Anime is usually financed by a committee of companies rather than by a single studio or broadcaster. The arrangement shapes what gets made, who benefits and how decisions are reached.
The committee exists to spread risk
Producing a season is expensive and the outcome is uncertain, and few companies are willing to carry that exposure alone for a title that may not find an audience.
A group of companies each contribute a share of the budget and receive a corresponding share of the revenue, which limits any single participant's loss to what they put in.
Members typically come from different industries, including publishers, distributors, toy companies, music labels and broadcasters, so each has a business that benefits directly.
Members profit through their own channels
A publisher on the committee gains from increased manga sales, a music company from soundtrack and theme song revenue, and a merchandise company from products it manufactures.
This is why a series can be considered a success by its committee even when the production itself did not generate substantial direct income.
The studio is often a contractor
The animation studio may not be a committee member at all, instead being paid a production fee to deliver the work under an agreed budget.
In that arrangement the studio does not share in the upside, so a widely successful series does not necessarily improve the finances of the people who animated it.
Studios that join committees or produce independently take on more risk in exchange for a share, and some have moved in that direction deliberately.
Decisions are made collectively
Because members have different interests, creative choices can reflect a negotiation, with a music partner favouring certain artists and a merchandise partner favouring certain characters.
Rights are also divided among members by territory and by format, which is why streaming and home release rights for a single title can sit with several different companies.
The structure explains some persistent patterns
Adaptations dominate partly because a committee can point to existing sales as evidence of demand, which is easier to fund than an original premise.
Sequel decisions follow the same logic, being made on whether the wider revenue justified the investment rather than on viewing figures alone.
It also explains why some well-regarded series never continue, since a title can be admired widely and still not have produced returns across the businesses that paid for it.