South Korea Webtoons Market Size, Share, and COVID-19 Impact Analysis, By Genre (Romance, Comedy, Action, Sci-Fi, Action, Horror, Others), By Revenue Model (Subscription Based, Advertisement Based), and South Korea Webtoons Market Insights Forecasts 2023 – 2033

Industry: Information & Technology

RELEASE DATE Jan 2024
REPORT ID SI3592
PAGES 200
REPORT FORMAT PathSoft

South Korea Webtoons Market Size Insights Forecasts to 2033

  • The South Korea Webtoons Market Size was valued at USD 1.09 Billion in 2023
  • The Market Size is Growing at a CAGR of 15.23% from 2023 to 2033.
  • The South Korea Webtoons Market Size is Expected to Reach USD 4.50 Billion by 2033.

South Korea Webtoons Market

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The South Korea Webtoons Market size is expected to reach USD 4.50 Billion by 2033, at a CAGR of 15.23% during the forecast period 2023 to 2033.  

 

Market Overview

Webtoons are digital comics produced in South Korea that can be read on computers and mobile devices. Webtoons were relatively unknown outside of Korea when they first appeared, but their popularity has grown since the success of manhwa webtoons (a broad Korean term for comics and print cartoons). The user-friendliness of webtoon apps has increased the popularity of digital manhwa in the country. Webtoons are a type of Internet comic that is easier to create and distribute due to their shorter and more precise format. People who primarily use webtoons for entertainment are constantly looking for new and interesting content. The market trend of spending more time on entertainment has increased demand for new webtoon series. Furthermore, digital comics have significantly reduced the cost and demand for drawing tools such as screen tones and drawing pens. It is anticipated that webtoons will provide significant growth opportunities in the digital entertainment industry. Webtoons are composed of vertically oriented images that can be scrolled from top to bottom, allowing designers to present a single large image on a mobile or tablet. These factors are expected to increase the webtoon market size during the forecast period.

 

Report Coverage

This research report categorizes the market for the South Korea webtoons market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea webtoon market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea webtoons market.                 

 

South Korea Webtoons Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 1.09 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:15.23%
2033 Value Projection:USD 4.50 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Genre, By Revenue Model
Companies Covered:Naver Webtoon Limited, Kakao Entertainment Corp., Toptoon Co., Ltd., Lezhin Entertainment, LLC., Tappytoon/Contents First, Inc., Toomics Global Co., Ltd, Toryworks Co., Ltd., and other key companies.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Driving Factors

The rise in mobile-based subscriptions has resulted in an expansion of online operations, which are now available on a variety of entertainment platforms, including digital comics, action comics, series, and other readable. Technological advancements are the foundation of the entertainment industry, and the webtoon market is primarily driven by them. Furthermore, webtoons are expected to generate enormous growth opportunities because digital comics have significantly reduced the need for drawing tools like drawing pens and screen tone. Webtoons consist of vertically arranged images that users can scroll from top to bottom, allowing designers to display one large-size image on a tablet or mobile device.

 

Restraining Factors

Webtoons can only be read on online platforms, and the majority of webtoon content is very short in length, so there aren't enough episodes to create a print version. Because of the industry's niche, most illustrators in webtoon programs are amateurs, which may cause readers to be dissatisfied with the level and quality of webtoon narratives.

 

Market Segment

  • In 2023, the comedy segment accounted for the largest revenue share over the forecast period.

Based on genre, the South Korea webtoons market is segmented into romance, comedy, action, sci-fi, action, horror, and others. Among these, the comedy segment has the largest revenue share over the forecast period. Creators are capitalizing on the universal appeal of laughter, creating witty and entertaining stories that resonate with audiences both locally and globally, and webtoons in the comedy genre are becoming increasingly popular, with readers seeking light-hearted and humorous content as a form of escapism. The genre's success stems from its versatility, which allows creators to experiment with a wide range of comedic styles, from slapstick humor to clever satire. As platforms actively promote and curate comedy webtoons, creators are exploring new creative avenues, introducing innovative comedic narratives that reflect societal quirks, relatable situations, and cultural humor. This trend not only broadens the webtoon landscape but also demonstrates the industry's ability to adapt to changing audience tastes, ensuring that laughter remains an important and growing segment of South Korea's thriving webtoon ecosystem.

 

  • In 2023, the advertisement-based segment is witnessing significant growth over the forecast period.

Based on the revenue model, the South Korea webtoons market is segmented into subscription-based and advertisement-based. Among these, the advertisement-based segment is witnessing significant growth over the forecast period. Recognizing the potential of this innovative model, creators and platforms are weaving narratives around brands and products, resulting in a symbiotic relationship between storytelling and advertising. This growing segment takes advantage of the immersive nature of webtoons, seamlessly integrating advertisements into the narrative while maintaining the quality of storytelling. Brands are discovering a unique platform for engaging with audiences through captivating storylines, effectively combining promotional content and entertainment. For creators, the advertisement-based model provides a new revenue stream, allowing them to monetize their content while keeping it accessible to readers. As this segment expands, it not only creates new opportunities for brand storytelling, but also helps to ensure the webtoon industry's long-term viability by demonstrating its adaptability to innovative monetization strategies in an ever-changing digital landscape.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea webtoons market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

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

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korean webtoons market based on the below-mentioned segments: 

 

South Korea Webtoons Market, By Genre

  • Romance
  • Comedy
  • Action
  • Sci-Fi,
  • Action
  • Horror
  • Others

 

South Korea Webtoons Market, By Revenue Model  

  • Subscription Based
  • Advertisement Based

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