← All work Case study · Cygames & CyberAgent

Growing an IP beyond the game

An independent strategy and financial analysis proposing two initiatives to extend Cygames' franchises to new audiences.

DateFall 2026
FocusStrategy, financial modeling, media
DeliverablesProposal deck, executive summary, financial model

How can Cygames turn its hit franchises into longer-lasting, multi-media IP while managing risk to CyberAgent's game business?

Cygames has built some of the most valuable IP in mobile gaming. This case looks at where the next growth can come from: bringing Umamusume to audiences beyond horse-racing fans, and taking more creative and financial control of how Granblue Fantasy appears on screen.

Proposals

Proposal one

Sports partnerships beyond horse racing

Expand Cygames' advertising partnerships beyond its existing horse-racing tie-ins to major sports franchises such as the Los Angeles Lakers, Dallas Mavericks and Denver Broncos. These teams have large Western fan bases that overlap with gaming audiences.

The idea: sponsorships reach new players at scale and build the brand globally.

What I modeled: partnership cost, projected new users, and payback compared with current marketing spend.

Proposal two

An in-house Granblue Fantasy film

Produce a Granblue Fantasy feature film at Cygames' own animation studio, CygamesPictures, timed to support the franchise's next major release. Earlier adaptations were made by outside studios.

The idea: making the film in-house keeps creative control and profits inside the company and builds momentum for the game launch.

What I modeled: production budget, box office and licensing scenarios, and the boost to the game launch.

Key figures
Total proposed investmentComing soon
Projected revenue impactComing soon
Base-case return on investmentComing soon
Payback periodComing soon
Proposal deck Executive summary Financial model Full materials coming soon.

Why this matters beyond Cygames

Every major studio faces the same question: how do you put money behind a franchise outside the game itself, through sponsorships, film and other media, and know whether it paid off? Studios like Blizzard, with franchises that already reach into animation, esports and books, make these decisions all the time. This case is my practice at modeling them.