Hatena Research Memo (3): Technology solution services continue to perform well with a 2-digit increase

Fisco Japan · Apr 8 15:43

■はてな＜3930＞の業績動向

2. サービス別売上動向

(1) テクノロジーソリューションサービス

テクノロジーソリューションサービスの売上高は前年同期比11.7%増の1,095百万円と2ケタ増収ペースが続き、半期ベースで過去最高を更新した。「GigaViewer」を中心に受託サービスが同23.4%増の716百万円と好調に推移したことが主因である。一方、SaaSビジネスとなるサーバー監視サービス「Mackerel」は同5.2%減の378百万円と微減にとどまった。

受託サービスの大半を占める「GigaViewer」は、Web版が新たに「コミック・アーススター」（(株)アース・スターエンターテイメント）に搭載され、合計16社、搭載累計22サービス（うち、１件はアプリ版）となった。これらメディアの構築・運用保守サービスや読者確保のための広告出稿代理サービスが順調に増加したことに加え、前期から開発が進んでいるアプリ版の大型案件も履行義務の充足によって一定期間にわたり売上貢献した。また、任天堂＜7974＞のソフト『スプラトゥーン3』のプライベートマッチ機能を利用した大会支援サービス「タイカイサポート」の開発など、複数の受託開発案件の納品及び検収が完了し、増収に貢献した。

一方、「Mackerel」についてはAWS（Amazon Web Services）のなかで、サーバー監視サービスとしての認知度向上に伴い新規顧客の獲得が進んだものの、主要顧客向けの売上が監視対象サーバー数の減少により落ち込んだこと（顧客企業が提供するサービスの規模縮小による）、また一部顧客において解約が発生したことなどが減収要因となった。

(2) コンテンツマーケティングサービス

コンテンツマーケティングサービスの売上高は前年同期比7.2%減の340百万円となった、売上高の内訳を見ると、システム構築・利用料や記事制作支援等が含まれるSaaS等が同1.6%減の229百万円、広告売上が同17.1%減の110百万円となり、広告売上の落ち込みが目立った。

「はてなブログMedia」の新規開設件数は7件、解約件数は5件となり第2四半期末の運用件数は前年同期末比15件増の144件となったが、1件当たりの平均月次売上高が前年同期の479千円から390千円と18.6%低下したことが減収要因となった。2023年4月より代理販売を開始した大手人材関連企業を通じた採用オウンドメディアに関しては、売上高が月額システム利用料（7.7万円/月）のみとなっていることや、記事制作など追加発注の多かったメディアが前期の前半に運用停止となり、相対的に単価の低い採用オウンドメディア等の成比が上昇したこと、一部の顧客において広告・マーケティング予算が縮減されたことにより広告出稿が手控えられたことが平均売上単価の低下要因となった。

ただ、第2四半期の後半以降は平均月次売上単価も持ち直しの兆しを見せ始めているようで、四半期ベースの売上高も前第4四半期の160百万円を底にして、2024年7月期の第1四半期は164百万円、第2四半期は175百万円と2四半期連続で増加するなど緩やかながらも回復基調に転じている。

(3) コンテンツプラットフォームサービス

コンテンツプラットフォームサービスの売上高は前年同期比15.7%減の186百万円と減収基調が続いた。「はてなブログ」の登録ユーザー数は前期末比16万人増の1,230万人と堅調に増加し、PV数も前年同期並みの水準を維持したものの、各種SNSの普及による競争激化によるアドネットワーク広告の単価下落が影響し、広告収入が同17.4%減の105百万円となったほか、「はてなブログPro」の有料課金サービスの平均単価下落によりSaaS等の売上も同13.5%減の80百万円と低迷した。なお、ブログの書き手を増やす施策として、2023年6月より、記事の有料販売機能※を全ユーザーで利用可能としたほか、同年12月には生成AI技術を活用して、本文の内容をもとに記事タイトルを作成・提案する「AIタイトルアシスト」をリリースした。いずれも売上面で顕著な効果は出ていないものの、利用者数は着実に増加しているもようだ。

※codoc(株)が提供するコンテンツ販売サービス「codoc」とアカウント連携することで、記事の単体販売及び月額・年額のサブスクリプションメニューの販売が可能となった。販売手数料15%を同社とcodocでレベニューシェアする。月額500～1,000円程度のサブスクリプション販売が特に伸びているようだ。

（執筆：フィスコ客員アナリスト　佐藤　譲）

■Performance Trends of Hatena ＜3930＞

2. Sales trends by service

(1) Technology Solution Services

Sales of technology solution services increased 11.7% from the same period last year to 1,095 million yen, and the pace of 2-digit sales growth continued, and hit a record high on a half-year basis. The main reason is that contract services, mainly “GigaViewer,” increased 23.4% from the same period to 716 million yen. Meanwhile, the server monitoring service “Mackerel,” which is a SaaS business, only declined slightly to 378 million yen, down 5.2% from the same period.

