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Global Webtoons Market: Growth Insights

General Report November 9, 2024
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TABLE OF CONTENTS

  1. Summary
  2. Market Overview
  3. Key Players and Competitive Landscape
  4. Regional Market Analysis
  5. Market Dynamics
  6. Market Segmentation and Forecast
  7. Conclusion

1. Summary

  • The global webtoons market is undergoing significant transformation and expansion, driven by technological advancements and the increasing consumption of digital content. Valued at approximately US$ 3,943.2 million in 2023, the market is anticipated to rise to US$ 5,484.2 million by 2030. Key players such as Naver Corp., Kakao Corp., and Ridibooks (RIDI Corp) are pivotal in this growth, utilizing strategic innovations and partnerships to capture the interest of a diverse and tech-savvy audience. Different revenue models, such as subscription-based and advertisement-based strategies, contribute to the market's segmentation and prevailing trends. Additionally, regional analyses highlight substantial growth in Asia-Pacific regions, with key markets like South Korea and China at the forefront due to their significant youth demographics and mobile consumption habits. Post-pandemic shifts and emerging technologies further influence the competitive landscape, characterized by high concentration among top players.

2. Market Overview

  • 2-1. Definition and Characteristics of Webtoons

  • Webtoons are digital or online comics that can be read on various devices such as mobile phones and tablets. They feature a unique vertical scrolling format and are designed to be engaging with visual texts and images, appealing particularly to younger audiences.

  • 2-2. Market Size and Growth Trends (2019-2023)

  • The global webtoons market was valued at approximately US$ 3,943.2 million in 2023. It is projected to grow to US$ 4,093 million by the end of 2023, with expected annual growth rates varying by region. For instance, the North American market for webtoons is estimated to rise from $490.41 million in 2023 to $607.28 million by 2030, representing a compound annual growth rate (CAGR) of 4.86%. Meanwhile, the Asia-Pacific region, particularly South Korea and China, anticipates even higher growth rates.

  • 2-3. Market Segmentation by Revenue Model and Application

  • The webtoons market can be segmented based on revenue models, primarily categorized into subscription-based and advertisement-based models. In terms of application, webtoons are viewed on various platforms including mobile phones, laptops, tablets, and television. Such segmentation helps in understanding the diverse preferences and behaviors of users in different demographics.

3. Key Players and Competitive Landscape

  • 3-1. Major Companies in the Webtoons Market

  • Key players in the global webtoons market include Naver, Kakao, Comico (NHN), KidariStudio, Ridibooks (RIDI Corp), Tencent, Webcomics (SideWalk Group), Tappytoon, Kuaikan, Izneo Webtoon, Toomics (Terapin Studios), MangaToon, Webtoon Factory, Amazia, Manman Manhua, Mr Blue, Dongman Entertainment, Bilibili Comics, ToryComics, TOPCO, Stela, and Graphite. These companies have established themselves as significant contributors to the webtoons industry, particularly in terms of revenue generation and market share.

  • 3-2. Market Share of Top Players (2023)

  • In 2023, the top five companies in the webtoons market captured approximately 54.37% of the total revenue. This indicates a high level of market concentration among leading firms, signifying their competitive strength and influence in the webtoons industry. The detailed revenue shares of individual companies have not been provided but the concentration highlights their dominant position.

  • 3-3. Competitive Strategies and Recent Developments

  • The competitive landscape of the webtoons market has been characterized by various strategic developments. Companies are continually adapting to evolving consumer preferences, particularly among younger demographics who favor digital content consumption. Recent initiatives include the launch of new webtoon platforms, innovative storytelling techniques, and collaborations with popular media to leverage existing fan bases. While specific examples of recent developments were not detailed in the provided documents, the report emphasizes the importance of these competitive strategies in sustaining market growth and addressing current challenges.

4. Regional Market Analysis

  • 4-1. North America Webtoons Market Overview

  • The North America webtoons market is projected to grow from $490.41 million in 2023 to $607.28 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 4.86% during the forecast period from 2024 to 2030. This growth is driven by an increasing interest in webtoons among the younger audience, who are avid consumers of digital content.

  • 4-2. Europe Webtoons Market Insights

  • The webtoons market in Europe is expected to experience significant growth, with an estimated increase from $349.55 million in 2023 to $437.66 million by 2030, representing a CAGR of 5.13% during the same timeframe. The market's expansion is attributed to the wide variety of webtoon platforms available in multiple languages, including French, Spanish, and German.

  • 4-3. Asia-Pacific Webtoons Market Growth

  • The Asia-Pacific region shows promising growth in the webtoons market, forecasted to rise from $1,231.10 million in 2023 to $1,784.39 million by 2030, achieving a CAGR of 6.95% throughout the forecast period of 2024-2030. Notably, South Korea is highlighted as one of the largest markets, projected to expand from $1,217.97 million to $1,616.86 million during the same period. The popularity of webtoon content and increasing mobile consumption among the youth are key drivers in this region.

