Partnership to Help Secure More Renowned IPs

Sion shared that the partnership includes launching INCUBASE exhibitions and related products on the ticketing platform K11 Experience, allowing K11’s audience to engage with anime-related events. INCUBASE exhibitions will also be introduced at more properties and malls, attracting the next generation of consumers and driving economic value.

The funding from K11 will help INCUBASE accelerate its development blueprint — including acquiring more Japanese and international IPs and expanding exhibitions to Mainland China, Hong Kong, Taiwan, Southeast Asia, the Middle East, Europe, and the Americas. It will also support the expansion of INCUBASE Arena, the company’s anime culture experience hub, to new regions.

Sion explained that licensing IPs involves significant time and financial investment. With K11’s backing, INCUBASE can take bolder steps in securing more licenses. Currently, the company obtains IPs through two main routes: purchasing directly from IP owners and bringing them to new regions, typically within a year, or curating licensed exhibitions, which can take about two years to launch but may run for 3–4 years depending on popularity.

Plans to Introduce Chinese, Hong Kong and Korean IPs

This year, INCUBASE Studio is working with over 20 IP licensors. Besides Hong Kong, various exhibitions are being held in different regions. In April, the ‘Ryoko Kui Exhibition’ and the ‘Delicious in Dungeon Exhibition’ are taking place in Hong Kong; Cardcaptor Sakura Exhibition – The Enchanted Museum will open in Malaysia; and the Kamen Rider 50th Anniversary Exhibition will soon tour in Thailand.

In addition, INCUBASE Studio will host Hong Kong’s first large-scale Crayon Shin-chan exhibition, along with major Dragon Ball and Monster Hunter interactive exhibitions. Around 80% of INCUBASE Studio’s licensed IPs come from Japan, but the team is actively negotiating with licensors in Mainland China, Hong Kong and South Korea. While iconic and popular franchises remain a focus, INCUBASE Studio is also looking to highlight lesser-known gems to bring audiences fresh and diverse experiences.

High Costs in Hong Kong — “Tough to Survive” for Paid Exhibitions

Discussing the outlook of the anime exhibition industry, Sion noted that roughly 40% of revenue comes from ticket sales, another 40% from merchandise, and the rest from food & beverage and other sources. Last year, the company’s global revenue grew by 30–40% year-on-year.

However, overseas exhibitions tend to be more profitable than those in Hong Kong, largely because overseas audiences are more willing to pay for exhibitions, admission prices are higher, and labour and rental costs are lower. In contrast, balancing revenue and expenses in Hong Kong is extremely challenging due to high rent and wages. With comparatively weaker consumer spending in Hong Kong, operating here is a “survival game,” and growth is slower.

In terms of sponsorship, anime still faces relatively low acceptance among Hong Kong companies. Only a few banks and insurance firms are currently willing to sponsor, though discussions are ongoing.

The Overlooked Influence of “Subculture”

Sion believes that anime is often regarded as a “subculture” in Hong Kong and other regions, with its powerful influence frequently underestimated. Anime not only communicates diverse values and sparks creativity — it’s also an essential part of life for many people.

INCUBASE Studio is one of the very few companies in Hong Kong consistently hosting licensed, ticketed anime exhibitions. The company aims to nurture the anime experience and generate a positive social impact by deepening public understanding of anime culture.

Sion emphasized that building a strong anime culture is key to growing the anime experience industry, pointing to Japan and Taiwan as mature markets with robust exhibition ecosystems.

Previously, INCUBASE Arena leased a full floor in Tsim Sha Tsui for exhibitions, but that venue abruptly closed in November 2024 just six months after opening. INCUBASE has since relocated to a new space in Mong Kok’s Chong Hing Square, spanning two basement floors (approx. 20,000 sq ft), featuring exhibition areas, an anime merchandise store, a themed café, pop-up shops, an e-sports zone, and card battle area.

When asked whether the early closure of what was Hong Kong’s largest Japanese anime experience center affected the company’s confidence, Sion responded that INCUBASE was merely a tenant and had originally planned a two-year program at that venue. Business during the exhibition period was strong, and while the sudden closure was unexpected, it has not shaken the company’s confidence in Hong Kong’s anime market.