NEW JOURNEY, NEW STANDARD
2021 12
2
2021 8 6
3688
AGENDA
2021 12
P.02 2
P.15
P.17
P.39 FAQ
P.44
P.51
3 2021 12 2
+24.4%
+73.5% 12.6
45 EBITDA60
5-7
100%
CARTA COMMUNICATIONS (CCI)
⾒
※ EBITDA
4 8 6
EBITDA60 1
2021 12 2021 12
(A) (B) B-A)
24,500 25,000 +500 +2.0%
3,800 4,500 +700 +18.4%
3,700 4,800
76.3% +1,100 +29.7%
2,400 3,120 +720 +30.0%
90.2%
EBITDA※ 5,000 6,000 +1,000 +20.0%
※ EBITDA 79.3%
5
2021 7 9
⾒
800 400 150
2 2,000 1,000
100 10 5
1
─ ─
0.2
35 25 25
6 2021 12 2
2021 4-6
2020 4-6
5,169 6,146 +18.9%
4,477 5,568 +24.4%
3,747 4,302 +14.8%
729 1,265 +73.5%
EBITDA※ 909 1,556 +71.2%
※ EBITDA
7 2021 12 2
17.6 YonY 3.2%
5.5 YonY 14.7%
27.2 YonY 46.4%
7.2 YonY 285.8%
EC
16.5 YonY 11.0%
1.4 YonY 31.8%
※
※ 2021 1
8
CCI
6,614
6,483
6,166 6,146
5,924 5,944
3,231
5,169 5,208
4,943
2,593 4,730
2,418
1,857
2
2,458 2,379
2,242
2,746
61.4 +18.9%
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
2018 2019 2020 2021
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
9
⾒ CCI
5,617 5,682
5,498 5,568
5,136 5,088
2,985
4,477 4,570
4,315
4,197
2,452
2,189
1,616 2
1,845 1,910 1,809
2,271
55.6 +24.4%
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
2018 2019 2020 2021
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
10
⾒
⾒ CCI 4,613
4,541
255 369 4,302
170 3,985 164 4,007 158
2,227
3,863 3,881 3,905 3,825 3,747
164 164
161 161 170 153
1,030 153 932 924
825 883
1,895 890 975 924 862
1,737 791
1,842
417
449
418
416
451
2
370 418 464 457 337
43.0
412 395 455
332 271
290
1,921 418 301 284 326
+20.4%
1,598 1,594
1,463 563
427 504
401 211 2,431
200
216
258
218 439 2,022 2,030 2,100
2,272
2,060 2,018
2,213 2,273 2,272
4 48
200 180
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
2018 2019 2020 2021
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
11
⾒ CCI
%
1,675
1,272 1,263 1,265
1,076
757
610 884 2
729
20.7%
452
16.3%
15.4%
24.8%
316
409
19.2%
24.8%
18.5%
585
15.4%
18.5%
29.5%
22.7% 12.6 +73.5%
11.9%
9.5%
381 7.5%
311 349
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
2018 2019 2020 2021
※ = ÷
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
12
+1,091
⾒ + 192
+ 72
+ 904
1,265
-555
729
10.9
-78
12.6
2020 2021
4-6 4-6
※ 2021 1
13
2020 4 −6 2021 4 −6
5,169 6,146 +18.9%
4,477 5,568 +24.4%
3,747 4,302 +14.8%
729 1,265 +73.5%
18 55 +204.9%
59 7 -87.1%
688 1,313 +90.9%
0 10
53 30 -43.4%
634 1,293 +103.8%
303 871 +187.1%
EBITDA※ 909 1,556 +71.2%
※ EBITDA
14
179 55%
2021 3 2021 6
37,979 34,754 -3,225
15,169 17,949 +2,780
12,587 12,896 +309
50,567 47,651 -2,915
23,815 19,740 -4,075
1,508 1,542 +33
25,242 26,369 +1,126
50,567 47,651 -2,915
2021 12
P.02 2
P.15
P.17
P.39 FAQ
P.44
P.51
16 2021 12
7 5-7
2021 12
2Q
12,629 50.5% 25,000
2,940 65.4% 4,500
