodansha also reported solid revenue of ¥172 billion, with notably their "business income" at ¥107.1 billion—significantly exceeding their print publication sales.
What does this mean? Major publishers' business models have fundamentally shifted from "companies that sell books" to "companies that create and leverage IP (Intellectual Property)."
Why Manga Magazines Continue Despite Losses
According to industry experts, manga magazines are generally unprofitable as standalone products. So why do publishers continue producing them?
The answer lies in manga magazines serving as the "entry point for IP creation." Magazine serialization leads to compiled volumes, then e-books, anime adaptations, film adaptations, game adaptations, and merchandise—a media mix ecosystem. For manga artists, being published in a magazine still carries significant branding value.
The digital comics market reached ¥512.2 billion in 2024, doubling in just five years since the pre-pandemic 2019. E-books offer higher profit margins, one-click purchasing available 24/7, flexible time-limited discounts and preview settings, and excellent compatibility with social media.
Major Publishers Enter the Gaming Industry
Even more noteworthy is major publishers' entry into the gaming business.
Shueisha established "Shueisha Games" in 2022, leveraging powerful IPs like ONE PIECE and Dragon Ball for game development. With the mission "Bringing raw talent to the world," the company is also focusing on original game development.
KADOKAWA operates as a "comprehensive entertainment company," spanning publishing, video, gaming, web services, and education. They've produced global hits like ELDEN RING.
Kodansha has declared "games are also publishing" and is actively expanding its licensing business. Armed with popular IPs like Attack on Titan, Tokyo Revengers, and Blue Lock, they're accelerating global expansion.
International Market Expansion
Japan's manga and anime industry is experiencing rapid overseas growth. The anime market reached approximately ¥2.9 trillion in 2022, doubling over the past decade.
MangaPlaza, operated by major e-book distributor NTT Solmare, recorded over 300% year-over-year growth internationally. Companies are strengthening official multilingual distribution to combat piracy while monetizing their content.
The government is also stepping in, with discussions underway to build a global platform for distributing Japanese manga worldwide. AI translation technology is enabling multilingual expansion in one-tenth the time of traditional methods.
The Very Concept of "Publishing" Is Changing
Historically, the majority of publishers' revenue came from print book and magazine sales. Today, the revenue structure of major publishers has dramatically changed.
According to reports from Yurindo (a major bookstore chain), at major publishers, revenue has shifted significantly from book and magazine sales to IP licensing, rights management, and international expansion—which now account for 60-70% of sales in some cases.
This means that while they retain the name "publishers," these companies are transforming into "content IP enterprises."
Challenges Remain
Of course, challenges persist.
Intensified competition among e-book platforms has led to excessive discounting and point-back campaigns as companies fight for customers, reportedly hurting profitability. Digital comic growth has also slowed, with 2025 marking the third consecutive year of single-digit growth.
The decline of bookstores is also serious. As print distribution channels shrink, building new distribution models—including direct publisher-to-bookstore transactions and publisher direct sales—has become urgent.
The Future Japan's Publishing Industry Reveals
Japan's publishing industry is currently in the midst of "transformation" rather than mere "decline."
While print publication sales figures are indeed challenging, publishers are carving out new growth paths through three pillars: digitalization, IP utilization, and international expansion. With manga as their powerful content asset, Japanese publishers hold enormous potential in the global market.
From "companies that sell paper books" to "companies that create world-class IP"—Japan's publishing transformation may offer one answer to the challenges facing media industries worldwide.
How is the publishing industry changing in your country? Do you prefer reading physical books or e-books? We'd love to hear about the situation where you live.
References
- https://news.yahoo.co.jp/expert/articles/eab913af11c9ea41f0a309542230d1f9e3a5b7cd
- https://shuppankagaku.com/
- https://toyokeizai.net/articles/-/771605
- https://www.keidanren.or.jp/journal/times/2025/0227_08.html
- https://icv2.com/articles/columns/view/59058/japan-manga-market-slows-digital-captures-73-share
Reactions in Japan
Hearing print publishing fell below ¥1 trillion is shocking, but including digital, I don't think it's that pessimistic. The way we read has changed, but books are still being read.
