Webtoons - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

The Webtoons market was valued at USD 4.56 billion in the previous year and is expected to register a CAGR of 35.27%, reaching USD 27.85 billion in the next five years. Due to the rise in digital media consumption and the acceptance of online comics, the market for webtoons has seen rapid expansion in recent years. Webtoons, commonly referred to as digital comics, are a type of online entertainment that uses web platforms or mobile applications to convey sequential art and narration.

Key Highlights

• The domination of mobile devices as the main platform for watching webtoon content is one of the market's defining trends. Webtoons are available to a global audience due to the huge popularity of smartphone apps like LINE Webtoon, Lezhin Comics, and Tapas.
• Due to the abundance of outlets that allow translations and adaptions in many languages, webtoons have crossed cultural barriers. The ability to reach a larger and more varied audience has been made possible by globalization. For instance, the Korean webcomic "Tower of God"experienced tremendous global success, which prompted anime adaption and enhanced exposure on a global scale.
• Webtoon platforms use a variety of revenue techniques, such as freemium models, where viewers can view material for free but can also pay for premium episodes or subscribe to ad-free editions. Deals involving products and licensing also help to increase revenue.
• Webtoons are more accessible to a wider audience, particularly in emerging nations, because of the growth of smartphones and high-speed internet access. Platforms making original content investments have drawn readers and creators, establishing a thriving webtoon production environment. The easy sharing of readers' favorite webcomics via social media platforms promotes viral marketing and boosts engagement.
• The COVID-19 epidemic served as a catalyst for the global market for webtoons, increasing digital adoption, diversifying content, developing new monetization methods, and encouraging international growth. Webtoons continue to flourish and adjust to the shifting interests of their ever-expanding worldwide audience due to increased engagement and changing trends.

Webtoons Market Trends

Rise In Content Digitization And Mobile First Consumption

• The rise in content digitization and the trend toward mobile-first consumption have been the primary drivers of the tremendous growth seen in the global webtoons market in recent years. The way people interact with and consume comics and other graphic material has changed as a result of this development, which has helped the webtoons market gain both revenue and popularity.
• The global webtoons market has expanded significantly as a result of the content digitalization process. By removing conventional constraints like the cost of printing and distribution, digitization has made it simpler for content producers to develop and distribute their work to a worldwide audience.
• Due to this, there is a huge influx of unique and creative webtoon content that is appealing to a variety of groups. For instance, the webtoon series " Lore Olympus" is extremely well-liked due to its digital distribution strategy. The series, which Rachel Smythe created, retells the tale of Hades and Persephone in a contemporary setting. Due to its digital accessibility, it was able to quickly surpass other webcomics in terms of readership by reaching a sizable international audience.
• The audience interaction with webtoon content has undergone a radical change as a result of the shift to mobile-first consumption. Users may readily access webtoons on the go because of the widespread usage of smartphones and high-speed internet, making them a practical and engaging form of entertainment. A site that hosts a wide range of webtoons, LINE Webtoon, for instance, revealed that a sizable amount of its traffic originates from mobile devices. This demonstrates how crucial mobile accessibility is to the growth of webcomics.
• Webtoon's digital format makes it simple to localize and translate them, allowing content producers to easily reach a global audience without the difficulties of conventional publishing and distribution. As an illustration, "Tower of God'', a South Korean webcomic made by SIU (Slave in Utero), became incredibly well-known all over the world after being translated into several languages. The webcomic's global success can be attributed to the fact that it is accessible via a variety of digital channels, allowing viewers from diverse nations to simultaneously enjoy the content.

Asia Pacific is Expected to Hold Significant Share

• For a number of compelling reasons, including cultural aspects, technological improvements, and a strong digital environment, the Asia-Pacific region is likely to hold a sizable portion of the global webtoons market.
• There are many different cultures, languages, and storytelling customs throughout the Asia-Pacific area. This diversity has produced a wealth of fascinating and distinctive webtoon content that appeals to audiences around the world. Webtoons from this region have a sizable market share because of the strong cultural influence they have on viewers across all demographics.
• Manhwa (Korean comics) and manga (Japanese comics), for instance, serve as excellent illustrations of how cultural storytelling has substantially influenced the market for webcomics. Massive global fan bases have been attracted to series like"Demon Slayer"(Japan) and "Solo Leveling" (South Korea), demonstrating the region's capacity to produce content that is appealing to audiences around the world.
• The webcomics produced in the Asia-Pacific area have become well-known not only in their respective home nations but even beyond. Because of their popularity, some webcomics have been adapted into various media, which has increased their influence. As an illustration, the South Korean webcomic "Sweet Home" was turned into a well-liked Netflix series, reaching a global audience and demonstrating the region's capacity to produce works with broad appeal.
• Other nations in the Asia-Pacific region, such as Indonesia, Thailand, and Vietnam, are also observing a spike in webtoon creation and consumption despite the fact that nations like South Korea and Japan have established themselves as webtoon powerhouses. This unrealized potential offers fresh chances for development and market enlargement. For instance, Indonesian webtoon designers Alzero and Masnur Azwar have become well-known for their distinctive storytelling and visual approaches, which have helped to diversify the webtoon market.

Webtoons Industry Overview

The webtoon market is fragmented and highly competitive, owing to the presence of many players in the market operating in the domestic as well as the international market. Various strategies are being adopted by the major players in the market, such as product innovation and mergers and acquisitions. Some of the major players in the market are Marvel Unlimited, SideWalk Group, Naver Webtoon Corp, Kakao Corp., and Lezhin Entertainment, LLC, among others.

In July 2023, Over ten new original cartoon series will released by Manta, one of the subscription-based digital comics platforms, by the third quarter of 2023.

In January 2023, The webcomic distributor, which has a close relationship with Wattpad, a hub for web fiction, expanded its catalog with a variety of original works. The list contains tales that were popular on Wattpad and are currently being turned into webcomics.

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