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Global Webtoons Market: Key Trends 2024

General Report November 1, 2024
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TABLE OF CONTENTS

  1. Summary
  2. Market Overview and Key Players
  3. Market Size and Growth Trends
  4. Market Segmentation Analysis
  5. Regional Market Insights
  6. Macroeconomic Factors Influencing the Market
  7. Competitive Landscape
  8. Conclusion

1. Summary

  • The global webtoons market is on an upward trajectory, with projections indicating growth from $4,093 million in 2023 to over $5,484 million by 2030, driven by a compound annual growth rate (CAGR) of 5.58%. This expansion is primarily fueled by the increasing consumption of digital content, particularly among the younger population. Companies like Naver and Kakao are central in shaping the competitive landscape, accounting for a significant market share. The market is segmented based on revenue models—subscription-based and advertisement-based—with the former gaining traction due to demand for ad-free experiences. Moreover, mobile devices remain the dominant platform for consuming webtoons, thanks to their convenience and accessibility. Regional dynamics highlight significant growth in Asia-Pacific, notably in China and South Korea, where the market's CAGR exceeds 5%. Europe and North America also show promising trends, with adaptations to local cultures and languages fostering expansion in these markets. Macroeconomic influences such as inflation and geopolitical instability are notable challenges, affecting pricing strategies and market operations. Meanwhile, the COVID-19 pandemic unexpectedly boosted market growth as more consumers turned to webtoons for entertainment during lockdowns. This shifting landscape offers myriad opportunities for stakeholders to capitalize on emerging trends and demand.

2. Market Overview and Key Players

  • 2-1. Introduction to the global webtoons market

  • The global webtoons market has been experiencing substantial growth, projected to increase from approximately $4,093 million in 2023 to over $5,484 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.58% during the forecast period from 2024 to 2030. This growth is driven by increasing digital content consumption, particularly among younger demographics.

  • 2-2. Key companies in the webtoons market

  • The leading companies in the webtoons market include notable players such as Naver, Kakao, Comico (NHN), KidariStudio, Ridibooks (RIDI Corp), Tappytoon, Tencent, Webcomics (SideWalk Group), Mr Blue, Kuaikan, Izneo Webtoon, and Toomics (Terapin Studios). In 2023, the top five players in the global market collectively held a revenue share of approximately 54.37%.

  • 2-3. Market share distribution among top players

  • The market share distribution among the top companies in the webtoons sector indicates a significant level of concentration. The primary companies, including Naver and Kakao, dominate the market, reflecting their strong positioning and competitive advantages. The revenue contributions from these key players have been critical to shaping the current landscape of the global webtoons market, which includes substantial shares across various geographical regions such as North America, South Korea, and China.

3. Market Size and Growth Trends

  • 3-1. Historical market revenue data (2019-2023)

  • The global Webtoons market was valued at US$ 3,943.2 million in 2023 and was projected to experience significant growth in the preceding years. Historical market revenue analysis indicates that in 2023, the market size reached US$ 4,093.00 million, indicating a robust increase from previous years.

  • 3-2. Market size projections (2024-2030)

  • The global Webtoons market is projected to grow from US$ 4,093.00 million in 2023 to US$ 5,484.20 million by 2030. This growth reflects an anticipated Compound Annual Growth Rate (CAGR) of 5.58% during the forecast period from 2024 to 2030. Additionally, the market size for specific regions is expected to increase, such as in North America, which is forecasted to rise from $490.41 million in 2023 to $607.28 million by 2030.

  • 3-3. CAGR analysis for global and regional markets

  • The CAGR analysis indicates that the global Webtoons market will grow at a robust pace, with different regions experiencing varying growth rates. Notable regional growth includes the China market, which is expected to grow at a CAGR of 6.95%, and the South Korea market, projected to have a CAGR of 5.13% during the same forecast period. Other regions also contribute to the overall growth dynamics of the Webtoons market.

4. Market Segmentation Analysis

  • 4-1. Segmentation by type (subscription-based, advertisement-based)

  • The webtoons market is segmented based on revenue models into subscription-based and advertisement-based categories. The subscription-based model is growing rapidly, with a significant proportion of users opting for ad-free experiences and exclusive content access. Conversely, the advertisement-based model remains prevalent, particularly appealing to younger audiences who consume free content supported by ads.

  • 4-2. Segmentation by application (mobile, PC/tablet)

  • The applications of webtoons are classified mainly into mobile and PC/tablet categories. Mobile applications dominate the market due to the widespread usage of smartphones and the convenience they offer for reading webtoons on the go. PC and tablet applications capture a notable market share as well, especially among users who prefer larger screens for a more immersive reading experience.

  • 4-3. Regional market segmentation insights

  • The regional analysis of the webtoons market shows significant variations in growth and preferences across different geographical areas. Europe is expected to experience rapid growth, driven by a variety of webtoon platforms available in multiple languages, including French, Spanish, and German. The Asia-Pacific region, particularly, showcases the highest growth rates, attracting over 70 million monthly users and generating more than 100 billion views annually. North America also represents a substantial market, with particular interest in both subscription and ad-supported models.

