PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Renamed from Carrysoft, Episode Company has rapidly expanded into a comprehensive IP business spanning film investment, drama co-production, and commerce, driving sharp revenue growth, though consolidated profit and loss have yet to turn positive.
In March 2026 the company changed its name from Carrysoft to Episode Company, acquiring Studio Episode and Ace Factory to restructure operations into content, commerce, and IP-related business segments.
Consolidated revenue hit successive record highs in the first quarter (KRW 15.3 billion) and second quarter (KRW 19.4 billion) of 2026, but consolidated operating and net losses persisted.
Investment films 'Gunche' and 'Hope' proved box-office successes, validating the investment-and-distribution business, while distributed film 'Dora' was invited to the Busan International Film Festival following Cannes.
The commerce segment expanded into major retail channels such as Costco and Emart Traders, raising its share of first-half revenue from 18% to 40%.
Accumulated deficits and continued negative operating cash flow remain lingering financial burdens.
Episode Company traces its roots to Carrysoft, a kids' content company known for the YouTube channel 'Carrie and Toy Friends,' and changed its name to the current one at a shareholders' meeting in March 2026.
Earlier this year the company acquired web-content producer Studio Episode and Ace Factory, an entertainment company with actor management and drama production capabilities, formalizing a shift from a kids-content-centered structure to a comprehensive IP business spanning film, drama, web content, and commerce.
In line with this shift, the company reorganized its revenue reporting into three segments starting in the first quarter of 2026: content, commerce, and IP-related business.
The content segment covers film investment and distribution as well as drama co-production, exemplified by participation as co-producer of the Studio Dragon-planned drama 'Promoter.' The commerce segment sells proprietary brand products through major retail channels such as Costco and Emart Traders as well as CJ ONSTYLE, and is also pursuing overseas reverse direct-purchase sales.
The IP-related business segment centers on management revenue following the consolidation of Ace Factory.
The company previously signed agreements with major Chinese platforms Youku, iQiyi, and Tencent in 2016 but faced constraints from restrictions on Korean content in China; more recently it has sought to expand into China, Vietnam, and other overseas markets by retaining IP ownership while pursuing joint ventures with local partners.
In terms of competitive positioning, similar kids/MCN companies such as Clever E&M and large content producers such as Studio Dragon and Hive Media Corp are referenced as peers, and the company has recently expanded into sports IP, agreeing to co-host an international baseball event together with Reco Sports Agency.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.4B | ₩21,563,223 | 0.9% |
| 2025Q3 | ₩1.2B | -₩1B | −83.7% |
| 2025Q4 | ₩1.1B | -₩1.7B | −151.9% |
| 2026Q1 | ₩15.3B | -₩200M | −1.2% |
| 2026Q2 | ₩19.4B | -₩3.1B | −16.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩10.1B | -₩2.1B | -₩1.2B | −20.7% | −10.5% | 34.6% |
| 2023 | ₩8.5B | -₩3.7B | -₩5.5B | −43.3% | −95.9% | 107.4% |
| 2024 | ₩5.7B | -₩3.6B | -₩4.7B | −63.6% | −38.5% | 52.1% |
| 2025 | ₩5.7B | -₩3.6B | -₩6.1B | −62.6% | −28.2% | 32.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated annual revenue declined steadily from KRW 10.09 billion in 2022 to KRW 8.48 billion in 2023 and KRW 5.68 billion in 2024, before flattening at KRW 5.68 billion in 2025.
In contrast, operating losses widened sharply, from KRW 2.09 billion in 2022 to KRW 3.68 billion in 2023, KRW 3.61 billion in 2024, and KRW 3.56 billion in 2025, pushing the operating margin down from -20.7% in 2022 to -62.6% in 2025.
Net losses attributable to owners also trended higher, from KRW 1.15 billion in 2022 to KRW 5.49 billion in 2023, KRW 4.69 billion in 2024, and KRW 6.09 billion in 2025.
On a quarterly basis, second-quarter 2025 revenue of KRW 2.36 billion came with a brief operating profit of KRW 0.02 billion, but losses widened substantially in the third quarter (revenue KRW 1.23 billion, operating loss KRW 1.03 billion) and fourth quarter (revenue KRW 1.12 billion, operating loss KRW 1.71 billion, owners' net loss KRW 3.99 billion).
