v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table shows revenues disaggregated by revenue stream for the three and six months ended June 30, 2026, and June 30, 2025, respectively:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands of USD)(in thousands of USD)
Paid Content$263,941 $274,913 $525,379 $535,139 
Advertising47,124 45,220 86,806 85,118 
IP Adaptations27,400 28,138 47,152 53,721 
Total$338,465 $348,271 $659,337 $673,978 
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 $2.6 million and $2.9 million of physical book sales through the platform for the three months ended June 30, 2026, and 2025, respectively, and $5.0 million and $5.5 million of physical book sales through the platform for the six months ended June 30, 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 months ended June 30, 2026, and 2025, and the six months ended June 30, 2026, and 2025:
•Licensing fees (from sublicensing content to third parties): $8.0 million and $2.9 million, respectively, and $11.0 million and $6.0 million, respectively.
•Merchandise sales (from external platforms, IP royalties, and pop-up stores): $1.9 million and $0.9 million, respectively, and $3.3 million and $2.0 million, respectively.
The following table shows disaggregation of revenue by geography for the three months ended June 30, 2026, and 2025, and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands of USD)(in thousands of USD)
Korea
$138,490 $125,746 $258,911 $243,487 
Japan
$150,403 $177,881 304,694 342,139 
Rest of World
$49,572 $44,644 95,732 88,352 
Total$338,465 $348,271 $659,337 $673,978 
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 $81.0 million and $65.0 million during the three months ended June 30, 2026, and 2025, respectively, and $83.7 million and $72.2 million during the six months ended June 30, 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 $103.8 million and $90.0 million as of June 30, 2026, and December 31, 2025, respectively, and we expect to recognize the entire amounts within one year of the respective dates.