Revenue
Disaggregation of Revenue
The following table shows revenues disaggregated by revenue stream for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| | | | | |
| (in thousands of USD) |
| Paid Content | $ | 1,087,496 | | | $ | 1,083,026 | | | $ | 1,028,960 | |
| Advertising | 164,257 | | | 166,087 | | | 145,452 | |
| IP Adaptations | 130,952 | | | 99,365 | | | 108,336 | |
| Total | $ | 1,382,705 | | | $ | 1,348,478 | | | $ | 1,282,748 | |
| | | | | |
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 $11.2 million, $10.9 million and $7.5 million of physical book sales through the platform for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. Advertising revenue represents amounts earned for the display of advertisements on our offerings or product placement within content. IP Adaptations include the internal development of film, streaming series, or other rich media format adaptations commissioned by third party studios or streaming platforms; the license fees generated by sublicensing content to third parties are $13.6 million, $12.9 million and $11.5 million in 2025, 2024 and 2023, respectively; as well as $5.7 million, $15.1 million and $14.0 million of merchandise sales generated through external platforms, IP royalties, and pop-up stores for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.
The following table shows disaggregation of revenue by geography for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| | | | | |
| | | (in thousands of USD) |
| Korea | $ | 522,033 | | | $ | 517,534 | | | $ | 566,368 | |
| Japan | 681,821 | | | 648,247 | | | 557,349 | |
| Rest of World | 178,851 | | | 182,697 | | | 159,031 | |
| Total | $ | 1,382,705 | | | $ | 1,348,478 | | | $ | 1,282,748 | |
Paid Content revenue in the revenue disaggregation by geography above is based on the location of the Company’s customers at the time of sign-up as determined by the Company’s internal systems utilizing standard geolocation technology.
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 $81.6 million, $70.4 million and $66.3 million in 2025, 2024, and 2023, respectively, that were included within Contract liabilities on the Consolidated Balance Sheets as of the beginning of the respective year.
As of December 31, 2025, December 31, 2024, and December 31, 2023, our remaining performance obligations were $90.0 million, $85.9 million, and $76.7 million, respectively, and we expect to recognize the entire amounts within one year of the respective year-end.