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This page contains materials used in earnings presentations and earnings calls with securities analysts and institutional investors. To ensure the fair disclosure of information to investors and shareholders worldwide, this page includes presentation materials, summaries of presentations by speakers and summaries of question-and-answer sessions. Investors can also view Japanese-language webcasts of Capcom’s earnings presentation.

Capcom’s earnings presentation for securities analysts and institutional investors is held following its fiscal year-end earnings announcement, while earnings calls are held quarterly.

FY2024

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    Question and Answer Summary

    Among the key resources of people, products, and capital, which does Capcom currently prioritize the most in order to sustain stable growth?
    We place the highest priority on securing talent and aim to hire 150 new graduates each fiscal year. The game industry has evolved significantly over the past 10 to 20 years. We believe that harnessing the sensibilities of these new graduates, who have grown up amid these changes, is essential for adapting to an increasingly global and digital market environment. We expect that these efforts will meaningfully contribute to the company’s future growth.
    What are your thoughts on the Nintendo Switch 2 and what type of titles are planned for release on the platform? Does this change your multi-platform strategy?
    Street Fighter 6 and Kunitsu-Gami: Path of the Goddess will be released alongside the Nintendo Switch 2. Street Fighter 6 will support cross-play, among other features, demonstrating the potential of leveraging the capabilities of this new hardware. Our existing multi-platform strategy remains unchanged, and we will continue to release titles for a broad userbase.
    There is a difference in the average sales price of new titles and catalog titles. Going forward will you prioritize sales volume or total revenue?
    Rather than focusing solely on either one of these, we aim to achieve growth on both fronts. Regarding the pricing of individual titles, we will continue to take a flexible approach, including potential price reductions, based on the title’s market value and sales strategies.
    Capcom appears to be accumulating a significant amount of net cash. How do you plan to utilize these funds and is there a certain threshold you’re aiming to maintain?
    In addition to enhancing our development environment, such as the current construction of the new company building, we are considering other options such as M&A in emerging technology fields that may contribute to our future growth. For the time being, we intend to maintain our current level of net cash.
    What is Capcom’s view on the current industry pricing standards of new titles and the outlook going forward?
    Considering all the factors related to development costs, such as adapting to cutting-edge technology and labor costs, as well as the total playtime offered by each title, we believe that the current pricing of new titles is appropriate. However, we remain flexible in considering our approach to pricing.
    I have the impression that catalog titles will be the key driver of earnings. Could you elaborate further on your sales strategies?
    Our catalog sales strategy consists of maximizing profitability through global digital sales. We have been using flexible pricing measures, multi-platform development, enhancing brand recognition through our Single Content Multiple Usage strategy, as well as leveraging promotional efforts tied to new title announcements to appeal to a wide userbase. As a result, we have achieved sales in over 220 countries and regions. This fiscal year, alongside Monster Hunter Wilds, we will continue to maximize the value of our catalog titles centered around our major brands.
    With regards to expanding sales of catalog titles, are there any specific countries or regions that you are targeting, particularly in emerging markets?
    We have been conducting on-the-ground research in countries such as India and Brazil for several years, examining user preferences and local gaming environments. Based on the findings of these studies, we are formulating long-term expansion strategies tailored to each region which we will progressively roll out.
    Following the release of new titles such as Dragon’s Dogma 2 and Monster Hunter Wilds, Capcom has needed to address various bugs and optimization issues on PC. Is the RE ENGINE sufficiently equipped to handle the increasing diversity in PC specifications?
    We believe that the RE ENGINE is fully capable of accommodating the growing diversity in PC environments. We are able to implement a flexible and adaptive development approach by drawing on our extensive development experience. However, in large-scale user environments, unforeseen issues may arise. In such cases, we prioritize and address these issues through timely patches and updates with a continued focus on enhancing user satisfaction.
    Will Capcom continue to prioritize in-house development as the foundation of its development structure?
    We will continue to focus on in-house production for core elements of development as it’s difficult to accumulate sufficient experience and expertise through outsourcing alone. Through internal development we aim to further enhance both our development capabilities and our product quality.
    Could you provide a breakdown of the 20.5 billion yen in deferred revenue, and will this be fully recognized within the fiscal year ending March 2026?
    Much of the deferred revenue is related to free title updates for Monster Hunter Wilds. This revenue gradually will be recognized in accordance with the timing of each title update’s release. Please await future announcements regarding the title update schedule.
