South Korea Webtoons Market to Reach Around USD 6.92 Billion by 2032, Driven by the Growing Influence of K-pop, Film, and Television Globally

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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Market Analysis by Genre, Revenue Model, and Device Type:

• The market, on the basis of genre, can be divided into comedy, action, sci-fic, romance, and horror, among others.

• Based on revenue model, the market can be segmented into subscription based and advertisement based.

• The various device types in the market include mobile, television, and laptop and tablets.

Key Findings of the Report:

• In 2022, 5G smartphones accounted for 48% of the total smartphone sales. Additionally, in terms of smartphone penetration rate, South Korea comes in sixth place globally. Due to the high smartphone penetration rate, mobile-friendly webtoons have gained wide popularity in South Korea.

• Webtoon artists are incorporating K-pop idols to gain recognition. Some of the novels that include K-pop idols include "7FATES: CHAKHO," which includes BTS; "DARK MOON: THE BLOOD ALTAR," which includes ENHYPEN; and "THE STAR SEEKERS," which includes TXT.

• The high popularity of K-dramas inspired by webtoons such as Business Proposal, True Beauty (Yaongyi), Itaewon Class, and others, is aiding the South Korea webtoons market expansion.

• Webtoons have become a significant cultural export from South Korea, where popular series have led to widespread merchandise adaptations and even devoted fan conferences. Furthermore, webtoon platforms offer prospective artists a way to share their work with audiences directly.

Figure: Bestselling Smartphones in South Korea, 2023

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea webtoons market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the genre, revenue models, and device types of webtoons in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

Key Highlights of the Report

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