Sega Digital Media
From Sega Retro
All signs point to Wave Master being a continuation of "Sega Digital Media" (セガデジタルメディア) instead of "Sega Digital Studio" (セガデジタルスタジオ)... although clearly Sega Digital Studio was a thing at some point too. Current theory is "Digital Studio" was quite literally the name for a studio, while Digital Media were a proper R&D team.
Also this is why I don't like generating like these lists manually - there's no evidence for half the games on this page being involved with whatever this team was called. That's not so say it's wrong, I just... don't know -Black Squirrel (talk) 14:45, 24 December 2020 (EST)