Press Release
Press Release
In South Korea, webtoons have gained popularity due to their enjoyable experiences and mass appeal. One key feature of webtoons that provides an advantage over traditional comics is their vertical scrolling format. As a result, viewers do not need to flip through pages.
The South Korea webtoons market growth can be attributed to the high smartphone ownership rates, rising demand for cost-effective entertainment sources, and the recreation of webtoons into K-dramas. The addition of sound and visual effects is another method to produce a high-quality, immersive webtoon experience. Some prominent providers of webtoons in South Korea include Naver and Kakao (KRX: 035720), among others.
Korean webtoons have gained popularity in the West due to advancements in technologies such as artificial intelligence, and digitalisation, and their original storyline and easy accessibility. To capitalise on this trend, many artists are translating their webtoons into English and other global languages. In December 2021, Toptoon Plus announced that Toptoon, its English K-webcomic services aimed at English readers, surpassed 1 million subscribers within 6 months.
In January 2024, the Minister for Culture, Sports, And Tourism announced plans to foster webtoon platform development with the global influence of video streamers such as Netflix and inaugurate a significant webtoon festival this autumn. By 2027, the government aims to establish a school devoted to webtoons and their respective emerging genres. The strategy is part of Korea's larger soft power campaign. Due to the success of Netflix's "Squid Game," the Oscar-winning "Parasite," and musical talents like Psy, BTS, and Blackpink, the country's film, television, and pop music industries have achieved international recognition. By 2027, the sector is anticipated to grow to KRW4 billion (USD 2.9 billion) with exports of USD 250 million.
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Figure: Bestselling Smartphones in South Korea, 2023
The major players in the South Korea webtoons market are Naver Webtoon Limited, Kakao Entertainment Corp., Toptoon Co., Ltd., Lezhin Entertainment, LLC., Tappytoon/Contents First, Inc., Toomics Global Co.,Ltd, and Toryworks Co.,Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Genre |
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Breakup by Revenue Model |
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Breakup by Device Type |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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