Ana Neo
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
A mobile-gaming and digital-lifestyle platform offering virtual entertainment.
02 / Ana Neo FAILURE REASONS
Failure factors supported by the current evidence
Teikoku Databank’s 8 September 2025 insolvency flash reported that ANA NEO’s virtual-travel app ANA GranWhale did not generate expected advertising revenue, profitability remained weak, and accumulated losses widened; the company judged further continuation of the business impossible on 16 January 2025. Tokyo Shoko Research independently wrote that since founding the firm could not reach a profitable base amid sluggish users and posted a ¥1.554 billion net loss for the year to March 2024. TRAICY (16 Jan 2025) reported paid-billing challenges and ongoing losses, with a prolonged path to profitability after considering a strategic review.
TDB reported advertising revenue was not as expected and profitability remained a problem while final losses expanded.
TSR reported sluggish users and that the business could not be put on a profitable footing, with a ¥1.554 billion net loss in FY2024.
TRAICY reported challenges with paid billing/subscriptions and continued losses, with profitability expected to take a long time even after considering a strategic review.
03 / EVENT HISTORY
Events in the structured record
- Operations ended
Company/ANA Holdings PR (16 Jan 2025) said ANA GranWhale and the NFT marketplace would end after 15:00 JST on 28 February 2025 because further continuation of the business was challenging.
- Liquidation
TDB and Tokyo Shoko Research reported a shareholders’ meeting resolved to dissolve ANA NEO on 31 May 2025 after FY2025 losses and insolvency.
- Liquidation
TDB (8 Sep 2025) reported the Tokyo District Court issued a special-liquidation commencement order on 25 August 2025; liabilities about ¥3.98 billion as of 31 March 2025. TSR independently reported the same court order and ¥3.98068 billion liabilities. Company-level liquidation, not a product-only pause.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
On January 16, 2025, ANA Holdings and ANA NEO announced that the ANA GranWhale virtual travel app and the ANA GranWhale NFT Marketplace would be discontinued after February 28, 2025, because further continuation of the business was challenging. The app had reached about 600,000 downloads and 10,000 daily active users, but paid subscriptions fell short and losses continued.
- 02
After February 28, 2025, services ended: sales of paid V-Miles stopped on January 22, paid V-Miles were refunded, free V-Miles were converted to equivalent ANA miles, and full refunds were issued for products sold on the NFT Marketplace.
- 03
On May 31, 2025, a shareholders' meeting resolved to dissolve ANA NEO, following FY2025 losses and insolvency (reported by Teikoku Databank and Tokyo Shoko Research).
- 04
On August 25, 2025, the Tokyo District Court issued a special-liquidation commencement order for ANA NEO; Teikoku Databank reported liabilities of about 39.8億日元 (approximately US$27 million at the then-current rate), a company-level liquidation rather than a product-only pause.