    Can we expect the current trend for the PC unit sales ratio to continue?
    In the fiscal year ended March 2025, PC accounted for over 50% of total unit sales. We expect this level to gradually rise in the fiscal year ending March 2026 and onward, driven by the increasing ownership of gaming PCs globally, including in Japan, and the fact that catalog sales in emerging markets are primarily PC-based.
    Are key cards for Nintendo Switch 2 (game cards that feature an activation key necessary to launch the software) recorded as physical or digital units?
    They are recorded as digital sales.
    Could you provide details on the new title lineup for this fiscal year?
    Please await future announcements regarding titles that are not yet disclosed at this time.
    Under which accounting category are the expenses related to Expo 2025 recorded and what type of content is Capcom presenting there?
    Expo-related expenses are recorded as social contribution activity-related expenses under non-operating expenses. For the fiscal year ended March 2025, these expenses totaled approximately 1.5 billion yen, and we expect them to be approximately 3 billion yen for the fiscal year ending March 2026. At the ongoing Expo held in Osaka, Kansai, we are exhibiting Monster Hunter Bridge at the XD Hall of the Osaka Healthcare Pavilion and have received very positive feedback from visitors.
    Did the release of Monster Hunter Wilds have a positive impact on sales of previous titles in the series? Also, will Capcom continue to increase sales of Monter Hunter series titles this fiscal year?
    As reflected in the top-selling titles for the fiscal year ended March 2025, the promotional measures surrounding the release of Monster Hunter Wilds contributed to increased sales of past entries in the Monster Hunter series. We will continue to implement similar measures by promoting sales expansion for catalog titles in conjunction with new title announcements for other series as well.
    With the goal of continuous 10% operating profit growth, how does Capcom plan to elevate its non-major IPs, such as Onimusha or Dead Rising, into major brands? Also, how do you evaluate the performance of Dragon’s Dogma 2 in the previous fiscal year specifically?
    For our brands, we aim to strengthen each brand by expanding catalog sales following the release of a new title. As for Dragon’s Dogma 2, as it has not only attracted existing fans of the series but also succeeded in attracting new fans, we have a positive perception of its performance. We will continue to actively promote the title and aim to increase catalog sales of the series.
    There has been a growing interest in the Warring States period of Japan’s history with several movies and television shows featuring samurai becoming hits in the genre. Do you see this trend as a tailwind for Onimusha: Way of the Sword?
    Given the long history and global sales track record of the Onimusha series, we believe this title is well-positioned to benefit from the current trend and expect it to achieve a certain level of sales units.
    Following the release of the major title Monster Hunter Wilds in the fiscal year ended March 2025, how does Capcom view its R&D investments going forward?
    We plan to invest 58.3 billion yen in development during the current fiscal year ending March 2026. We believe that development investments will continue to increase given factors such as the continued advancements in hardware and rising labor costs. However, we aim to improve efficiency through measures such as updates to Capcom’s proprietary RE ENGINE. Development investment levels are determined based on various indicators, such as ROI and the status of our mid-to long-term lineup, and sales plans are formulated and managed accordingly to these investments.
    What is the expected impact of foreign exchange rates on sales and profits?
    Our plan is based on an exchange rate of 140 yen to the U.S. dollar. We estimate that a fluctuation of 1 yen against this rate would have an impact of approximately 300 to 400 million yen on operating income.
    Which roles within development are currently experiencing staffing shortages?
    A significant portion of our game development staff are engaged in roles related to graphics and visual effects. Within those roles, there are shortages of animators and other people that are involved in creating expressions of movement, such as for game characters, making this area one focus of our recruitment efforts. Additionally, we have recently acquired companies as subsidiaries that possess strong capabilities in this field, contributing to the enhancement of our overall development capabilities.
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    Question and Answer Summary

    How do net sales, profits, and units sold as of the end of the third quarter compare to your internal plans?
    Consolidated sales and profits are in line with our expectations. By segment, the Digital Contents business saw unit sales in line with the plan, but net sales and profits in this business fell slightly short due to the performance of new titles and titles released in the previous fiscal year, and an impairment loss of approximately 1 billion yen. On the other hand, the Arcade Operations, Amusement Equipments, and Character Licensing businesses performed well, resulting in our consolidated business results overall meeting the plan.
