NEW JOURNEY, NEW STANDARD
2020 8 12
3688
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
2020 12 2
9% 2.3 ※1
5
KAIKETSU
TV
PORTO tv
※1 CMerTV
2020 12 2
EBITDA
2019 4-6 2020 4-6
CMerTV
4,730 5,169 +9.3%
4,197 4,477 +6.7%
3,881 3,747 -3.4%
316 729 +130.4%
E B I T D A ※1 370 895 +141.7%
※1 EBITDA
2020 12 2
2019 4-6 2020 4-6
CMerTV
1,139 1,839 +61.4%
※1
136 482 +254.1%
2,349 1,843 -21.5%
※1
287 187 -34.6%
1,342 1,494 +11.4%
※1
54 213 +290.3%
※1
2.7
1.3 7.2
+279
+
+ +
2019 1
2019 1 1 2022 12 31
9% 51.6
CCI
6,614
5,924 5,944
3,231
3,282 5,169
2,941 4,943
4,730
2,593
2,418
2,286
2,136
1,857
2,746
2,568 2,458
2,441 2,379
2,222 2,132 2,242
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
6% 44.7
CCI
5,617
5,136 5,088
3,282 2,985
2,941 4,477
4,197 4,315
2,452
2,286 2,189
2,136
1,616
2,271
2,043
1,906 1,845 1,910 1,809
1,750 1,667
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
0.8 1.3 37.4
CCI
4,541
170
3,863 3,881 3,905 3,825 3,747
2,227 1,030
161 161 170 153
2,444 153
1,986 1,895 890 975 924 862
1,925 1,842 1,737 417 791
1,755
395
370 418 464 457
412
255
1,921 418 301 290 284 326
1,598 1,594
1,408 1,466 1,495 1,463
1,397 563
427 504
411 398 445 401 211
441 2,272
150 216 2,022 2,030 2,100 2,060 2,018
144 182 200 218 439
134 258
155 163 257 185 200 180
665 689 659 682 661 695 690 707
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
2.3 7.2
CCI
1,185
1,272 1,263
837 1,076
757
610
31.6%
729
452 24.8% 24.8%
299 21.5% 20.7%
645 19.5%
409 19.2% 18.5%
16.3% 15.4% 316
11.9% 9.5%
211 410 381 7.5%
342 12.0% 311 349
200 214
-279
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ =
※ CMerTV 2019 12
2019 4 6 2020 4 6
4,889 5,169 +5.7%
4,356 4,477 +2.8%
4,043 3,747 -7.3%
312 729 +133.3%
25 18 -28.4%
28 59 +108.6%
309 688 +122.4%
0 0
245 53 -78.3%
63 634 +891.8%
48 303 +528.0%
E B I T D A ※1 379 895 +135.8%
※1 EBITDA
155 55%
/ M&A
2019 3 2020 6
35,084 29,343 -5,741
13,897 15,511 +1,613
12,378 13,174 +796
47,462 42,517 -4,944
22,551 16,520 -6,031
1,535 1,864 +328
23,375 24,133 +757
47,462 42,517 -4,944
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
2Q 5.0
7-9 10-12
4-6
5.0 4.5 3.5
1.5 1.0 0.5
3.0 3.0 2.5
0.5 0.5 0.5
1.3
69 200
+
3,881 +
3,747
iOS14
2020 9 Apple iOS14 IDFA
Chrome
ITP
IDFA
/ ASP/
/DSP/SSP
Zucks /Zucks
IDFA
2020 12
EBITDA
2020 12
2Q
11,113 48.3% 23,000
1,992 79.7% 2,500
996 62.3% 1,600
EBITDA 2,453 66.3% 3,700
2020 12
2020 12
2Q
3,593 57.0% 6,300
4,320 46.5% 9,300
3,215 43.5% 7,400
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
CARTA
SNS/
CARTA
SNS
CARTA
EC/
M&A
CARTA M&A
2019 1 1 2020 2 3
CCI OKPR
CARTA HOLDINGS PR
OKPR
1 2019 6 2020 2 5
2019 6 20 2020 5 19
SNS
rakanu
KAIKETSU
M&A
CARTA2022 M&A
M&A
10%
PMI
KAIKETSU
M&A
KAIKETSU KAIKETSU
KAIKETSU SONAR
CARTA
KAIKETSU CARTA
KAIKETSU
DB SaaS
KAIKETSU
2009 7 14
3,500,000
1-26-30 3F
CTO
COO
2018 219
2023 500 2028 933
1,000 2017 2028
933
843
Twitter
800 757
Instagram
674
YouTube
590
600
509
448 95
390 80
400 53
327 65 52
267 45 52 135
219 31 51 122
200
175 25 51 108
50 93
17
75
55
59
194 227
40
138 165
85 110
63
0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
※ (2019.03)
Instagram 64%
YouTube 45%
14% Facebook 40%
Twitter 39%
33%
30% 56% TikTok 17%
MixChannel 12%
Snapchat 9%
0% 10% 20% 30% 40% 50% 60% 70%
※ (2018.06)
KAIKETSU
SaaS SONAR
SaaS SONAR
10
PDCA
SaaS
P D C A
KAIKETSU
PDCA
DB SaaS SONAR
KAIKETSU
SONAR
DB
SNS
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
DSP SSP DMP
2020 7 6 7 17
540
2020
2019 61.5%
20.4%
Q. 2020 1 6 2019
減少
（計）61.5％
20.4% 41.1% 24.3% 11.3% 3.0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
※ 2020.07 n=540
60.5%
Q.
