Producing successful series like Spy x Family and My Dress-Up Darling doesn’t always translate to profits. CloverWorks, the Aniplex-owned studio behind both franchises along with The Fragrant Flower Blooms with Dignity, reported growing financial losses for the second year in a row. For the fiscal year ending March 2026, the studio recorded a net loss of 38 million yen, up from 24 million yen in the previous fiscal year.

These results came despite CloverWorks’ involvement in several well-received projects during the period, including the second season of My Dress-Up Darling and the third season of Spy x Family. Historical data shows the studio has experienced similar patterns in the past, with losses in certain years followed by recoveries, as seen in 2021 and 2024.

The most revealing detail from the report comes from an industry insider, who explained how the financial structure works for studios owned by larger publishers: the parent company typically acts as the main “profit center” by controlling licenses and related revenue, while production studios operate more like “cost centers” or factories, struggling to break even even while creating content. This structure can limit studios’ independence and financial stability even when their projects achieve commercial success.

The widening losses over two consecutive years don’t necessarily indicate immediate problems for CloverWorks, as anime producers often face fluctuating results based on project schedules and market conditions. However, the pattern has brought broader structural issues within Japan’s anime industry under scrutiny.

About CloverWorks

CloverWorks is an animation studio that operates as a wholly-owned subsidiary of Aniplex. Since its founding, the studio has handled some of the most popular series in recent years, maintaining an active catalog that combines high-demand adaptations with original projects. Despite reported financial difficulties, CloverWorks remains one of the industry’s most visible and beloved studios, making its financial situation an example of the structural tensions that can exist even in creatively successful studios.

Are you surprised that a studio behind popular series like Spy x Family is reporting losses, or do you know of similar cases in the anime industry?