-Became the world’s No. 1 storytelling platform operator through Naver Webtoon and Wattpad platforms.
-Expected synergy between Naver Webtoon and a pool of over 1 billion text content verified for the global Generation Z… Continuous growth of global IP business based on webtoons/web novels possible
-Naver Webtoon, which created a global success story for domestic webtoons, will help domestic web novels advance into the global market.
Naver Co., Ltd. (CEO Han Seong-sook) announced that the acquisition of Wattpad, the world’s largest web novel platform, was resolved at the board of directors meeting held on the 19th. Naver acquires 100% of Wattpad shares for approximately $600 million. Through this acquisition, Naver now owns the world’s No. 1 platform in the webtoon and web novel fields, respectively.
Wattpad is the world’s largest social storytelling platform with over 90 million users spending 23 billion minutes every month. Over 1,500 works, including ‘After’, have been produced in print and video. The number of monthly users of Naver Webtoon is 72 million, making Naver the world’s largest storytelling platform operator with more than 160 million users (the simple sum of the monthly unique users of both companies) through Naver Webtoon and Wattpad.
Naver will be able to expand its global content business more stably and effectively through ▲90 million Wattpad user bases in various cultural regions, including North America and Europe, and ▲1 billion story contents left behind by 5 million creators. done.
In addition, it is possible to enhance Wattpad’s platform and business model by incorporating the IP business know-how that Naver Webtoon has accumulated over the years. Naver Webtoon created the PPS program (Page Profit Share Program), which leads to paid viewing, advertising, and IP business in 2013, and launched global webtoon services, including English and Chinese, in 2014, elevating webtoon content enjoyed by a few enthusiasts to a global industry. As Wattpad has users in various regions such as North America and Europe, it is expected that if webtoons’ business know-how is applied, web novels will also have a more solid creative ecosystem and can begin to grow as fundamental content in the entertainment industry.
Web novels verified on Wattpad can be produced as webtoons, making it possible to enhance webtoon content. In particular, 80% of Wattpad users are made up of Generation Z, so Naver Webtoon can be used to produce original content verified for the global Generation Z. Naver Webtoon has already verified the success potential of global webtoons based on web novels through Remarriage Empress and Omniscient Reader’s Perspective.
In addition, Wattpad also owns Wattpad Studio, which is developing a global video business, so it is expected that along with Naver Webtoon’s Studio N, the original content of Naver Webtoon and Wattpad will be able to be filmed in a more diverse way.
Kim Jun-gu, CEO of Naver Webtoon, said, “Naver Webtoon has secured an even more diverse set of global storytelling IPs through Wattpad.” He added, “Through synergy with Wattpad, Naver Webtoon’s ability to diversify its existing IPs has been strengthened, making it the best global storytelling company.” “I think we can get one step closer to becoming a high-quality entertainment company,” he said.
In addition, CEO Kim said, “Just as Korean writers have already begun their global activities and earned more profits through Naver Webtoon, we will strive to make web novel writers’ overseas expansion more active.”
Meanwhile, Naver plans to complete the procedures with related organizations such as Korea, the United States, and Canada within the first half of this year.
* PangyoTechnoValley special reporting group: Editor-in-Chief Ji-Hoon Choi, Director Jang-Geun Yoo, Reporter Eun-Sil Lee, Reporter Seong-Sook Lee
Source: Pangyo Techno Valley Official Newsroom
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