( )
22.2 38.3 36.9 2.4 60.5
0.2
4.6 22.2 63.5 8.5 1.1 26.8
9.1 24.6 46.1 17.4 2.8 33.7
8.7 30.9 36.5 20.0 3.9 39.6
11.1 30.6 47.4 8.7 2.2 41.7
10.7 20.7 62.6 5.2 0.7 31.4
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
60.5% 2.6% 33.7% 20.2%) 39.6% ( 23.9%
41.7% 10.9% 63.5%
62.6%
※ 2020.07 n=540
3 9 12 6
CPM
CCI360 Programmatic Display Market Analytics
CPM
2020 3 9 2 24 43 4 20 32 26%
CPM 2 24 CPM 52.86 4 13 29.06 46
5 18 6 6 22 2
※ CCI360 CCI
※ 2020.07 n=540
43.5%
4 5
Q. ※
50%
43.5%
40%
30%
23.5%
20.2%19.8%
20% 18.0%16.9%
14.4%
12.4%
10.7%10.6% 10.7%
8.9% 7.8%
10% 7.2% 7.2%
5.6% 5.6% 4.4%
3.7% 3.9%
2.4% 2.4%
0%
※ 2020.07 n=540
Q. ※
40%
35.7%
30%
20% 16.3%
10.6%10.0% 9.6%
10% 8.0% 7.0%
6.7% 6.5% 5.9% 5.7%
5.4% 5.0%
3.5% 3.0% 2.8% 2.6%
1.9% 1.3% 1.3%
0.7% 1.5%
0%
※ 2020.07 n=540
2020 34.3% 28.7%
32.6%
Q. 2020
※
12 2021
0% 5% 10% 15% 20% 25% 30% 35% 40%
2020 7 12
34.3%
2021 1 6
30.6%
2020 7 12
28.7%
2021 1 6
8.0%
32.6%
2.0%
※ 2020.07 n=540
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
/
DSP / SSP
SSP
CPC
PMP
Premium
DOOH
/ DOOH
DMP
4
1 ID
/
CPI/CPA
3PAS CM
TV
AD PLATFORM
2014
DSP SSP
/
2020
DSP
SSP
DSP
SSP
/
TV
Google
/
CPC
CPI/CPA
PDCA
PR
18.3 3.5 4.8
1,839
482
1,176
1,139
300
136
1,199 1,258 1,166 1,100 1,181 1,232 1,417 1,626 1,753 188 242
10-12 317 174 135 277 354 486 569
10-12
10-12
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
10-12
10-12
10-12
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
2017 2018 2019 2020 2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※
※ CMerTV 2019 12
79%
5%
1,839
1,753
1,626 89
1,417
1,181 1,232
1,166 1,176 1,100 1,139
1,068 1,151 1,224
913
625 669 767 675
703 682
559 524 521 564 526 602 603 525
497 499
-19 -24 -93 -7 -41 -22 -44 -1
-107
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
536 530
508
404
364
337 346
240 251
100
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2018 2019 2020
※ CMerTV 2019 12
2020 2Q
2020 4 10 2020 5 27 2020 6 26
TV
PORTO Premium Instream PORTO tv LINE
GYAO
2020 4 2020 5 2020 6
2020 5 19 2020 5 28 2020 6 29
SNS SSP LiveRamp CCI VOYAGE GROUP
Japan IdentityLink Spotify for Brands PARTNER
KAIKETSU
TV
PORTO tv
CM
Point 1
TV
CM
Point 2
CM
CM
Point 3
CM
CM CPM CPA CPI
PARTNER SALES
1,500
/
DMP DMP
21% 18.4 34% 1.8
2,284 2,349
1,843
504
287
187
1,957 3,123 2,471 1,725 3,002 3,013 2,135 2,810 2,476 306 962 702 842 1,085 226 663 708
-179
10-12
10-12
10-12
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
10-12
10-12
10-12
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
2017 2018 2019 2020 2017 2018 2019 2020
※ 2018 CCI
※
33
3,002 3,013
2,810
2,471 2,476
2,284 1,177 2,349
1,436 2,135
840 911 1,843
795 1,725 928 1,859
1,013
869
982 1,222
1,083 1,031 895
1,063 953
672 402
647
345
548 534 613 548 670