    Can you tell us about the pre-order status of Monster Hunter Wilds?
    While we haven’t disclosed the number of units, pre-orders are progressing favorably compared to our internal plan, with positive early impressions. We will continue to focus on achieving our sales target of 50 million units overall, which includes 13 million new title units this fiscal year.
    What is your outlook regarding development costs moving forward?
    We anticipate that increased development investment is inevitable due to the need to satisfy growing user needs in step with the increasing sophistication of hardware and rising personnel expenses. However, we have devised a mid-to-long-term title lineup and manage progress and investment accordingly. When developing a title, we estimate the development scale based on past title performance and determine the investment scale while considering criteria such as ROI and mid-to-long-term product lineup conditions, then create a sales plan. We continuously manage our investment framework and title progress on an on-going basis.
    What are your future hiring plans?
    We plan to hire approximately 160 new graduate employees annually which includes over 100 R&D personnel, amounting to a total of about 200 employees when mid-career hires are included.
    Other companies have mentioned management has grown more difficult due to the increased specialization of development roles. Will you be able to maintain and manage the operational efficiency rate as the number of employees increases?
    Currently, we have a system in place to manage operational efficiency, and are able to grasp the assignment status of development personnel. As such, increased specialization of development roles has had no substantial impact.
    How do the unit sales and price of catalog titles compare to the same period last year?
    Catalog title unit sales increased compared to the same period last year, while the unit price has decreased. This fiscal year, the unit price has declined mainly due to executing pricing strategies for titles like Resident Evil 4 , resulting in an increase in the unit sales of catalog titles.
    What feedback did you receive from the first open beta test of Monster Hunter Wilds and how will you improve the game?
    Based on the feedback from the open beta test, we plan to improve aspects such as the frame rate and the play feel of the weapons and action. We are diligently working to ensure a satisfying experience for a wide range of users ahead of the game’s release.
    Can you tell us about the scale and timing of the impairment loss?
    We recorded an impairment loss of approximately 1 billion yen in the third quarter
    The cost of sales for the Digital Contents business in the third quarter seems high. Can you elaborate on this?
    The favorable sales performance of physical versions of Dead Rising Deluxe Remaster and MARVEL vs. CAPCOM Fighting Collection Arcade Classics , etc. slightly increased the ratio of physical sales units, leading to higher costs of goods sold. In addition to the impairment loss of approximately 1 billion yen, other factors that contributed to increased costs were new titles released in the first half of the fiscal year that had higher cost-ratios.
    Can you tell us about the title lineup that will drive performance in the fiscal year ending March 2026? Will you continue to aim for a 10% increase in operating income?
    There is nothing new we can share at this time beyond the games we have already revealed. We plan to announce each title for the next fiscal year in succession. Our management goal of an annual 10% increase in operating income remains unchanged.
    The sales plan for new titles this fiscal year is 13 million units, with the majority being Monster Hunter Wilds . Are there any other new titles expected to contribute to fourth quarter sales?
    We will continue to promote and expand sales of each new title released this fiscal year.
    How do you perceive the global sales situation, particularly in the US, during last year’s seasonal discounting periods?
    Looking at the sales from April to December this fiscal year, there have been no significant changes, including in the US. The Asian region, including Japan, where the Monster Hunter series is popular, continued to grow. Although the US was slightly lower than the previous year, we do not consider this a major issue.
    The PC ratio remains high. What are your expectations for the units sales ratios of Monster Hunter Wilds by platform?
    It is difficult to predict, but because titles are sold over the long term, we foresee the digital sales ratio approaching 90%, with the PC ratio gradually increasing for not only Monster Hunter Wilds but all titles in general. As of the third quarter, the PC ratio has risen to 56% of total digital sales.
    What are your current expectations and promotional strategies for Onimusha Way of the Sword?
    The Onimusha series, which is seeing a new release as a consumer home video game for the first time in about 20 years, is a popular IP in pachislo as well. We will continue to promote the IP to both existing series fans and new users as well by adapting it into other media, such as with the anime series on Netflix last year.
    Work-in-progress for game software has increased by approximately 11.5 billion yen since the beginning of the fiscal year. Is this mainly due to Monster Hunter Wilds?
    Monster Hunter Wilds accounts for a large portion, and most of it will be recognized in costs of goods sold after release.