It's sad to see bookstores closing one after another. When I was a kid, I loved browsing and choosing books at the bookstore.
Amazing that Shueisha posted record profits. Means Jump IPs are earning globally. Is it thanks to Demon Slayer and Jujutsu Kaisen?
I have mixed feelings about publishers becoming game companies. I want them to remain book makers, but maybe it's necessary for survival.
Since switching to e-books, I actually buy more books. They don't take up space, and there are sales. I only buy paper copies of books I really want in physical form.
Weekly magazine return rates exceeding 50% means the distribution system itself isn't working anymore. The entire industry needs fundamental reform.
I appreciate being able to read manga for free on apps, but I worry whether the creators are being properly compensated.
In rural areas, bookstores have disappeared, so the only options are buying online or e-books. I wonder what this means culturally.
If Japanese manga sells this well overseas, why is the domestic publishing market shrinking? Are overseas revenues counted separately?
I prefer paper books, but dealing with books every time I move is a hassle. I understand the desire to switch to e-books.
Seeing KADOKAWA produce global gaming hits, I feel the definition of 'publisher' is changing. They're more like an IP holding company now.
The wave of magazine closures is sad. When a weekly magazine you bought every week disappears, your habits change too.
How many years have we heard about the 'publishing crisis'? But good books are still being published and read. Just the medium has changed.
I loved serendipitous discoveries at bookstores, but lately I rarely go. I feel like I only see algorithm recommendations now.
I saw an article saying digital comic growth is slowing down. What will be the next growth engine?
I didn't know Piccoma and LINE Manga are Korean companies. Korean companies are dominating the Japanese manga market?
Falling below ¥1 trillion for the first time in 50 years is symbolic, but publishers aren't going bankrupt left and right. It's proof they're adapting.
As someone who loves paper books, I'm scared of the risk of e-book services shutting down. Books you bought might become unreadable.
Fascinating how Japanese publishers are transforming into IP companies. American publishers might need to learn from this model. Same logic as why Marvel and DC work well.
We're seeing similar trends in France. Print book sales are declining, but manga is the exception and still growing. I can feel the influence of Japanese content.
Surprising that Shueisha posted record profits. If they can earn from digital and licensing even as print declines, that's actually a healthy business pivot.
Proud that Korean platforms like Piccoma and LINE Manga are succeeding in Japan, but I think Japanese publishers should put more effort into platform competition.
Germany has fixed book pricing laws, so we haven't seen such rapid changes as Japan. But the spread of e-books is an inevitable trend.
Independent bookstores are declining in the UK too. But our over-dependence on Amazon is the problem. I think Japanese publishers having their own platforms is a good strategy.
Manga is expensive in Brazil, so many rely on fansubs. If official multilingual distribution expands, more people will buy through legitimate channels.
Paper books are still mainstream in India. But younger generations are starting to read webtoons on smartphones. There's a lot we can learn from Japan's digital strategy.
In Nordic countries, libraries are so well-equipped that buying books has become less common. It makes sense for Japanese publishers to find opportunities in IP business.
The headline about falling below ¥1 trillion for the first time in 50 years is sensational, but without the full picture including digital, it's misleading. This is good analysis.
Japanese manga is hugely popular in Taiwan too. But official versions take too long to release, so many turn to pirated versions. Speed is the challenge.
The manga market is rapidly growing in Poland. I'd be happy if Japanese publishers paid more attention to Eastern Europe.
The Spanish-speaking world is a huge market, but Japanese publishers seem slow to enter. Latin America alone has over 600 million people.
Publishers entering the gaming business is unusual in America. Japanese major publishers seem to be becoming entertainment conglomerates.
I love the feel and smell of paper books, so a complete shift to e-books is personally sad. But I have to accept industry changes.
In Singapore, bookstores are declining and disappearing from shopping malls. Is this a global trend?
KADOKAWA's ELDEN RING was a global hit. For a publisher to succeed this much in gaming represents a major business model transformation.