Revenue then surged to KRW 15.31 billion in the first quarter of 2026, narrowing the operating loss to KRW 0.18 billion, while second-quarter revenue hit another record of KRW 19.43 billion even as the operating loss widened again to KRW 3.10 billion and the owners' net loss reached KRW 2.58 billion.
This suggests that the top-line growth driven by the consolidation of Studio Episode and Ace Factory has not yet fully translated into improved profitability.
Owners' equity fell sharply from KRW 11.0 billion in 2022 to KRW 5.72 billion in 2023, then rebuilt to KRW 12.17 billion in 2024 and KRW 21.60 billion in 2025, suggesting substantial capital-raising activity.
Operating cash flow remained negative throughout 2023-2025, with the 2025 outflow of KRW 9.01 billion far exceeding the prior year's KRW 2.47 billion, indicating an accelerating pace of cash consumption.
The Korean film industry saw expanding theater attendance amid the summer peak season combined with ticket-discount programs run by the Ministry of Culture, Sports and Tourism and the Korean Film Council.
Against this backdrop, Episode Company employs a 'invest first, recognize revenue later' structure in which it commits investment capital ahead of a film's release and recognizes revenue and profit based on box-office performance, a model that heightens earnings volatility depending on hit-or-miss outcomes.
In the drama segment, the company is expanding its content value chain through co-production participation with major producers such as Studio Dragon.
The commerce segment combines content-based media commerce with proprietary brands, pursuing growth through both offline placement in large retail channels like Costco and Emart Traders and overseas reverse direct-purchase sales.
Peers include similar content and IP companies, and earnings volatility at major producers is cited as a factor affecting overall market sentiment toward the sector.
The Chinese market, previously constrained by restrictions on Korean content, is now being discussed as a potential re-entry opportunity amid an easing of international tensions.
Overall, the company's structure entails inherent earnings variability tied to cycles given its high dependence on individual content IP investment outcomes.
Following a record-high first half, the company has stated it intends to sustain growth in both the content and commerce segments in the second half.
In the content segment, the investment film 'Hope' topped the box office for two consecutive weeks after release and surpassed 3 million cumulative admissions, with overseas pre-sales reportedly raising the likelihood of breaking even.
Revenue related to the co-produced drama 'Promoter' is expected to be recognized starting in the second half, while the distributed film 'Dora,' after its Cannes Directors' Fortnight premiere, has been invited to the Busan International Film Festival for its first domestic audience screening, with overseas sales discussions reportedly ongoing including in France.
The company plans to expand into sports IP by co-hosting the international baseball event 'Korea-Japan Dream Players Game 2026' at Gocheok Sky Dome in Seoul in December.
In commerce, the company said it plans to continue broadening sales access through major domestic retail channels such as Costco and Emart Traders while pursuing overseas reverse direct-purchase sales.
Whether this revenue expansion translates into improved consolidated profit and loss remains a matter to be confirmed in upcoming quarterly results.
Because the company has recorded consecutive net losses, earnings-based valuation metrics are not applicable in this period, and market discussion of the share price level tends to focus instead on its relationship to net asset value.
The current share price trades above net asset value, reflecting a certain premium relative to book value. With no recent dividend payment history, the stock is difficult to assess from a dividend-yield perspective.
The fact that revenue surged in 2026 without a corresponding improvement in consolidated profit and loss suggests that how the market weighs the lag between revenue growth and profitability recovery will remain a key variable in future valuation discussions.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
Through the acquisitions of Studio Episode and Ace Factory, the company has built a business structure spanning film, drama, web content, and management, moving away from reliance on a single kids-content vertical. This drove consolidated first-half 2026 revenue to a record high, sharply above the prior-year period.
Segment diversification could provide a structural buffer against the impact of any single content title's underperformance.
The investment film 'Gunche' succeeded at the box office, building early credibility for the investment-and-distribution business, and this was followed by 'Hope,' which set the year's best opening and topped the box office, creating a string of successful outcomes.
The structure of pairing overseas pre-sales has reportedly raised the likelihood of the film breaking even. The fact that distributed film 'Dora' was invited to the Busan International Film Festival following Cannes is cited as evidence of the company's global distribution capability.
