COVER Reaches 34.6B Yen in Sales as BOOTH 3D Models Pass 10B Yen (Weekly Oshi News: February 13, 2026)

Here is our roundup of the most notable corporate oshikatsu (fan support activities) marketing and fan business news from the week of February 6 to February 12, 2026.

This Week’s Highlights

The defining theme of the week was that the hard numbers behind the fan business became visible through corporate earnings and market statistics.

Cumulative net sales for the first three quarters of the fiscal year ending March 2026 at COVER Corporation reached 34.681 billion yen (up 20.2% year-on-year). While merchandising grew 28.5% to 18.317 billion yen, operating profit declined by 5.7%. The numbers reflected that COVER was in a phase of investing for future growth. Meanwhile, on Pixiv’s creator marketplace BOOTH, annual gross merchandise value (GMV) in the 3D model category reached 10.4 billion yen, roughly 179% of the previous year’s level (an increase of about 79%), surpassing the 10 billion yen mark for the first time. From 310 million yen in 2019, the category has grown more than thirtyfold in six years.

Another company went public with a failure on the supply side. Workman announced on its own initiative that its measures to prevent stockouts of its “MEDiHEAL” recovery wear line had “ended in failure.”

DIAGRAMKey Fan Business and Search Figures Reported This Week

34.681B yen: COVER cumulative Q3 sales (up 20.2% YoY), with merchandising up 28.5% to 18.317B yen
10.4B yen: BOOTH 2025 annual 3D model GMV (up ~79% YoY), averaging 27.4 orders per user
3.19M units: Workman MEDiHEAL sales (~5.5B yen), selling out in 20 actual sales days over ~4 months
64%: Surveyed generative AI users who stop searching after reading only the AI summary at least sometimes

Source: The Oshi Lab’s summary of the article

Earnings and Market Statistics Reveal the Scale of the Fan Business

COVER — 34.6 Billion Yen in Sales, With Operating Profit Down 5.7% During an Investment Phase

For the cumulative third quarter of the fiscal year ending March 2026 (April to December 2025), COVER posted net sales of 34.681 billion yen (up 20.2% year-on-year) and net income of 3.927 billion yen (up 4.0%). Conversely, operating profit was 5.225 billion yen, a 5.7% decrease. Broken down by segment, merchandising generated 18.317 billion yen (up 28.5%), licensing brought in 5.004 billion yen (up 23.3%), streaming and content accounted for 6.979 billion yen, and live events reached 4.38 billion yen (up 14.6%). Peak concurrent viewers for its countdown live concert exceeded 230,000. As a medium-term target, the company had set a goal of 100 billion yen in net sales for the fiscal year ending March 2030 (Mogura VR (in Japanese)).

The company positioned this period as a “phase for strengthening business infrastructure toward future growth,” stating that it would work on continuing auditions, establishing an overseas revenue base, improving logistics efficiency, and reforming its management structure.

The Oshi Lab’s Note: Even though COVER grew its revenue, its operating profit declined. This reflects a deliberate decision that the company is currently at a stage where it must make upfront investments even if that trims short-term profits. It is also significant that the company cited logistics efficiency as a key challenge. As we have seen in previous issues, in the fan business, supply capacity sets the ceiling on sales. Even when fan demand is strong, failing to deliver products results in lost opportunities—a structural reality that applies across every industry.

BOOTH — 3D Models Reach 10.4 Billion Yen Annually, Growing More Than 30x in Six Years

Pixiv released a white paper on the 3D model category on its marketplace BOOTH. Annual gross merchandise value in 2025 reached 10.4 billion yen, roughly 179% of the previous year’s total (up about 79%), surpassing 10 billion yen for the first time. Compared with 310 million yen in 2019, the market had expanded more than thirtyfold in six years. Total orders stood at approximately 7.74 million across 281,000 unique buyers, and the average number of orders per user was 27.4, a substantial increase from the prior year. Among 3D character products, many orders fell into the 5,000 to 6,999 yen range (Metacul Frontier (in Japanese)).

Alongside a core tier spending 100,000 yen or more, the casual tier spending under 50,000 yen also grew substantially. There was an increasingly strong tendency for users who purchased a base 3D avatar model to continue buying related items such as digital outfits.