2,215 71.0% 3,120
EBITDA 4,034 67.2% 6,000
※ EBITDA
AGENDA
2021 12
P.02 2
P.15
P.17
P.39 FAQ
P.44
P.51
18
/
/ ⾒
19 / /
DSP / / SSP
SSP/
CPC CPI/CPA SSP
PMP
Premium
DOOH
/ DOOH
CM
/ /
4
CM CM
1 ID
6000 SNS
EC DX RP BPO
EC DX
PR
AD PLATFORM
21
CM CPC
CPI/CPA
/
Google
22
iOS14.5
3.2% 17.6 14.7% 5.5
1,819 1,810 594 596
1,785 565
1,739 1,761 563 552
1,701
1,621 482
492
351
1,416
277
1,232
1,139 136
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2019 2020 2021 2019 2020 2021
※
※ 2019 CMerTV
※ 2021 1 ≈
23
1,785 1,761
1,819 1,701 1,810
1,739
1,621 68
1,416
運用型広告プラットフォーム
6.6 %
1,232 1,121
1,139 1,119 1,125
1,151 1,154
1,068 1,205
913
675
682
564 499 526 602 603 544
638 710 754 717
31.7%
-7 -41 -23 -49 -15 -19 -81
-91 -91
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2019 2020 2021
※ 2019 CMerTV
※ 2021 1
24 2021 2Q
2021 4 1 2021 5 19 2021 5 25
PORTO
CM
GRAND
2021 4 2021 5 2021 6
2021 4 28 2021 5 21 2021 6 17
PORTO DOOH SSP fluct Zucks
1st party Unified ID2.0
ASO
PARTNER SALES
26 パートナーセールス事業において狙う市場
EC
1,680億円 ※4
1.7兆円
CAGR 11
%
※1
2.7
4
CAGR % (2017-2021)
(2020-2024)
※2 4,002 ※5
4,723 ※3
CAGR 4.8 %
※1,※3 D2C/ /
（2019-2024) /
2020
CAGR 14
% ※2
2016-2020)
※4
317 ※6 EC
※5 IDC Japan
CAGR 20% 2020-2024
(2020-2024) ※6
27 ( 2018
CCI
28 (2019
CCI
29
DX
SNS
30
CARTA
ATRAC
CARTA
BP
31
46.4% 27.2 3.8 7.2
3,013 3,064
2,815 1,085
2,729 1,049
2,673
2,490
2,349 787
713 725
2,136
632
1,864 1,901
287
228
188
41
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2019 2020 2021 2019 2020 2021
※
※ 2021 1
32
3,013 3,064
2,815
2,673 2,729
2,490 メディアコミュニケーション
2,349
2,136
1,864 1,901 34.0 %
2,854
3,013 2,431
2,804 2,500
2,406
6
2,349
2,122 1,789
1,814
173 210 297
13 11 84 49 112
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2019 2020 2021
※ 2021 1
33 2021 2Q
2021 4 14 2021 5 25 2021 6 30
CCI ABEMA Quark tokyo CINRA EC CCI
Commerce container
Shopify TikTok Data Dig
2021 4 2021 5 2021 6
2021 4 22 2021 6 2 2021 6 30
DataCurrent CCI DataCurrent Google Cloud Service
viz 0
CONSUMER
35
/
/
/
EC
/
/
/
EC
D2C /
/
36
EC
31.8 1.4
2,188
282
213
1,720 192
1,683
1,626 1,636 1,658
1,595
1,494 151 145
138
1,396
1,342
104
71
54
0
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2019 2020 2021 2019 2020 2021
※
37
EC
2,188
1,720 1,683
1,626 1,636 1,658
1,595
1,494
8.6 %
1,396
1,342
1,750
1,262 1,258
1,365
1,466
1,158
1,217
1,423 / /
19.3 %
1,043 1,147
437 378 420 400
260 298 254 335
249 212
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6
2019 2020 2021
38 2021 2Q
2021 5 10 2021 6 16 2021 6 25
VOYAGE VENTURES
LINE
FUNDINNO
2021 4 2021 5 2021 6
2021 6 9 2021 6 23
Ta-Ta EC HTML5
# EC
AGENDA
2021 12
P.02 2
P.15
P.17
P.39 FAQ
P.44
P.51
40
Q. ⾒
A. 2 ⾒ ⾒
⾒
⾒
2022 1
Q.
