VRV, Crunchyroll’s “son” streaming service, is officially merging with its parent company. Users will be able to continue their subscriptions on Crunchyroll while also connecting the accounts and backing up their watch history. Content from VRV Select and Mondo channels will no longer be available. VRV subscriptions will be moved to Crunchyroll on April 3 and starting on May 3 the website and app will no longer be accessible.
In August 2021, Sony’s Funimation officially acquired Crunchyroll. The deal, valued at $1.175 billion, was first announced in December 2020 but soon after the announcement, US Justice Department began reviewing the acquisition. The deal would potentially give Sony an unfair advantage over the anime distribution market and offer fewer options for Japanese studios, as well as the audience. However, 8 months later, the acquisition went through and Funimation became Crunchyroll’s parent company. It’s worth noting that Funimation previously merged with AnimeLab.
In March 2022, Crunchyroll announced that it will be absorbing both Funimation and Wakanim (another Sony-owned company) under its brand. The decision came as a surprise to many, as Funimation was an older brand. However, Crunchyroll’s market presence was stronger as the platform had its own events, awards, online store and has even co-produced anime in the past.
At the moment, Crunchyroll is a joint venture by Sony Pictures and Sony Music Entertainment Japan’s Aniplex.