The Oshi Lab’s Note: The average figure of 27.4 orders per user tells us a great deal about the nature of this market. Buyers do not stop after purchasing a single avatar; they keep dressing up and customizing their avatars over and over again. The fact that many orders for 3D character products fall into the 5,000 to 6,999 yen price bracket is also close to the price level of physical fan merchandise such as ita-bags (bags decorated with badges and plushies to display devotion to a favorite character). Digital goods are not necessarily cheap—when items are used for self-expression, buyers are willing to spend a commensurate amount.

64% of Generative AI Users Stop Searching After Reading Only the Summary at Least Sometimes

On February 5, NTT DOCOMO’s Mobile Society Research Institute announced the findings of a survey on “zero-click searches.” In the November 2025 survey of generative AI users aged 15 to 79 across Japan, a combined 64% of respondents said they were satisfied with the AI summary alone and stopped searching further. The breakdown was 10% who stopped “almost always (90% or more of the time),” 19% who stopped “often (70% to 80% of the time),” and 35% who stopped “sometimes (40% to 60% of the time).” Among women in their teens and 20s as well as women in their 50s to 70s, the combined total of those who stopped “almost always” or “often” reached roughly 40% (AdverTimes. (in Japanese)).

The Oshi Lab’s Note: Approximately two out of every three surveyed generative AI users settle for an AI summary at least sometimes before reaching a company’s own website. Companies need to rethink how they communicate information based on this premise. What fans search for are product names and event titles. In those searches, whether an AI can pick up accurate details becomes critical. The time has come to review structured data on official websites and how primary information is published.

A Company Publicly Admitted a Failure Where Demand Outpaced Supply

Workman — Sold Out in 20 Actual Sales Days, Yet “Customer Satisfaction Remains on the Floor”

At a new product presentation on February 9, Workman announced that its anti-stockout measures for its “MEDiHEAL” recovery wear line had “ended in failure.” Although general sales began on September 1, 2025, demand far exceeded expectations, and across an approximately four-month sales window, the products sold out in just 20 actual days on sale. Over the roughly four months starting in September 2025, sales reached approximately 3.19 million units and about 5.5 billion yen in revenue. The primary cause of the stockout was misreading demand from women, as the company had centered its production on men’s sizes. For 2026, Workman announced plans to ramp up production to a scale of 21 million garments (roughly seven times the previous year’s volume), projecting sales of approximately 35 billion yen (AdverTimes. (in Japanese)).

Senior Managing Director Tetsuo Tsuchiya had described the September 2025 launch as the company’s “most serious push in 45 years,” but at this presentation he stated that “customer satisfaction remains on the floor.”

The Oshi Lab’s Note: It is refreshingly candid that Workman framed the fact that its product sold too fast not as a triumph, but in terms of the frustration felt by customers who could not buy it. In the fan business, selling out is often mistaken for a way to generate buzz, when in reality it drives customers away. Moreover, the company failed to anticipate that its women-oriented store formats would account for 40% of recovery wear sales—meaning it did not have an accurate grasp of who was actually buying the product. The accuracy of demand forecasting is directly tied to customer trust.

a16z — Seed Investment in Japanese AI VTuber Developer “Shizuku AI”

On February 10, major U.S. venture capital firm Andreessen Horowitz (a16z) announced a seed investment in the Japan-born startup “Shizuku AI.” It marks the first fundraising round for a Japanese startup with a16z serving as lead investor. Shizuku AI announced that it will establish a new AI research base in Japan and work on developing next-generation AI companions that fuse cutting-edge AI with Japanese character culture. The company traces its origins to “Shizuku,” an AI VTuber who debuted in January 2023. Developer Aki-sensei is the lead author of the real-time image generation paper “StreamDiffusion” and has previously held research roles at Meta and Luma AI (Mogura VR (in Japanese)).

Posting on X, Aki-sensei stated: “From Japan, we will pour all our energy into creating the world’s most beloved AI character, and an AI companion that stays close to and supports people’s everyday lives.”

The Oshi Lab’s Note: The fact that one of the world’s largest venture capital firms selected Japanese character culture as an investment theme is no small development. Just like the Kizuna AI and Fortnite collaboration we covered in our January 16 issue, virtual characters originating in Japan are increasingly being valued in the global market. For companies that possess both strong technology and deep cultural roots, overseas capital is becoming a realistic option.