    The smart pachislo machine Monster Hunter Rise is performing well in the Amusement Equipments business. Can you tell us about additional sales for this as well as new products in the fourth quarter?
    Monster Hunter Rise has been very popular with players, with 19,400 units sold so far. Although the timing is undecided, we plan to sell additional units of this machine. We also plan to launch one new machine in the fourth quarter.
    Can the impairment loss incurred in the third quarter be absorbed within the full-year budget?
    The impairment loss is within the budget for this fiscal year. For more details, our approach to impairment losses is described in our Securities Report.
    (*Reference: pages 85-86 of the March 2024 Fiscal Year Securities Report. Japanese language only.)
    While it will also depend on the existence of free downloadable content that will trigger deferred revenue, how will the profits of Monster Hunter Wilds vary between this fiscal year and the next?
    At this time, we have not announced the existence of free downloadable content for this title, and therefore cannot provide a comment, including on the topic of variation in revenue.
    Can you explain the amortization method for development costs?
    The initial costs are amortized based on the sales plan over a set period, with the cost ratio determined accordingly.
    Despite the lack of major new releases up until the third quarter, advertising expenses remain high, almost the same as the previous year. Why is this?
    These are mainly promotional costs related to the upcoming release of Monster Hunter Wilds.
    Considering Resident Evil 2 as well as other titles in the Resident Evil series released for Apple devices, what is your outlook for this market?
    The device can deliver the Resident Evil series’ high-quality visual experience and is part of our multi-platform strategy. We will continue this strategy, anticipating that mobile devices will become more advanced in the future.
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    Question and Answer Summary

    Could you provide an overview of how business segments performed for the first half of the fiscal year?
    The Digital Contents business has generally progressed smoothly. Although unit sales for new titles fell slightly short of our plan, the performance of catalog titles (excluding those released in the previous fiscal year) has steadily increased year over year. The Arcade Operations business saw growth in existing stores as they were utilized as cooling shelters during hot weather, resulting in increased revenue and profit. In the Amusement Equipments business, we launched two new models and sold 17,000 units as planned, benefiting from cost reductions through the procurement of common components. Other Businesses performed well due to an increase in collaboration projects featuring our characters in games from other companies.
    How do you expect the unit price of catalog titles to trend in the second half of the fiscal year?
    Because new titles released in the previous year transition to catalog titles, typically there are not significant fluctuations in price on an annual basis. We do not anticipate major changes in the second half of this fiscal year either.
    Digital license revenue has already exceeded the full-year plan; do you expect any additional revenue here going forward?
    We have incorporated only projects with a high degree of visibility at the planning stage. As such, depending on the situation there is a possibility of more in the second half of the fiscal year.
    What are your expectations for Monster Hunter Wilds?
    We have just started an open beta test today, October 29. Being the latest installment in the Monster Hunter series, we aim to steadily increase sales.
    How much asset impairment was booked in the first half of this fiscal year? Also, were there any one-time expenses aside from impairments?
    There were no impairments in the first half of the fiscal year. Additionally, we have recorded approximately 910 million yen as non-operating expenses related to Expo 2025 Osaka, Kansai, Japan.
    In the second quarter (three months), unit sales volume increased compared to the same period last year, but revenue and profit decreased. What is the reason for this?
    The primary reason is that the major new title Street Fighter 6, released in June of last year, contributed significantly to performance in the second quarter of the previous year, while this year’s new titles were relatively smaller in scale.
    Can you tell us about the sales strategies for Monster Hunter Wilds?
    We have been implementing promotions to enhance overall awareness of the Monster Hunter series and connect it to Monster Hunter Wilds. This year, we are focusing more than ever on real-world events like game shows globally, and we are monitoring user trends during the open beta test while accelerating promotions to boost sales.
    With major titles upcoming, there seems to be a high level of work-in-progress for game software. Is this within management’s control?
    While Monster Hunter Wilds constitutes a large portion of the work-in-progress, a certain amount will be recognized as cost of sales after its release, so we are not currently concerned about the increase in the work-in-progress balance.
    Four new titles were released in the second quarter; can you provide insights on their performance? In particular, can we expect Kunitsu-Gami: Path of the Goddess and Dead Rising Deluxe Remaster to develop into series?
