Listings on an online Singaporean marketplace range from $5 to $25 per photo card. K-pop shops in Singapore also sell exclusive photo cards for $15 to $20 a piece. Merchandising is king.

Photo cards are known as one of the most coveted merch in the K-Pop community. The 55 x 85 mm special photos of K-Pop idols have created collectors among fans, with some spending a huge amount of ...