The ‘South Korea Webtoons Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea webtoons market, assessing the market based on its segments like genres, revenue models, and device types.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
South Korea Webtoons Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Over USD 1.3 Billion
• Forecast CAGR (2023-2028): 18.2%
• Forecast Market Size (2028): Nearly USD 3.4 Billion
Webtoons are a type of digital comics that are generally intended to be read on smartphones in South Korea. Even though webtoons were largely not so famous outside Korea when it was introduced, there has been an increase in their popularity globally thanks to the growing popularity of manhwa and the fact that numerous manhwas are published as webtoons.
An increasing number of IT and gaming companies in South Korea are using K-pop singers, who have gained popularity all across the world, to increase their global sales and create a robust presence in newly formed markets. Owing to the extensive fan following, K-pop performers such as BTS are suitable assets for corporation considering augmenting their worldwide services and sales.
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In addition, advancements in technologies are the mainstays of the entertainment sector, which is bolstering the South Korea webtoons market development. The exceptional cyberspace and smartphone infiltration, increasing disposable incomes of customers, and enhanced standards of living within the country have also positively influenced the market for webtoon.
The increasing spending on entertainment, the ease of accessibility of webtoons, and the growing appeal of webtoons among the Gen-Z and millennial population are expanding the South Korea webtoons market demand.
South Korea Webtoons Industry Definition and Major Segments
Webtoons can be defined as digital forms of comics which can be effortlessly viewed through the internet at any time and any place. Webtoons were first created in South Korea, and they have gained enormous popularity in various regions such as Europe, India, and the United States. Looking at the high-level of recognition, this paper-less digital comics fashion is accepted as a widespread platform to provide original comics matters to the audience in various countries. Also, these webtoons are refreshing and crips to readers and include visual images along with the textual content, which makes them even more interesting.
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Based on genres, the South Korea webtoons market can be segmented into:
On the basis of revenue models, the market is classified into:
• Subscription Based
• Advertisement Based
By device types, the market is divided into:
• Laptop and Tablets
South Korea Webtoons Market Trends
Webtoons have provided a fresh space for the swift concept of transmedia IP and offer cartoonists with an opportunity to utilise their cartoons to outreach massive digital viewers. They also act as agents amongst a vibrant structure of mediators, comprising spectators, producers, creators, promoters, and governments, as led by Korea’s cultural policy for distributing national material to a global audience.
With the increasing fame of K-dramas and K-pop, the demand for webtoons or Manhwa is rising. Similar to TV serials, their episodes are launched weekly on the online platform at a slated time. Moreover, such comics on digital platforms are convenient to create and circulate, and they lower the utilisation of paper, hence they appeal to environmentally aware audiences in the country.
Some of the South Korea webtoons market drivers include the rising soft power of South Korea across the globe, the increasing attempts at cultural and lifestyle-linked understanding through entertainment by global audiences, the availability of digital comics in diverse genres and languages, and the use of webtoons as means to enhance Korean language abilities when read in the original language.
Owing to their various attributes such as usage of visual effects expertise in the latest webtoons and simple and comprehensible design, webtoons are gaining immense popularity, which is expected to further drive the South Korea webtoons market in the forecast period.
Key Market Players
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
• Toryworks Co., Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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