  • 4-4. Key Markets: China, South Korea, and India

  • In China, the webtoons market is on track to grow from $1,231.10 million in 2023 to $1,784.39 million by 2030, at a CAGR of 6.95%. South Korea's market, already significant, is expected to increase from $1,217.97 million to $1,616.86 million by 2030, with a CAGR of 5.13%. India also represents a rapidly growing market, driven by a large youth demographic seeking online content. Economic factors in these regions, coupled with rising disposable incomes and technological accessibility, are likely to drive market expansion.

5. Market Dynamics

  • 5-1. Drivers of Webtoons Market Growth

  • The global Webtoons market is experiencing significant growth driven by various factors. According to the report titled 'Global Webtoons Market Size, Status and Forecast 2024-2030', the market's value is projected to increase from US$ 4,093.00 million in 2023 to US$ 5,484.20 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.58% during the forecast period. Key drivers include the increasing digital consumption of content, particularly among younger demographics, and the rise of mobile and online platforms facilitating easy access to webtoons.

  • 5-2. Restraints and Challenges

  • Despite the growth potential, the Webtoons market faces several challenges. Restraints include market saturation in certain regions and quality concerns regarding content delivery and production. External factors such as economic instability and changing consumer preferences further complicate the market landscape, affecting the sustainability of growth.

  • 5-3. Impact of COVID-19 on Market Trends

  • The COVID-19 pandemic has significantly influenced the Webtoons market. Initially, there was a surge in digital content consumption as people sought entertainment during lockdowns. However, as economies opened up, there have been fluctuations in engagement levels, potentially affecting revenue streams. The pandemic has also underscored the importance of digital platforms, accelerating shifts towards online content consumption that is expected to shape market dynamics in the coming years.

6. Market Segmentation and Forecast

  • 6-1. Analysis by Type: Subscription vs. Advertisement-Based

  • The global Webtoons market is segmented based on revenue model into subscription-based and advertisement-based models. According to the data, webtoons are experiencing a significant shift in consumer preferences, with the market for subscription-based models growing alongside advertisement-based models. As of 2023, the total market size is valued at approximately US$ 3,943.2 million and is projected to grow at a compound annual growth rate (CAGR) of 31.2% from 2024 to 2030. This growth is driven by a rising young demographic that prefers digital entertainment.

  • 6-2. Application Segmentation: Mobile, PC, Tablet

  • Webtoons are consumed primarily through various applications, segmented into mobile, PC, and tablet devices. In 2023, the mobile segment dominated the market, reflecting the trend towards on-the-go access to digital content. The data reveals that the Asia-Pacific region particularly stands out, with platforms attracting over 70 million monthly users and generating more than 100 billion views annually. This broad applicability and accessibility via mobile devices facilitate heightened engagement and consumption among users.

  • 6-3. Projected Market Growth and Opportunities (2024-2030)

  • The global webtoons market is expected to grow from US$ 4,093.00 million in 2023 to US$ 5,484.20 million by 2030, representing a CAGR of 5.58% during the forecast period of 2024-2030. Significant growth opportunities lie within various regions, particularly North America, China, and Europe. For instance, it is estimated that the North American market will reach $ 607.28 million by 2030, while the Chinese market is projected to increase to $ 1,784.39 million. Factors such as the rise of digital consumption and the increasing number of new players entering the webtoon industry are expected to contribute to this positive outlook.

Conclusion

  • The insights provided in this analysis underline the vibrant growth momentum in the global webtoons market fueled by a shift towards digital consumption and the influence of notable companies such as Naver Corp., Kakao Corp., and Ridibooks (RIDI Corp). Despite the promising trajectory, potential market restraints and quality issues present challenges, alongside external economic factors that could affect market stability. However, companies continue to innovate and adapt, crafting strategies that leverage existing digital infrastructures and find new inroads amid competitive pressures. As major players exercise substantial control, the competitive landscape is shaped by strategic developments, and technologies that streamline media consumption patterns. Looking ahead, expanding into unexplored demographics and capitalizing on digital platform efficiencies are fruitful avenues for stakeholders. Practical applications in storytelling and content delivery remain a high priority as these developments pave the way for broadening audience engagement and market penetration. Continued surveillance of market dynamics and adaptation will be essential for sustained success in the evolving webtoons ecosystem.

Glossary

  • Naver Corp. [Company]: Naver Corp. is a key player in the webtoons market, recognized for its substantial market share and innovative platforms that cater to a diverse audience. The company's contributions include advancing webtoon technology and engaging storytelling, which have established it as a leader in the digital comics space.
  • Kakao Corp. [Company]: Kakao Corp. has made significant strides in the webtoons sector, leveraging its extensive user base and digital content offerings. Its role in shaping the market includes strategic partnerships and the development of user-friendly platforms, contributing to a growing global audience for webtoons.
  • Ridibooks (RIDI Corp) [Company]: Ridibooks is a prominent entity in the webtoons market, known for its focused approach on digital comics. It plays a critical role in expanding the market through innovative platforms and a wide array of content that appeals to various demographics.

Source Documents