Commerce revenue grew sharply in the first half, helped by expanded placement in major retail channels, significantly raising its share of total revenue.
Collaborations with large offline channels such as Costco and Emart Traders and CJ ONSTYLE, along with the pursuit of overseas reverse direct-purchase sales, could serve as a revenue diversification path separate from the content business.
The strategy of combining content IP with commerce is cited as a factor that can improve brand marketing efficiency.
Even as revenue hit successive record highs in the first and second quarters of 2026, consolidated operating losses and owners' net losses actually widened rather than narrowed. This suggests that the cost structure of newly consolidated subsidiaries has not yet kept pace with revenue growth. The point at which top-line growth translates into improved profit and loss has not yet been confirmed.
The 'invest first, recognize revenue later' structure means losses are directly incurred if content underperforms. Indeed, in the third and fourth quarters of 2025, when the content lineup was relatively thin, operating and net losses widened substantially.
Quarterly results could continue to swing significantly depending on the success or failure of specific content titles.
Owners' equity fell sharply in 2023 before rebuilding in 2024 and 2025, a pattern presumed to reflect external capital raising rather than profit accumulation. Operating cash flow remained negative from 2023 through 2025, and the shortfall widened considerably in 2025 compared with the prior year. This suggests the possibility that further external funding needs may remain going forward.
The film investment and distribution business ties results directly to the box-office success or failure of individual titles, and losses can widen significantly if a large investment concentrated in a single title underperforms.
Expansion into overseas co-production and distribution also introduces additional variables such as exchange rates and settlement with local distribution partners. Revenue and profit can contract sharply during periods when the content pipeline is thin.
Integration of newly consolidated subsidiaries such as Studio Episode and Ace Factory, along with organizational efficiency improvements, remains a work in progress, and unexpected costs could arise during the integration process.
The sharp widening of owners' net loss in the fourth quarter of 2025 suggests the possibility of large one-time losses. Whether goodwill and other acquisition-related assets face future impairment is also a matter to monitor.
With operating cash flow negative for several consecutive years, the need for additional funding to support business expansion persists. As shown by past increases in owners' equity, repeated external funding such as rights offerings could dilute existing shareholders.
The fact that non-controlling interest equity turned negative (KRW -0.33 billion) in 2025 is also a factor worth examining in the profit-and-loss allocation structure among subsidiaries.
At the 31st Busan International Film Festival, distributed film 'Dora' will meet domestic audiences for the first time in the Gala Presentation section. It is worth checking audience reception and progress in subsequent overseas sales discussions.
In the third-quarter consolidated results, which will reflect revenue recognition related to the drama 'Promoter,' it will be important to check the revenue contribution of the content and commerce segments and whether consolidated profit and loss improve.
The turnout and ancillary revenue performance—sponsorship, merchandise, and more—of the 'Korea-Japan Dream Players Game 2026' international baseball event at Gocheok Sky Dome in Seoul can be checked to gauge the early performance of the new sports IP business.
It will be worth checking whether partnership or contract disclosures related to re-entry into overseas markets such as China and Vietnam emerge, and monitoring progress on the commerce segment's overseas reverse direct-purchase business.
Episode Company is rapidly transforming from a kids-content-focused Carrysoft into a comprehensive IP business spanning film, drama, commerce, and management.
Consolidated revenue hit a record high in the first half of 2026, driven by the consolidation of Studio Episode and Ace Factory and by film investment successes, and the box-office performance of investment titles 'Gunche' and 'Hope' along with 'Dora's' invitation to the Busan International Film Festival illustrate the growth potential of the content business.
However, despite the surge in revenue, consolidated operating losses and owners' net losses actually widened, and operating cash flow has remained negative for several consecutive years, sustaining financing pressure.
Whether revenue recognition from the drama 'Promoter,' early results from the new sports IP business, and any re-entry into overseas markets translate into tangible results from business diversification will be key points to watch going forward.
The company appears to be at a transitional stage where bullish factors—business diversification and investment track record—coexist with bearish factors of persistent losses and cash-flow pressure.
Report written 2026-09-05 · Data as of 2026-09-04
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