A. CCI 100%
CARTA
PMP
CARTA /
PORTO TV /
Q. M&A
A. M&A
⾒ ⾒
M&A
Q.
A.
KPI PL
⾒ ⾒
41
Q.
A. 2020
GAFA
15%
DX
Q. Google Y FB
⾒
A. 5 Google GCPP Google Certified Publishing Partner
Zucks
Zucks
DX GAFA ⾒
Q. cookie IDFA
A. cookie IDFA
⾒
/
IDFA ⾒ iOS14.5 2021 4
⾒ Apple
SKAdNetwork
42
Q.
A. 築
15%
CARTA
Q. 2019
A. 2019
2019 Google Y!
⇒
⇒
⇒ CCI ⇒
⇒
/
CCI
/
2020 ⇒ CCI ⇒
/ ⾒
Q.
A. ⾒ ⾒
⾒
Q
Q
43
Q.
⾒
A. EC/ / 2 CARTA
M&A
EC/ / D2C
CARTA 3
Q.
A.
D2C
Q.
A.
A G E N DA
2021 12
P.02 2
P.15
P.17
P.39 FAQ
P.44
P.51
CARTA 2022
NEW JOURNEY, NEW STANDARD
46 CARTA − Phase1−
/
VOYAGE
CCI CARTA
GROUP
/
47 CARTA − Phase2−
/ OOH
1.5 2.5
CARTA CARTA
/
48 CARTA − Phase3−
/ / OOH
4
CARTA CARTA
CARTA
/
49 CARTA2022
EBITDA
32,000
20,701
EBITDA
6,000
2022
4,335
3,676
60
2018 2019 (12 ) 2021
M&A
※ 12 12 2019 15
※ 2018 VOYAGE GROUP CCI
50
CARTA2022
2022
60
※
EBITDA
ROE 12 %
DOE 5 %
※ EBITDA
AGENDA
2021 12
P.02 2
P.15
P.17
P.39 FAQ
P.44
P.51
52 CARTA HOLDINGS
CARTA HOLDINGS
CM
2020
1,465
1999 1,184
• ※
2020 2.29
• 2021 6 5.3%
2020 2020 2020
CAGR
196 34.6 4.7% 17.6%
2016 5
※ D2C/ / /
2020
53
ATRAC Barriz CARTA DataCurrent fluct
COMMUNICATIONS
KAIKETSU OKPR rakanu PORTO VOYAGE GAMES
VOYAGE GROUP VOYAGE MARKETING VOYAGE VOYAGE VENTURES Zucks
Lighthouse Studio
Zucks China
Zucks China, Inc.
54
1996 ( )
1999 ( ) ( )CARTA HOLDINGS
CEO 19 2001
2005 2010
2012 MBO 2014 2015
2019 CCI VOYAGE GROUP ⾒ ( )CARTA HOLDINGS 2020
(
1998 ( ) (CCI)
2005
e CGM
2007 COO 2010 2013
2019 CCI VOYAGE GROUP ⾒ ( )CARTA HOLDINGS ( )
( ) ( )AC
1996 ( )
2000 5 ( ) ( )CARTA HOLDINGS
CFO 2001 ( )
2012 MBO 2014 2015
CFO 2011 ( )EC ( )VOYAGE
VENTURES
CFO 2019 CCI VOYAGE GROUP ⾒ ( )CARTA HOLDINGS CFO
55
CARTA HOLDINGS
VOYAGE GROUP
2019 1
VOYAGE GROUP
47% v 53%
100%
CCI
⾒
[ VOYAGE GROUP ]
[ CCI ]
100% 100%
56
CARTA
CARTA HOLDINGS
57 CARTA
✕
CARTA HOLDINGS
58 CARTA
• WEB
/
• 1,000
• imp/ •
• 100
• /
AI • /
59
2012
1 2014 2016
BeyondX IPM
2011 2012
Zucks
MBO
2009
2
TOB
2010 100%
fluct 2000
2007
2001 1996
'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '16 '18
※1
※2 CCI 2015 12 3 12 9
60 CARTA
SNS/
CARTA
SNS
CARTA
⾒
EC/
61 ESG – –
/
2008
EC EC
100
2021 1
ISO14001 2015
62 ESG – –
CCI
EC
4,000
SDGs
63 ESG – –
築
2021 3 1 3 42%
ISO27001