South Korea Webtoons Market Report and Forecast 2024-2032

South Korea Webtoons Market Report and Forecast 2024-2032

Market Outlook

According to the report the South Korea webtoons market grew significantly in 2023. Aided by the rising penetration of smartphones and the growing global appeal of Korean cultural exports, the market is projected to further grow at a CAGR of 18.2% between 2024 and 2032 to reach a value of about USD 5.5 billion by 2032.

Webtoons, essentially digital comics or manhwas native to South Korea, are not just a leisure pastime but an integral facet of contemporary Korean culture. Published on dedicated platforms and apps, they traverse a spectrum of genres, capturing the hearts of diverse readership demographics. Their distinctive vertical scrolling format, colourful graphics, and engaging storylines, often intertwined with elements of Korean society, have contributed to their mounting popularity. Beyond their entertainment value, webtoons have begun to permeate various sectors like film, television, merchandise, and even tourism, amplifying their market footprint.

The ubiquity of smartphones and high-speed internet connectivity has been posing a positive impact on the South Korea webtoons market outlook. With digital platforms offering easy access, readers can delve into their favourite webtoons anytime, anywhere. The convenience factor, paired with often free or freemium access models, has further bolstered webtoon consumption.

Further energising the South Korea webtoons market is the global ascendancy of Korean culture. Termed the 'Korean Wave' or 'Hallyu', this cultural phenomenon has seen Korean entertainment forms, including K-pop, K-drama, and now webtoons, garner global fandoms. Recognising this, webtoon platforms are not only translating content into multiple languages but also collaborating with international artists and writers, facilitating a more diverse content repository.

Beyond their digital realms, webtoons are making notable strides in other entertainment sectors which is contributing to the South Korea webtoons market demand. Their compelling narratives and well-etched characters provide fertile ground for adaptations into movies, television dramas, and even theatrical productions. Successful adaptations not only enhance the popularity of the original webtoon but also open additional revenue streams through licensing deals, merchandising, and associated promotional events.

Moreover, the creative industries associated with webtoons, including illustrators, writers, and digital platform developers, are experiencing a surge in opportunities and growth. According to the South Korea webtoons market analysis, the government's support, recognising webtoons as a dynamic cultural export, has also played a pivotal role. Initiatives to nurture talent, incentivise innovations, and promote Korean webtoons on international platforms are further catalysing the sector's expansion.

Market Segmentation

The market can be divided based on genre, revenue model, and device type.

Market Breakup by Genre

• Comedy
• Action
• Sci-Fic
• Romance
• Horror
• Others

Market Breakup by Revenue Model

• Subscription Based
• Advertisement Based

Market Breakup by Device Type

• Mobile
• Television
• Laptop and Tablets

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea webtoons market. Some of the major players explored in the report are as follows:

• Naver Webtoon Limited
• Kakao Entertainment Corp.
• Toptoon Co., Ltd.
• Lezhin Entertainment, LLC.
• Tappytoon/Contents First, Inc.
• Toomics Global Co.,Ltd
• Toryworks Co.,Ltd.
• Others