According to the report published by Spherical Insights & Consulting, the Worldwide Webtoons Market Size stood at a revenue of $4.7 billion in 2021, and is projected to amass $60.10 billion by 2030, witnessing a CAGR of 40.8% from 2022 to 2030.
The webtoon is one of the representative genres of Korean widespread culture showing Korean digital culture, consumed transnationally with the enlargement of worldwide digital networks. As smartphones became omnipresent in European and North Yankee societies, webtoons quickly unfold as a result of their vertical format is less complicated to scan on sensible devices than ancient book-oriented comics and manga. They use a vertical orientation that encourages scrolling on sensible devices. A world webtoons service that lets skilled and amateur creators transfer their digital comics and monetize them, and everybody else to scan them for free. The webtoons help to scan stories, manage signed series, and track recently scans series, however, will not be able to begin reading on mobile and choose it to keep a copy online (or vice versa). Conjointly webtoons can’t provide the permission to scan series between mobile operating systems either.
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Consumption of digital entertainment and activities has increased during the pandemic. Webtoon are more favorable during pandemics because of their ease of access, even from home. Information regarding COVID-19 regulates quickly and easily within many online news portals, which are updated all the time. Various digital media are contributing to spreading awareness about COVID-19, of them is through the online comic. Although COVID-19 has created the creation of webtoons more durable, it could not stop the fast growth of the business. At a similar time, however, contraband websites that feature pirated webtoons have persisted with no signs of decreasing, although COVID-19 has created the creation of webtoons more durable, it could not stop the fast growth of the business. At a similar time, however, contraband websites that feature pirated webtoons have persisted with no signs of decreasing, despite governmental efforts. Despite the irruption of Covid-19, the webtoons and internet novel markets unit of measurement expected to point zoom.
Development of New Business Model across Globe Propel Market Growth
As webtoon industry is rapidly evolving from past 20 years. With the increase in interest and enhanced digitization digital comics have been created in many forms. Their format has transformed from past many years as content creators have evolved new ways to appeal audiences. Previously webtoons featured simple. After that, as webtoons started published over internet portals become growingly narrative-driven and dramatized, with more acculturating pacing. With the development of the user-created content model, internet portals have witnessed growing number of authors, both new and established, to earn income from webtoons.
Increase in Digital Comic Drive Market Growth
Digital infrastructure in the form of broadband Internet distribution and speed and smartphone transmission generated the essential conditions for the growth of webtoons. As demand for mobile entertainment continues to grow, webtoons are catching the eyes of an increasing number of users, offering a significant opportunity for Korean platform providers. An increasing number of internet users across the South Korea region is contributing to huge growth in this market. As per industry stats, South Korea had a population of 51.29 million in Jan 2021.
Network, platforms, and digital technologies are transforming the traditional media and entertainment industry. This is the major factor that drive the market in the forecast period
Global Webtoons Market Report Coverage
|Historical Data for:||2017-2020|
|No. of Pages:||210|
|Tables, Charts & Figures:||116|
|Segments covered:||COVID-19 Impact Analysis Report, By Type, By Revenue Model, By Region|
|Companies Covered:||Naver Corporation, Lezhin Entertainment, Piccoma, Tappytoon, ToryComics, Toomics Global, WEBTOON Entertainment Inc, Ridibooks (RIDI Corp), Bomtoon (kidariSTUDIO), Tapas, Webtoon Factory, Izneo Webtoon, Stela, Webcomics, SPOTTOON (Rolling Story).|
|Growth Drivers:||1)The Global Webtoons Market is segmented by Type, Revenue Model, and Region.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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Piracy and Rising Competition in Webtoon restrain market growth
In order to increase subscriptions, companies are increasingly choosing to maintain their own material as in-house exclusives. Consumers only have so much disposable income, and the ever-growing laundry list of services they must pay in order to watch all of their favorite movies and series may become not only complicated but also prohibitively expensive. This is especially true outside of the United States, where geographic viewing restrictions limit access to popular programming. As a result, some of these users are returning to piracy. The content business spent years attempting to combat piracy with a variety of harsh measures and lawsuits, only to discover that providing customers with low-cost, high-quality, legitimate services was the best approach. These services drew a large number of subscribers because it offered a less priced and more flexible alternative to regular cable.
The Global Webtoons Market is segmented by Type, Revenue Model, and Region. Based on the Type, the market is categorized into Romance, Comedy, Action, and Others. Based on Revenue Model market is categorized into Subscription Based, and Advertisement Based. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Based on type, the comedy segment was the largest in 2021, holding over one-fourth of the global webtoons market, and is likely to rule the roost during the forecast period. The romance segment, however, is likely to register the highest CAGR of 35.7% from 2022 to 2030.
Based on revenue model, the adds bases segment was the largest in 2021, grabbing more than half of the global market. However, the subscription segment is projected to register the highest CAGR of 46.5% throughout the forecast period.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Webtoons Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The Asia-Pacific webtoons market is projected to grow with a CAGR of 36.7% during the forecast period. Webtoons platform has exploded in popularity across Asia, with the top webtoons apps attracting more than 70 million monthly users and generating over 100 billion views each year. Rapidly growing demand for webtoons around the world, the worth of NAVER Webtoon to return into focus going forward. NAVER Webtoon is that the largest webtoon platform by revenue and users across Korean Peninsula, Japan, Taiwan, the US, and major countries in geographical regions. The service is within the early stages of monetizing its 55mn MAU (accumulated over the past decade), and therefore the results are materializing in recent months. The webtoon service reached breakeven domestically in late 2020 and is anticipated to show a profit globally in the forecasted year. With the platform system taking form, the webtoon business is anticipated to relish long-run growth, backed by its robust profit mode.
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MARKET: COMPETITIVE LANDSCAPE
The market for Webtoons is very crowded with both small and big competitors. The market seems to be moderately concentrated, and the big players mostly use product innovation and mergers & acquisitions to increase their market share and keep one step ahead of the competition. Some leading player in this market focusing on the launching new technology in the Webtoons.
MARKET: RECENT DEVELOPMENT
- August 2021 - WEBTOON Entertainment Inc, the world's leading webcomic platform, today announced a creative partnership with DC. DC and WEBTOON will collaborate on several upcoming webcomic series set in the DC Universe as part of the agreement. These standalone series will appeal to all fans, as no prior knowledge or reading is required. More information, including information about local language translations, will be provided in the coming weeks.
- March 2022- WEBTOON will establish a new European corporation, expanding its presence in the region and solidifying its position as the leading digital comics platform in Europe and the world. WEBTOON's new European corporation will be headquartered in France.
MARKET: KEY PLAYERS
- Naver Corporation
- Lezhin Entertainment
- Toomics Global
- WEBTOON Entertainment Inc
- Ridibooks (RIDI Corp)
- Bomtoon (kidariSTUDIO)
- Webtoon Factory
- Izneo Webtoon
- SPOTTOON (Rolling Story).
SCOPE OF THE REPORT
The reports also assist in understanding the dynamic and structure of the Webtoons market. The study serves as an investor's guide with its clear representation of competitive analysis of key competitors by product, price, financial condition, product portfolio, growth plans, and regional presence in the market for Webtoons. Global Webtoons market has been analyzed on various dimensions. Also, various segments of the market has been reviewed qualitatively and quantitatively.
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