The web version of “GigaViewer,” which accounts for the majority of contract services, was newly installed on “Comic Earth Star” (Earth Star Entertainment Co., Ltd.), and a total of 16 companies have installed a total of 22 services (of which 1 is an application version). In addition to the steady increase in these media construction/operation and maintenance services and advertisement placement agency services to secure readers, large-scale application version projects that have been developed since the previous fiscal year also contributed to sales over a certain period of time due to fulfillment of execution obligations. In addition, delivery and inspection of multiple contract development projects were completed, such as the development of the tournament support service “Taikai Support,” which uses the private match function of the Nintendo ＜7974＞ software “Splatoon 3,” which contributed to an increase in sales.

Meanwhile, in AWS (Amazon Web Services), acquisition of new customers progressed as awareness of “Mackerel” as a server monitoring service increased, but sales for major customers fell due to a decrease in the number of servers to be monitored (due to a reduction in the scale of services provided by client companies), and cancellations occurred among some customers, etc., which were factors in the decline in sales.

(2) Content marketing services

Sales of content marketing services fell 7.2% from the same period last year to 340 million yen, and looking at the breakdown of sales, SaaS, etc., which includes system construction/usage fees and article production support, etc., fell 1.6% to 229 million yen, and advertisement sales fell 17.1% to 110 million yen, and the drop in advertising sales was conspicuous.

The number of newly opened “Hatena Blog Media” was 7, and the number of cancellations was 5, and the number of operations at the end of the 2nd quarter was 144, an increase of 15 cases compared to the end of the same period last year, but average monthly sales per case fell 18.6% from 479,000 yen in the same period last year to 390,000 yen, which was a factor in the decline in sales. Regarding recruitment owned media through major human resources-related companies that began proxy sales in 2023/4, sales were only monthly system usage fees (77,000 yen/month), media with many additional orders, such as article production, were suspended in the first half of the previous fiscal year, and the ratio of employed owned media, etc. with relatively low unit prices rose, and advertisements for some customers · The fact that advertisement placement was curtailed due to a reduction in marketing budgets was a factor in the decline in average sales unit price.

However, since the second half of the 2nd quarter, it seems that the average monthly sales unit price has also begun to pick up, and sales on a quarterly basis also bottomed out at 160 million yen in the previous fourth quarter, and increased for 2 consecutive quarters to 164 million yen in the first quarter and 175 million yen in the second quarter of the 2024/7 fiscal year, and turned to a gradual but recovering trend.

(3) Content platform services

Sales of content platform services continued to decline to 186 million yen, down 15.7% from the same period last year. The number of registered users of “Hatena Blog” rose steadily to 12.3 million, an increase of 160,000 from the end of the previous fiscal year, and although the number of PVs remained at the same level as the same period last year, the unit price decline of ad network advertisements due to the intensification of competition due to the spread of various SNS had an impact, and advertising revenue fell 17.4% to 105 million yen, and sales of SaaS etc. also fell 13.5% to 80 million yen due to a fall in the average unit price of the “Hatena Blog Pro” paid service. Furthermore, as a measure to increase the number of blog writers, the paid sales function* of articles can be used by all users from 2023/6, and in December of the same year, “AI Title Assist,” which creates and proposes article titles based on the content of the text, was released. Although none of them have had significant effects in terms of sales, it seems that the number of users is steadily increasing.

* By linking accounts with the content sales service “codoc” provided by codoc Co., Ltd., it is now possible to sell individual articles and sell monthly/annual subscription menus. The 15% sales fee will be shared with the company on codoc. Subscription sales of around 500 to 1,000 yen per month seem to be growing in particular.

(Author: FISCO Visiting Analyst Joe Sato)

The translation is provided by third-party software.

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はてな Research Memo（3）：テクノロジーソリューションサービスが2ケタ増と好調持続

Hatena Research Memo (3): Technology solution services continue to perform well with a 2-digit increase

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