Silver Link, the Japanese anime studio behind titles like WataMote, Non Non Biyori, Kokoro Connect and Strike the Blood, has reported another year in the red — even though its revenue went up.
According to Automaton Media, Silver Link recorded an operating loss of 271 million yen for the fiscal year ending March 2026, which is roughly US$1.7 million. The loss is not massively worse than the year before, but the important part is this: it marks the studio’s third consecutive year of operating losses.
That’s the slightly worrying bit for anime fans. Silver Link is not some unknown studio doing one random project every few years. Founded in 2007 and operating under the Asahi Broadcasting Group, the studio has handled plenty of manga and light novel adaptations, plus OVAs. More recently, it also worked on Hokkaido Gals Are Super Adorable!, a series that had decent visibility among seasonal anime watchers.
The strange part is that Silver Link’s revenue actually grew by 32.1% year-on-year. On paper, more revenue sounds like good news. But in anime production, higher sales or bigger project volume does not automatically mean healthy profit. If production takes longer, staffing gets stretched, or costs climb faster than income, a studio can still end up bleeding money.
That seems to line up with a wider problem in Japan’s anime business. Research firm Teikoku Databank has pointed to a growing industry pattern where revenue increases, but profit margins shrink. Automaton notes that issues like longer production timelines and shortages of skilled workers are among the pressures affecting studios.
For Malaysian and SEA anime fans, this matters more than it might seem. We usually experience anime from the viewer side — new episodes on streaming platforms, movie screenings in local cinemas, merch at events, cosplay shoots, fan art, all the fun stuff. But behind every seasonal show is a production chain that can be very fragile. If studios keep getting squeezed, the impact can show up in delayed episodes, fewer ambitious adaptations, inconsistent animation quality, or safer project choices.
Silver Link is not the only warning sign either. Studio KAI, known for working on the second and third seasons of Umamusume: Pretty Derby, recently announced insolvency while carrying a deficit of around US$3.54 million. That does not mean every anime studio is suddenly doomed, but it does show that even recognisable names are not immune when the numbers stop working.
For fans here, especially those following seasonal anime every quarter, the takeaway is simple: anime is bigger globally than ever, but the production side is still under serious pressure. More demand from international audiences does not magically fix worker shortages, packed schedules, or thin margins.
Silver Link’s situation is worth watching because the studio sits in that familiar middle zone — not the loudest prestige studio, but one with a catalogue many fans have touched at some point. If studios like this struggle despite revenue growth, the anime industry’s money problem is clearly not just about popularity.
Source: Automaton Media