Studio Kai Faces Insolvency While Umamusume Remains A Popular Hit

Studio Kai, the animation studio behind Umamusume: Pretty Derby, reported a net loss of about 248 million yen for its seventh consecutive year, pushing total losses to roughly 565 million yen (~$3.5 million) and signaling insolvency. Fans expect its parent, ADK Holdings (owned by Krafton), to bail them out, despite the studio’s recent high-profile titles and strong Blu-ray sales. Krafton bought ADK for about 75 billion yen in 2025, raising questions about accounting and the business dynamics sustaining such losses amid hit series.