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Record

West licensed merch value chain split period corrected, ≈2025 (TPC year to February 2026 at 2025 run-rate)

≈2025 (TPC year to February 2026 at 2025 run-rate)

EstimateOur model or estimate. Treat it as an order of magnitude.

The value

  • 2,355,000 ¥ million (retail value)

Where it comes from

Our calculation from other figures in the trainer’s notes:

Show the working
  1. $15.7bn × ¥150 = 2,355,000 (vs 2,262,500 in): retailers ≈50% = 1,177,500
  2. TPCi royalty 84,780–204,900 (3.6–8.7% of retail)
  3. licensees keep 41.3–46.4% before COGS
  4. In the TCG-IN case only the m

Where it’s used

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