    Kunitsu-Gami: Path of the Goddess received high ratings on review aggregation sites before its release and was well received by users, but it did not meet our planned sales figures. We plan to continue promoting it. Dead Rising Deluxe Remaster is selling as planned, and we have a physical version scheduled for release in November, so we will continue our promotional efforts. Ace Attorney Investigations Collection and Marvel vs. Capcom Fighting Collection: Arcade Classics are also progressing in-line with plans, with the latter’s physical version is coming in November, so we will strengthen our sales efforts.
    After the release of Monster Hunter Wilds in February next year, it will likely continue to contribute as a catalog title next fiscal year. What measures do you plan to implement to maintain double-digit operating profit growth next year?
    The sales performance of Monster Hunter Wilds will be a factor, but we are also considering the release of major titles next year. Additionally, achieving our medium- to long-term goal of 100 million units sold annually and expanding catalog titles to potential users worldwide will be key challenges as we aim for double-digit profit growth next year.
    Selling, general and administrative expenses have increased by about 1 billion yen compared to the first quarter; is this related to event costs like game shows?
    This increase is due to promotional expenses for events, and we expect a slight increase in the second half of the fiscal year due to promotions for Monster Hunter Wilds.
    The new title Kunitsu-Gami: Path of the Goddess did not meet expectations; are there any concerns regarding the promotion of Monster Hunter Wilds?
    We recognize that while Kunitsu-Gami: Path of the Goddess is a completely new IP, it did not have sufficient pre-launch promotion for generating buzz and increasing awareness. We believe this will not impact the promotion of Monster Hunter Wilds, as it is part of a series with a proven track record.
    In aiming for sales volume targets for new titles, how does the market environment for Monster Hunter Wilds differ from that of Monster Hunter: World?
    There are differences in supported platforms, but we believe the launch environment is not very different. While we have incorporated significant contributions from Monster Hunter Wilds into our sales volume plan, we believe we can still achieve our profit targets regardless of whether we meet the overall planned sales volume for new titles this fiscal year.
    Is the management goal of 10% increased annual operating profit based on expected foreign exchange impacts?
    We set the growth target of 10% increased annual operating profit regardless of foreign exchange impacts.
    Which regions are seeing growth in the number of catalog titles?
    Unit sales in the Monster Hunter series is growing in the Asian region in particular.
    Can you provide updates on digital sales in each region and your pricing strategies for emerging markets?
    We analyze sales volumes by region and then implement strategies, but particularly in emerging markets, it takes time to see results. As such, we are working to enhance brand awareness for our titles in each region. Notably, new titles tend to perform well in developed markets, while catalog titles are growing in emerging markets in line with regional price sensitivity.
    Considering the sales performance for new titles like Kunitsu-Gami: Path of the Goddess and catalog titles such as Dragon’s Dogma 2, how will you adjust your marketing strategies going forward?
    Recently, there has been a trend in the industry of spending large amounts on advertising and promotions just before and after release to kickstart initial sales, but we have not traditionally used such methods. We calculate the costs for promotions based on expected performance and take a long-term approach to sales. On average, we can recover development costs within about one to one and a half years after release, so even if we lower the selling price afterward, once costs are recouped we expect profit margins of 80-90%. Our marketing approach remains unchanged.
    Can you explain the impact of foreign exchange in the first half of the fiscal year?
    Compared to our initial plan, we experienced a positive impact of 2 to 3 billion yen on an operating profit basis. Note that we have intentionally set conservative exchange rate assumptions. In a weak yen environment, we take a comprehensive approach to management and implement agile management measures to take advantage of windfalls after considering market conditions. In line with this, we aim to achieve our announced annual operating profit target of 64 billion yen for the full fiscal year.
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    Question and Answer Summary

    How did each business segment perform against plans in the first quarter?
    All business segments outperformed our internal plan. Particularly, the Arcade Operations and Amusement Equipments businesses contributed significantly to profit.
    How did unit sales in the Digital Contents business progress compared to your plan?
    Although overall unit sales slightly fell short of plans, catalog titles released two years ago or earlier showed steady growth compared to the previous year and we made a solid start in relation to full-year guidance.
    It seems that growth of catalog title unit sales slowed despite discount promotions. How will you address this?
    We do not believe there is an issue because looking at catalog titles released two years ago or earlier, average revenue per unit has exceeded both the previous year’s level and our plan. We will continue our efforts to find appropriate price ranges for emerging and developing countries to further drive sales as one future measure.
    Is inbound tourism a factor in the significant increase in sales and profit in the Arcade Operations business?
