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Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table shows revenues disaggregated by revenue stream for the three months ended March 31, 2026, and March 31, 2025, respectively:
Three Months Ended
March 31, 2026March 31, 2025
(in thousands of USD)
Paid Content$261,438 $260,226 
Advertising39,682 39,898 
IP Adaptations19,752 25,583 
Total$320,872 $325,707 
The revenue stream disaggregation above takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
Paid content revenue is generated from the provision of platform services that enable users to access content. Paid content revenue also includes $2.4 million and $2.6 million of physical book sales through the platform for the three months ended March 31, 2026, and 2025, respectively.
Advertising revenue represents amounts earned for the display of advertisements on our offerings or product placement within content.
IP Adaptations revenue originates from the internal development of film, streaming series, or other rich media format adaptations commissioned by third party studios or streaming platforms. The composition of this revenue stream was primarily as follows for the three month periods ended March 31, 2026, and 2025:
•Licensing fees (from sublicensing content to third parties): $3.0 million and $3.1 million, respectively.
•Merchandise sales (from external platforms, IP royalties, and pop-up stores): $1.4 million and $1.1 million, respectively.
The following table shows disaggregation of revenue by geography for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31, 2026March 31, 2025
(in thousands of USD)
Korea
$120,421 $117,741 
Japan
154,291 164,258 
Rest of World
46,160 43,708 
Total$320,872 $325,707 
Contract Liabilities
Contract liabilities primarily include payments received for virtual currency prior to the Company satisfying its performance obligation to deliver content to the customer.
We recognized revenues of $76.4 million and $71.8 million during the three months ended March 31, 2026, and 2025, respectively, that were included within Contract liabilities on the Condensed Consolidated Balance Sheets as of the beginning of the respective period.
Our remaining performance obligations were $94.6 million and $90.0 million as of March 31, 2026, and December 31, 2025, respectively, and we expect to recognize the entire amounts within one year of the respective dates.