Global Webtoons Market to Reach Newer Heights with the Rising Popularity of Webcartoons Worldwide

Webtoons are a popular form of entertainment piece similar to comics. However, they are an online based platform available on both a mobile app and website that hosts a wide variety of webcomics in a down scrolling format that perfectly fits the screen of a smartphone, laptop, or PC. These days, webtoons are acquiring massive recognition in the mainstream, and attracting millions of readers. Recently, many media producers have started using the content in webtoons for their TV shows or movies, as the popularity of webtoons is surging magnificently. The adaptations of popular webtoons into Korean dramas have recently turned out to be a trending genre in South Korean entertainment industry.

The zest for these online comic books, which were initiated in South Korea, is boosting every passing day. Today, webtoons have become a trending concept all over Asia, with topmost webtoon apps progressively reaching nearly 70+ million monthly readers and about 100+ billion views per year.

Latest Insights in the Webtoons Market

As per a report by Research Dive, the global webtoons market is expected to grow from $3,745.6 million in 2021 to $56,092.8 million by 2030. Among comedy, actions, romance, horror, Sci-Fi segments, the romance sub-type is anticipated to show the fastest growth between 2021 and 2030. This is because romance webtoons is increasingly becoming a prevalent medium for entertainment in the world of webcomics. As per analysts from Research Dive, the Asia-Pacific webtoons market is expected to observe dominant growth in the years to come. The region possesses a massive youth population, which has increased the number of digital comic readers, thus propelling the regional market growth.

How are Webtoons Market Players Responding to the Rising Demand for Webtoons?

Market players are substantially investing in innovative series of webcartoons to cater the mounting demand for webtoons. Some of the leading players of the webtoons market are Kakao Corp., NAVER Corp., Tappytoon, Lezhin Entertainment, ToryComics, Toomics Global, Ridibooks (RIDI Corp), Izneo Webtoon., Webtoon Factory, KidariStudio, and others. These players are focused on planning and implementing strategies such as mergers and acquisitions, collaborations, novel advances, and partnerships to achieve a leading position in the global market. For instance,

• In March 2022, The Graphic India Group, a Bangalore-based digital media company, launched Toonsutra, a webtoon comics platform for mobile devices. It will particularly offer webtoons encouraged by popular Indian movies and TV shows, such as S.S. Rajamouli’s “Baahubali” film franchise and “The Legend Of Hanuman.”
• In April 2022, KRAFTON, Inc., a South Korean video game firm and producer of BATTLEGROUNDS MOBILE INDIA (BGMI), in partnership with Pratilipi, a leading digital storytelling platform in India, released 3 webtoons based on BGMI on.
• In April 2022, Kakao, a South Korean Internet company, launched a webtoon platform in Indonesia for Southeast Asia. With its launch, this platforms will consecutively release 50 prevalent webtoons.

COVID-19 Impact on the Webtoons Market

The abrupt rise of the coronavirus pandemic in 2020 has positively impacted the global webtoons market. During the lockdown period, consumers have dramatically shifted towards online platforms, and hence, businesses and various entertainment industries have retorted accordingly. Several survey outcomes depict a speedy rise in the adoption of online content as a medium of entertainment during the pandemic. Therefore, there has been an upsurge in the number of readers of webtoons, as it helps in reducing stress and refreshing the mood of readers, mainly for those in isolation or lockdown. With a surge of interest webtoons in several demographics in the pandemic, webtoon makers are enduring to get into new markets in Europe and the US. Recently, the Dupuis, a Belgian publisher of comic albums and magazines, unveiled Webtoon Factory, the first ever European platform which aims to develop original webtoons. All these factors are likely to propel the webtoons market growth in the upcoming years.