Apparel Brands and Convenience Stores Split Sharply Across Price Tiers

DIAGRAMPrice Spectrum of Character Collaborations Featured This Week

Everyday low-cost items (250 yen)Full-scale fashion pieces (over 20,000 yen)

Convenience store treats and bonuses (250–3,850 yen)FamilyMart's 250 yen mofusand Wafframe with 1 of 12 stickers; Lawson's Opanchu Usagi campaign bonuses and goods
Collectible lottery and mid-tier apparel (790–8,800 yen)790 yen Evangelion Ichiban Kuji; CITEN x Sanrio 27-item lineup (1,980–4,950 yen); Poppy Playtime x ZOZOTOWN (5,500–8,800 yen)
Customizable tech accessories (from 5,280–6,050 yen)CASETiFY Evangelion 30th anniversary collection with name and initial personalization
Standalone brand apparel collaborations (10,890–20,350 yen)[Oshi no Ko] x CONVERSE sneakers (10,890–13,200 yen) and Hello Kitty x Ameri apparel (13,200–20,350 yen including tax)

Source: The Oshi Lab’s summary of the article

[Oshi no Ko] x CONVERSE, Hello Kitty x Ameri — Serious Collaborations Over 10,000 Yen

The first collaboration between [Oshi no Ko] and CONVERSE went on sale on February 13. The lineup features three models inspired by B-Komachi members Ruby, Kana Arima, and MEM-cho, plus a special model designed for Ichigo Productions staff. Prices are 13,200 yen each for the platform “ALL STAR LIGHT PLTS” base models and 10,890 yen (tax included) for the “ALL STAR OX” model. Sold exclusively at ABC-MART, the shoes reflect each member’s personality through ribbons, frills, and fat laces (Cho! Animedia (in Japanese)). Meanwhile, women’s fashion brand Ameri announced that it would release five styles in its first collaboration with Hello Kitty on February 27. Prices include 20,350 yen for a sweatshirt and 13,200 yen for a long-sleeve T-shirt (tax included) (Fashion Press (in Japanese)).

The Oshi Lab’s Note: Both collaborations sit above the 10,000 yen mark and are crafted as genuine new releases from the host fashion brands rather than mere character merchandise. Both the platform CONVERSE sneakers and the Ameri sweatshirts feature designs that stand on their own even without the character tie-in. In terms of the discussion from our previous issue about “holding both ends of the price spectrum,” these products anchor the upper end.

Sanrio x CITEN, Poppy Playtime x ZOZOTOWN — Building Out Selection in the Mid-Price Range

CITEN, a brand operated by United Arrows, announced that it would sequentially roll out a 27-item collaboration with Sanrio Characters starting February 14. The lineup consists of nine T-shirt designs at 4,950 yen each, nine tote bags at 2,530 yen each, and nine flat pouches at 1,980 yen each (all tax included), covering nine characters including Cinnamoroll and Hello Kitty (PR TIMES (in Japanese)). Meanwhile, ZOZOTOWN launched a collection of collegiate-style Poppy Playtime apparel starting February 6, with T-shirts priced at 5,500 yen and hoodies at 8,800 yen (tax included), among other items. Selected pieces were also announced for display at Abeno Harukas in Osaka starting February 26 (Anime! Anime! (in Japanese)).

The Oshi Lab’s Note: CITEN’s count of 27 items comes from multiplying nine characters by three item types. That matrix ensures that whichever character a fan supports as their oshi, there is guaranteed to be at least one item they can choose. When working with an IP that has a large cast of characters, whether you can offer a full lineup for every member directly affects fan satisfaction. If someone’s favorite character is left out, for that fan, it is as if the collaboration did not exist at all.

FamilyMart x mofusand, Lawson x Opanchu Usagi

Starting February 10, FamilyMart released the “mofusand Wafframe” for 250 yen (tax included) across approximately 16,400 stores nationwide. The dessert treats the grid indentations of a waffle like a picture frame, printing 10 different illustrations directly onto the pastry and including one of 12 collectible stickers (Cho! Animedia (in Japanese)). Also on February 10, Lawson kicked off a campaign with creator “Kawaisouni!” (known for Opanchu Usagi). Shoppers who purchased three eligible snacks received one of five acrylic hair ties on the spot. The campaign also offered items such as a jelly cup with a mug for 968 yen and plushies for 3,850 yen (tax included) (Anime! Anime! (in Japanese)).

