Subsidiaries

	niwango, inc. Holding: 75.11% Main Business: Information distribution and movie distribution

	GAMES ARENA Co., Ltd. Holding: 67.15% Main Business: Planning and supervision

	CHUNSOFT Co., Ltd. Holding: 100%(GAMES ARENA Co., Ltd.) Main Business: Planning, development and sales

	Spike Co., Ltd. Holding: 100%(GAMES ARENA Co., Ltd.) Main Business: Planning, development and sales

	T&E SOFT Inc. Holding: 100%(GAMES ARENA Co., Ltd.) Main Business: Planning and development

	Dwango Music entertainment, Inc. Holding: 100% Main Business: Management and operations of music copyrights and neighboring rights, master disc production and sales

	skyscraper,inc. Holding: 70.71% Main Business: Advertisement sales

	MOBILE CONTENTS Co., Ltd. Holding: 70.15% Main Business: Content production and supply

	Dwango Taiwan Co., Ltd. Holding: 98.80% Main Business: Marketing research

Affiliate Company

Holding: 46.9%
Main Business: Content planning, production, and management