K Wave Media Ltd.

K Wave operates an "IP content business" focused on creating, investing in, managing, licensing, and monetizing intellectual property content like TV programs, movies, dramas, and music. The company's core activities involve producing original content or acquiring rights to existing valuable IP content, such as films and TV shows, from creators, artists, or other sources. For its merchandising operations, the business includes selling merchandise related to IP content based on popular musicians, TV programs, and movies. K Wave considers intellectual property rights, including copyrights, registered and pending trademarks, service marks, domain names, trade secrets, and proprietary technologies, essential to its success. The company protects these rights using trademark laws, trade secret protection, confidentiality measures, and license agreements. K Wave reports its operations across four segments: content merchandising, food and beverages, content production, and content investment. In the content merchandising segment, revenue is primarily generated by its wholly owned subsidiary, Play Company, which produces and distributes specialized video merchandise for major K-pop artists. Play Company offers an integrated merchandising solution covering content planning, video production, manufacturing, and distribution, with merchandise releases aligned with artist activities like concerts, album launches, and fan events. Revenue mainly comes from selling video-based merchandise. In the food and beverages segment, revenue is principally earned through Play's subsidiary, Play F&B Co., Ltd., from selling baked goods and coffees and licensing intellectual property and brand names. Play F&B operates retail bakery-cafes and a franchising business under the "Our Bakery" concept. As of December 31, 2025, retail operations included five Play F&B-owned bakery-cafes and eight franchise-operated bakery-cafes in South Korea and China.