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    Minami Munakata • Goldman Sachs Group, Inc.

    Minami Munakata's questions to LY Corp (YAHOY) leadership

    Minami Munakata's questions to LY Corp (YAHOY) leadership • Q4 2024

    Question

    Minami Munakata asked about the monetization strategy for AI agents, the timing of the LINE app renewal, and whether the flat EBITDA margin guidance for FY'25 signals a strategic shift from cost optimization to top-line growth.

    Answer

    CEO Takeshi Idezawa outlined three potential AI monetization paths: a conversion-based model tied to GMV, integration into the LYP premium subscription, and the creation of a novel model. He confirmed the LINE app renewal is on schedule for FY'25. An executive added that FY'25 is a year for strategic investment in AI to foster future growth while still maintaining high single-digit profit growth, rather than a singular focus on cost reduction.

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    Minami Munakata's questions to LY Corp (YAHOY) leadership • Q4 2023

    Question

    Minami Munakata inquired about the progress of the LINE and Yahoo! account linkage, the impact of the recent security incident on user engagement, and requested a breakdown of the media business's low single-digit revenue growth guidance.

    Answer

    CEO Takeshi Idezawa confirmed that account linkage is progressing well, reaching about 50% based on Yahoo! Japan ID, and stated that no impact on user engagement from the security incident has been observed. Executive Ryosuke Sakaue detailed the media guidance, expecting 15-20% growth in Account Ads, flat-to-lower results for Search Ads, and low single-digit growth for Display Ads, noting the overall guidance is conservative due to uncertainties around third-party cookies.

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    Minami Munakata's questions to LY Corp (YAHOY) leadership • Q3 2024

    Question

    Minami Munakata asked about the drivers behind the negative growth in display advertising, seeking a breakdown between Yahoo! and LINE, and questioned the reasons for postponing the LINE app renewal to fiscal year 2025 and its potential impact on business performance.

    Answer

    Yuki Ikehata explained that the display ad slowdown was due to weaker demand from the cosmetics and health food industries and the absence of large game and entertainment campaigns that were present in the prior year. Takeshi Idezawa, CEO, added that the LINE renewal was postponed to thoughtfully integrate generative AI and ensure profitability, with a phased rollout starting in FY 2025 that is not expected to have a major impact that year.

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