426 397 466 449 325
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2018 2019 2020
※ 2018 CCI
CARTA
CARTA Zucks / fluct / PORTO / DataCurrent / EC
5.3% 5.3%
5.1%
3.8%
3.6%
3.1% 3.3%
2.4%
2.2% 2.1%
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2018 2019 2020
※ CMerTV 2019 12
2020 2Q
2020 4 1 2020 6 4 2020 6 22
Amazon Advertising
&
Amazon Advertising
2020 4 2020 5 2020 6
2020 5 13 2020 6 16 2020 6 29
ABEMA SNS
"SAFE for Quality SPRAY! # CCI Social AdTrim
Ads"
CONSUMER
/
/
EC EC PeX
/
/ /
EC
/
/
EC
4 2.1
213
1,494
1,387
1,342
54
1,197 1,394 1,466 1,322 1,818 1,626 1,396 2,188 1,720 11
96 25 180 71 0 97 138
-31 -6
10-12
10-12
10-12
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
10-12
10-12
10-12
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
2017 2018 2019 2020 2017 2018 2019 2020
※ 2018 VOYAGE GROUP
※
CPM
PV 17%
EC
2,188
1,818 586
1,720
1,626
1,466 453 258 1,494
1,387 225
1,342 1,396
104 1,322 215
229 129 202
250
1,601
1,361 1,365 1,401 1,461
1,192 1,194 1,279
1,157 1,091
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2018 2019 2020
※ 2018 VOYAGE GROUP
2020 2Q
2020 4 1 2020 5 22 2020 5 26
PEGION
BOXIL EXPO
7
2020 4 2020 5 2020 6
2020 5 1 2020 5 26 2020 6 1
EC IPG
Crevo
4,000
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
Q.
A. PORTO
CARTA 2020 1
CCI/VG
slack CARTA
Q.
A. CCI 100%
CARTA PORTO
PMP
TV
PORTO tv KAIKETSU SONAR
Q.
A.
Q.
A. CARTA2022
EBITDA60 ROE12%
Q. M&A
A.
Q.
A. GAFA
15%
Zucks
PORTO GAFA
Q. Google Y FB
A. 5 Google GCPP
Zucks
Zucks
Q. SSP fluct
A. SSP SSP
DataStrap BidLift
Google GCPP
Q. DSP Zucks
A. DSP CPC ASP CPI/CPA
Zucks
GAFA
PORTO
Q.
A. 2 SSP
/DSP
imp imp
Q.
A. 15%
CARTA
Q. 2019
A. 2019 2019 Google Y!
⇒
⇒
⇒CCI⇒
⇒
/
CCI
/
2020 ⇒CCI⇒
/
Q.
A.
Q Q
Q.
A. EC/ / CARTA
M&A CARTA 3
Q.
A. 2 /
2016-2019 /
/
Q.
A.
Q.
A.
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
CARTA 2022
NEW JOURNEY, NEW STANDARD
CARTA − Phase1−
/
VOYAGE
CCI CARTA
GROUP
/
CARTA − Phase2−
/ OOH
1.5 2.5
CARTA CARTA
/
CARTA − Phase3−
/ / OOH
4
CARTA CARTA
CARTA
/
CARTA2022
EBITDA 2022 60
EBITDA 32,000
20,701
6,000
4,335
3,676
2018 2019 (12 ) 2020 2021 2022
M&A
※ 12 12 2019 15
※ 2018 VOYAGE GROUP CCI
2022
320
EBITDA
※1
60
ROE 12%
※1 EBITDA
AGENDA
P.02
P.14
P.20
P.32
P.40
P.64
P.69
P.76
CARTA HOLDINGS
CARTA HOLDINGS
1999 10 8 1,172
2020 6
1-21-1 15
VOYAGE GROUP
Barriz
DataCurrent
Zucks
BiztailorPartners
Anchor
fluct
OKPR
ATRAC
KAIKETSU
VOYAGE MARKETING
VOYAGE GAMES
VOYAGE SYNC GAMES
VOYAGE Lighthouse Studio
rakanu
VOYAGE VENTURES
CARTA HOLDINGS
VOYAGE GROUP
2019 1
VOYAGE GROUP
100%
47% v 53%
CCI
VOYAGE GROUP
v
CCI
100% 100%
CARTA
CARTA HOLDINGS
CARTA
✕
CARTA HOLDINGS
CARTA
WEB
/
1,000
imp/
100
/
AI /
2012
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '15 '16 '17 '18
※1
※2 CCI 2015 12 3 12 9