The Oshi Lab’s Note: FamilyMart paired a 250 yen sweet treat with 12 varieties of stickers. This structure represents the most efficient form of an IP tie-up at a convenience store: without raising the unit price of the food product, it adds a compelling reason to collect. At a time when criticism of random blind-pack goods is growing louder, a guaranteed bonus included with an everyday purchase is an easy-to-welcome alternative.

Experiential Venues Expand on Both the Free and Paid Sides

and ST TOKYO — A Free Immersive Attraction in Harajuku

From February 13 to March 4, 2026, an immersive attraction utilizing a giant LED screen appeared at “and ST TOKYO” in Harajuku, operated by And ST. The attraction screened three special-edition versions of the “Sanrio Virtual Parade” from “Virtual Sanrio Puroland.” Visitors could experience live performances featuring Hello Kitty, Kuromi, and other characters singing and dancing. Admission was free and no advance reservation was required (Mogura VR (in Japanese), PR TIMES (in Japanese)).

The Oshi Lab’s Note: Making the attraction free and reservation-free is a design meant to draw in passersby off the street. Projects like Immersive Journey (covered in our January 9 issue) or the Tokyo Tower VR exhibition (in our January 23 issue) sell the paid experience itself. This Harajuku activation, by contrast, is designed to drive foot traffic into a retail store. Even with the same kind of immersive content, the design changes depending on whether monetization sits with the retail facility or with the experience itself.

Evangelion 30th Anniversary — Ichiban Kuji and CASETiFY Run Simultaneously

Multiple 30th-anniversary initiatives for Neon Genesis Evangelion overlapped this week. The “Ichiban Kuji Neon Genesis Evangelion 30th Anniversary” prize lottery launched at 790 yen (tax included) per draw, featuring an Evangelion Unit-01 figure standing approximately 43 centimeters tall as its A Prize, available at retailers including 7-Eleven and Ito-Yokado (Cho! Animedia (in Japanese)). Meanwhile, CASETiFY announced that it would release its second collection on February 20, with smartphone cases starting at 6,050 yen and tech accessories starting at 5,280 yen (tax included). The announced lineup also included customization features allowing buyers to add their name or initials. CASETiFY also announced plans to set up a special booth from February 21 to 23 at the festival event scheduled for Yokohama Arena (Anime! Anime! (in Japanese)).

The Oshi Lab’s Note: Here we see a 790 yen lottery draw and a 6,050 yen customizable phone case running side by side as part of the same anniversary push. What sets the CASETiFY side apart is that because buyers can add their own name or initials, each item becomes one of a kind even within the same product line. When rounding out an anniversary campaign, offering not just a spread of price points but also an axis of personalization (“Can I make this uniquely mine?”) encourages fans to buy without feeling like their purchases overlap.

This Week’s Takeaways

This was the week when the numbers behind the fan business became clearly visible from the outside.

COVER’s 34.6 billion yen, BOOTH’s 10.4 billion yen, and Workman’s 3.19 million units: figures in an arena that had long been discussed mostly by intuition lined up in the form of official earnings reports and market statistics. What became clear at the same time is that every one of those numbers ultimately comes down to supply capacity and operational structure. COVER highlighted logistics efficiency as an ongoing challenge, and Workman publicly disclosed its miscalculation of customer demand.

Another finding that will increasingly affect companies going forward is the fact, revealed by the NTT DOCOMO survey, that “64% of surveyed generative AI users stop searching after reading an AI summary at least sometimes.” The very pathways by which fans reach information are shifting. Whether a company’s primary information is structured and published in a way that AI systems can accurately pick up is an area where businesses should take action sooner rather than later.

Alongside our guides to the oshikatsu market size and fan marketing, we encourage you to look at this week’s developments through the lens of your own organization’s numbers.

Weekly Oshi News brings you a weekly roundup of the intersection between oshikatsu and business. You can browse past issues in our Oshikatsu x News category.