The battle for Korean content: Webtoon, Webnovel
The content competition company of Naver and Kakao has also spread to the US (Kakao is a major South Korean IT firm that has recently diversified into the entertainment industry and Naver is Korea's most famous portal site). It is ranked as the Top Two in terms of the number of subscribers and content in the webtoon and web novel industries.
Webtoons have recently become a hot material in Korea, for both movies and dramas. Naver and Kakao are expanding their international business after several box office hits based on "Webtoon" verified webtoon's popularity and profitability.
The signs in the US market, in particular, are unusual. In January, Naver acquired “Wattpad”, the largest web novel platform in North America, and Kakao is rumoured to be interested in acquiring “Radish", another well-known North American web novel platform.
(Photo Source: Google)
Wattpad, which was purchased by Naver, is a massive web novel network that consumes 23 billion minutes per month from 90 million users. It is the world's largest social storytelling site, famous movie "Kissing Booth" and "After" are focused on original work written on Wattpad. While Radish, which Kakao is acquiring, has fewer users than Wattpad, but some expert says that they believe it will grow rapidly as a result of its partnership with Kakao.
Why is it important for Naver and Kakao to enter the United States?
First of all, Naver is up to be one of the storytelling platforms with the acquisition of Wattpad. Naver Webtoons reaches approximately 72 million people every month, with a total of 70 million people and Wattpad, which is used by 90 million people monthly and has about 160 million users.
(Photo Source: Google)
In the case of Kakao Page, service is already available in Japan through its own platform. It has around 8,500 online novels or webtoons, and industry speculation is that if it pursues acquisition with Radish, it would have more IP and content than users, expert added.
When you combine Radish and Wattpad with the OTT market, you get a much bigger picture. Wattpad, Radish, and Korea's Naver and Kakao, which are all focusing on the IP market, can be explained by the fact that it is possible to make one's own original series.
It's worth expecting a shift in the OTT market as a result of South Korea's and the United States' collaboration.
Full Article: https://www.ytn.co.kr/_ln/0106_202105031332336588