Balus

Balus Co., Ltd. operates as a technology-driven entertainment company, positioning itself at the intersection of the real and virtual worlds through its XR (Cross Reality) technology. Founded in October 2017 by Norikazu Hayashi and Takeshi Hagiwara, the Tokyo-based firm aims to create an environment where creators can thrive based on talent, irrespective of physical attributes or location. Hayashi, with a background in private equity and business development, saw potential in XR technology, while Hagiwara brought extensive experience from the publishing and IP creation world at KADOKAWA, having been involved in launching popular series.

The company's business model is centered on two primary pillars: the "SPWN business" and the "XR Live business". The core of its operation is "SPWN," an all-in-one digital platform that facilitates connections between creators, such as Virtual YouTubers (VTubers), and their fans. This platform integrates services like live event streaming with features like gifting, merchandise sales (both physical and digital), fan club management, and ticketing, all under a single ID to provide data-driven insights for artists. Revenue is generated through this paid content distribution platform. The XR Live business focuses on producing 3D virtual live events and other immersive content. Balus provides comprehensive support, including event planning, motion capture technology from its in-house studio, real-time transmission, and the creation of interactive experiences where the audience can participate in the production. The company has also expanded into animation production, leveraging its 3D motion capture technology to create content more cost-effectively.

Serving a market of content creators, particularly in the VTuber and anime space, Balus provides the infrastructure to produce and monetize virtual entertainment. Having raised approximately $3.9 million from investors including Adways Ventures and GMO Venture Partners, the company established a regional base in Beppu City to focus on animation and motion capture processing. In July 2025, Balus was acquired by Fany, a Yoshimoto Kogyo Group company, and now operates as a subsidiary.

Keywords: XR technology, virtual entertainment, VTuber platform, SPWN, motion capture, 3D live events, content creation, digital distribution, fan engagement, virtual reality, augmented reality, real-time animation, creator economy, IP production, anime production, virtual events, live streaming, digital merchandise, interactive entertainment, Norikazu Hayashi