The global webtoons market is predicted to be valued at $56,092.8 million by 2030, surging from $3,745.4 million in 2021, at a noteworthy CAGR of 36.8%%.
Global Webtoons Market Analysis
Webtoons are gaining popularity as a result of their unique features and user-friendly structure, which is further expected to drive webtoons market size growth. Korea's webtoons have grown significantly as a ‘snack-culture’ format adapted for smartphones over the years, and they now boast the world's most competitive platform/content competitiveness. As the demand for mobile entertainment grows, webtoons are attracting attention and dollars of an increasing number of users, presenting a huge potential for Korean webtoons platform providers. These are the major factors anticipated to boost webtoon market opportunity during the analysis timeframe.
In addition to this, in the recent comedy webtoons movies, adoption of the visual effects technology is increasing which is projected to have positive effect on the global market revenue growth. Increasing comedy entertainment and media industry will further boost the industry growth. Although, webtoons are progressively spreading their roots throughout other countries, the webtoons market is currently saturated in South Korea, Malaysia, Vietnam, and Taiwan, implying that the webtoons sector still has a long way to go to gain supremacy in other countries across the globe. All of these limitations are predicted to limit demand of webtoons in the coming years.
As more people become aware of Korean culture and webtoons, more artists are inspired to create their own captivating stories. In addition, as the popularity of K-drama adaptations rises, so will the popularity of K-webtoons, prompting companies to translate webtoons into English and other languages. Webtoons are becoming an indispensable element of Korean culture, and many individuals read them on their way to work every day. In Korea, the most popular finished webtoon genres are romance and comedy, and many webtoon artists are beginning to write more stories in these genres.
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Global Webtoons Market, Segmentation
The global webtoons market is segmented based on type, application, revenue model, and region.
The type segment is further classified into comedy, romance, action, horror, sci-fi, and others. Among these, the comedy sub-segment is estimated to witness dominant market share by 2030. The adoption of visual effect technology is increasing in recent comedy webtoons movies, which is expected to have a favorable impact on revenue growth of the market. In the foreseeable future, developing comedic entertainment and media sector is expected to generate several prospects for industry expansion. Rising smartphone usage, Internet penetration, widely available multimedia devices, and increased tablet usage are among the primary factors expected to boost the global webtoons market size growth over the projection period.
The application segment is further classified into mobile, laptop, tablets, and television. Among these, the mobile sub-segment is estimated to have a dominant market share by 2030. Despite the fact that the COVID-19 pandemic has halted large portions of the publishing business, one avenue remains open and thriving: mobile web comics. The barrier between digital comics, animation, and games is blurring more and more, and mobile comics are becoming multimodal with audio and interactivity. Until recently, mobile comic material consisted of shrunken or altered versions of well-known branded comics. With the rise of file sharing and piracy, publishers have found it increasingly difficult to manage money leakage from digital/mobile comics, and as a result, they have avoided licensing digital or mobile comics. All these factors are likely to have a positive growth for webtoons market opportunity growth.
The revenue model segment is further classified into advertisement based and subscription based. Among these, the advertisement based sub-segment registered a highest webtoon market revenue share in 2021. Webtoons advertisements, which are gaining popularity as a fun way to boost business marketing, can also help webtoons content grow. Commercials in webtoons are coming in a variety of formats and webtoons, and their popularity is predicted to increase. Webtoons commercials are becoming more popular as an advertising platform, thanks to tools such as webtoons Big Banner, webtoons PPL, and branded webtoons. The activation of the webtoons advertisement has prompted interest in webtoons advertisement study, while there is still a need for more research. Such factors are expected to generate huge webtoons market share growth in the future.
The webtoons market in the Europe is projected to register the fastest growth. WEBTOON first joined the European market in 2019, with French and Spanish services, and then in 2021 with a German service. The new WEBTOON organization will complement the company's international business hubs in major nations, which include its North American headquarters and offices in Korea and Japan. WEBTOON is also the most popular digital comic’s platform in the globe and Europe, with French, Spanish, and German editions available. Webtoons will also establish a new European corporation, solidifying its position as the largest digital comic’s platform in the world and the leading player in the European digital comics market. The new headquarters of WEBTOON European Corporation will be in Paris, France.
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Impact Analysis of COVID-19 on the Webtoons Market
The COVID-19 pandemic has negatively impacted various industries. However, the webtoons market share experienced a positive impact owing to rise in number of people watching webtoons as well as increase in number of new players entering the webtoons industry. Owing to lockdown imposed across various countries, social distancing norms, and work-from-home orders, people got ample amount of time to spend on entertainment-related aspects. These factors have led to a positive impact on the webtoons market revenue growth during the pandemic.
As the number of coronavirus cases decreased in 2021, the world economy geared up to cover the losses it experienced in the peak time of the COVID-19 pandemic. Similarly, new companies entering the webtoons market have geared up with innovative technologies as well as business expansion strategies to expand their business across major regions such as Europe and North America. New streaming video services from major studios such as DisneyDIS -0.4%, Universal, and Warner Bros joined (and competed) with NetflixNFLX +2.1%, Hulu, and AmazonAMZN -1.5%, coinciding with the pandemic.
Key Players in the Global Webtoons Market
Some of the leading webtoons market players are
- NAVER Corp.
- Kakao Corp.
- Lezhin Entertainment
- Toomics Global
- Ridibooks (RIDI Corp)
- Webtoon Factory
- Izneo Webtoon.
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