Estimated royalty income The Pokémon Company earned from Western licensed merchandise in 2025

What this is

Estimated royalty income The Pokémon Company earned from Western licensed merchandise in 2025: about ¥98.5–204.3bn, depending on the royalty rate and what License Global’s figure covers.

How it’s built

Start from License Global’s $15.7bn. If cards are inside, remove the company’s own cards ($0.449 a card, ×1.0–1.3) and games ($0.7–1.0bn), leaving $12.0–13.4bn.
Multiply by a royalty yield of 5.51–5.56% (industry average) or 8.05–8.7% (Funko-type), at ¥149.57 per dollar.

What we assumed

The figure covers the company’s territories outside Asia.Its own profile names only retailers there; the scope is never stated.
Asian markets take 10–30% of cards printed outside Japan.No direct split exists; this range sets how many cards are deducted.
Royalty yields of 5.5% or 8–8.7% of retail.Industry survey and Sanrio give 5.5%; Funko’s filed rate on half of retail gives the higher class.
Games account for $0.7–1.0bn.A working range in the research, not a disclosed figure.

Sanity check

No licensee discloses a Pokémon royalty. Named Western licensees can account for at most about a quarter of the low end, so the rest must come from many smaller deals.

The value

Card game-IN merch $ bn (a 0.1-0.3, m 1.0-1.3, games 0.7-1.0): 12 to 13.4

Some detail is too fine to show here; it is kept in the trainer’s notes.

Where it comes from

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

Show the working

merch = 15.7 - 5.22 x (1-a) x 0.449 x m - games
licensing = merch x yield x 149.57
TCG-OUT = 15.7 x yield x 149.57
Spreads = TCG-OUT min/max less TCG-IN max/min
Assumptions: Asian share a 10-30%
games 0.7-1.0 as F

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