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Sometimes having a hit isn’t enough to save a studio, even as the industry itself is booming. The anime studio behind both Umamusume: Pretty Derby and Sentenced To Be A Hero adaptations, Studio Kai, announced its insolvency this week, putting multiple upcoming projects into question just weeks after Sentenced to be a Hero Season 2 was confirmed to be in production.

Studio Kai has apparently not been in a great financial position for a while now. At the end of 2025, they reported a 565 million yen ($3.54 million) loss, which seems to have been compounded by a widening deficit over the years. The result is that they are at risk of insolvency and potential closure if they can’t find a way toward more financially viable ground.

The news comes just as Sentenced To Be A Hero, the anime adaptation of Rocket Shokai’s light novels, finished its first season and confirmed that a second season is in the works. Studio Kai was the animation studio for season one. It is unclear what impact their potential insolvency will have on the upcoming season. Most likely, they will have to find a new studio to produce the anime going forward.

Another project the studio worked on was the second and third seasons of Umamusume: Pretty Derby. The third season was released in late 2023, but the mobile game that spawned the franchise had a very impressive and well-received international launch in 2025, exposing more fans around the world to the franchise than ever before.

At the moment, the future of Studio Kai is uncertain, as is the fate of its more than 130 employees.

Each week, Popverse's resident anime expert Trent Cannon runs down the latest and, dare we say "greatest," in anime and manga in Popverse Jump. Some recent columns have included... 

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