    We believe it has been a contributing factor.
    How much impact did foreign exchange gains have in boosting sales and profit in the first quarter?
    On an operating income basis, it added approximately 1-to-2 billion yen. We view foreign exchange as an environmental aspect of management, which has enabled us to deliver earnings while preserving some for other measures.
    The balance of work in progress for game software is at an all-time high, perhaps due to upcoming major titles. Please comment on the soundness of management.
    The balance of work in progress for game software will decrease following the release of major titles, and as such it will not increase indefinitely. While there is a general upward trend due to development costs, the increasing sophistication of hardware, and ongoing enhancement of our workforce, this is within the scope of our plan.
    Is there a tendency for sales of past titles to increase in conjunction with the release of a new major title?
    There is a tendency for sales of catalog titles in a series to increase when a new title is announced or released. For example, titles in the Resident Evil series tend to sell well due to the connected nature of the series’ story and characters. However, we do not factor in a large amount of such sales during the planning stages of game development because there are other factors at work, such as the timing of promotional measures and information releases.
    Monster Hunter: World and the Monster Hunter World: Iceborne continue to sell well; is this due to exposure brought on by Monster Hunter Wilds? Do you expect these levels of sales to continue or is it temporary?
    We see this a result of strategic discounting of titles in the series, including lowering the price of Monster Hunter: World to $9.99 in conjunction with the announcement of Monster Hunter Wilds last December. We will continue to release information regarding titles while closely monitoring sales trends going forward.
    Kunitsu-Gami: Path of the Goddess has been well received; what is the current situation on its sales performance?
    As we only launched the game on July 19 we are unable to give a detailed analysis on its performance, however since it is a completely new IP, we believe it is necessary to increase communications regarding the appeal of the game. We will keep a close eye on user trends.
    Will cash outflows tend to increase in the future due to longer development periods for major titles, strengthening personnel, maintaining release frequency, increasing the ratio of outsourcing, and investing in AI? Also, will AI significantly improve development efficiency?
    We have been communicating for several years that investment and training of human resources is one of management’s priority issues in the medium- to long-term, and the increase in development costs, which is based on sales plans and simulations of human resource investment in line with our five year release pipeline, is within our expectations. In addition, we have been improving the efficiency of development using our own engine for some time, and we will continue to verify the introduction of AI.
    Will it be possible to achieve your goal of 100 million units in annual sales?
    We believe it will be difficult to achieve this goal through catalog title sales measures alone, and we will continue to explore optimal promotional measures for each country and region to increase awareness, while analyzing local price sensitivity.
    Is it correct to assume that the amount of R&D investment cost in the first quarter is one-fourth of the full-year plan? Have there been any issues with the progress of investment?
    The amount of R&D investment during the first quarter was one-fourth of the full-year plan. Guidance for development investment represents the maximum expected figure and will fluctuate depending on the use of outsourcing.
    Development investment is planned to be 53.5 billion yen for the full year, a 24% increase over the previous year, but will it continue to increase?
    The main factors driving increases in development investment are an increase in outsourcing and personnel expenses, however the rate of increase depends on outsourcing utilization. Development investment is managed by ROI, and we have a system in place to manage investment and earnings. Essentially, we aim to improve ROI by maximizing sales rather than curtailing development investment.
    We have heard that Monster Hunter Wilds is cross-play compatible, but will this have an impact on earnings? Also, I would like to know under which account the expense will be recorded.
    This will be recorded under cost of sales. Cross-play for Monster Hunter Wilds is not expected to significantly increase costs despite network construction costs, as it makes use of the knowledge gained from Exoprimal.
    The ratio of PC unit sales to total unit sales is over 50%. Do you expect profits to increase if you lower the prices of PC titles for emerging countries? Also, how far do you expect the PC ratio to increase over the medium to long term?
    It is difficult to definitively say, but play trends in emerging markets and other regions skew toward titles for consoles that are two or three generations older. In order to comfortably play the latest titles released in the past few years, consumers will need a PC with specs as good as the latest consoles, and as such we expect it will take some time before such titles are widely played. Since we aim for annual sales of 100 million units, we are working to expand brand recognition in emerging markets. We expect to increase the ratio of PC unit sales by not only implementing measures related to GDP and pricing, but also by implementing detailed, long-term marketing strategies and promotional measures to appeal to the core segment of PC players.

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