5. Regional Market Insights

  • 5-1. North America webtoons market analysis

  • The North America webtoons market is projected to grow from $490.41 million in 2023 to reach $607.28 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4.86% during the forecast period from 2024 to 2030. This growth reflects the increasing consumption of digital content and the rising popularity of webtoons among various demographics.

  • 5-2. Asia-Pacific webtoons market dynamics

  • In the Asia-Pacific region, the China webtoons market is estimated to grow from $1,231.10 million in 2023 to approximately $1,784.39 million by 2030, representing a CAGR of 6.95% during the 2024 to 2030 period. Moreover, South Korea, as one of the largest webtoons markets globally, is expected to expand from $1,217.97 million in 2023 to $1,616.86 million by 2030, with a CAGR of 5.13%. This dynamic growth in Asia-Pacific is driven by the high demand for mobile and online content.

  • 5-3. European webtoons market trends

  • The European webtoons market is projected to increase from $349.55 million in 2023 to $437.66 million by 2030, with a CAGR of 5.13% during the period from 2024 to 2030. This growth trajectory is influenced by the expanding audience for digital comics and the rising interest in webtoons across European countries. Various factors, including local content creation and partnerships, are contributing to this upward trend.

6. Macroeconomic Factors Influencing the Market

  • 6-1. Impact of inflation on webtoons market

  • The current webtoons market has been significantly affected by high inflation rates. As detailed in the Webtoons Market Report 2024, the inflationary environment has led to increased costs for both producers and consumers, which in turn impacts the pricing strategies within the market.

  • 6-2. Effects of the COVID-19 pandemic on market growth

  • The global webtoons market experienced notable growth due to the COVID-19 pandemic, as many consumers turned to digital content for entertainment during lockdowns. The shift in consumer behavior has been analyzed in the report, indicating that the pandemic has accelerated the adoption of webtoons as a mainstream form of entertainment.

  • 6-3. Geopolitical factors affecting the market

  • Geopolitical factors, including the ongoing Ukraine-Russia war, have also influenced the webtoons market. These tensions can lead to disruptions in supply chains and affect advertising budgets for companies operating in unstable regions, which in turn may affect their market presence and growth potential.

7. Competitive Landscape

  • 7-1. Analysis of major competitors

  • The competitive landscape of the global webtoons market is characterized by significant players such as Naver, Kakao, Comico (NHN), Ridibooks (RIDI Corp), Tencent, Tappytoon, and others. As of 2023, these companies collectively hold a substantial portion of the market share, with the top five players accounting for approximately 54.37% of the global webtoons revenue. These companies are pivotal in shaping the industry through their wide-ranging distribution channels, diverse content offerings, and innovative platforms.

  • 7-2. Market share and revenue distribution

  • In terms of revenue distribution, the global webtoons market was valued at approximately US$ 4,093 million in 2023 and is projected to reach about US$ 5,484.20 million by 2030, growing at a compound annual growth rate (CAGR) of 5.58% during the forecast period. Specific regional markets are also experiencing growth, with North America expected to rise from $490.41 million in 2023 to $607.28 million by 2030, China from $1,231.10 million to $1,784.39 million, and South Korea, a leading market, is projected to increase from $1,217.97 million to $1,616.86 million.

  • 7-3. Recent developments and strategic initiatives

  • Recent developments within the webtoons market include a marked increase in digital content consumption driven by younger demographics, particularly in the Asia-Pacific region. The COVID-19 pandemic had a notable positive impact on the sector, leading to an increase in users and the entry of new players into the market. Companies such as Naver and Kakao continue to innovate their offerings and expand their market presence by leveraging technology, enhancing user engagement, and diversifying their content to include popular genres tailored to audience preferences.

Conclusion

  • The analysis of the global webtoons market reveals substantial growth prospects, with Naver and Kakao leading as influential entities. Their dominance reflects a strong competitive landscape, characterized by innovative approaches and considerable market shares. A major driver of the market's expansion is the surge in digital content consumption, which calls for adaptation by companies to meet evolving consumer preferences. While the market faces headwinds due to macroeconomic factors such as inflation and geopolitical issues, these challenges also present avenues for strategic adjustments. Given the high CAGRs in regions like Asia-Pacific and emerging markets in Europe and North America, understanding these regional trends is crucial. The significance of this growth lies in its potential to reshape entertainment consumption globally, especially as mobile platforms become the primary medium. However, stakeholders must be aware of limitations, such as market concentration and external economic pressures, which may impact profitability. Future developments in the webtoons market could involve further diversification of content and enhanced engagement strategies targeting wider demographics. Practically, companies can leverage these findings by aligning their offerings with demographic shifts and technological advancements, equipping themselves to capture a larger share of the burgeoning digital entertainment economy. Expanding partnerships and localized content are recommended to sustain momentum and address challenges effectively. Emphasizing the dynamic nature of consumer engagement, future prospects are promising, with webtoons poised as a mainstream entertainment form across diverse cultural contexts.

Glossary

  • Naver [Company]: Naver is a leading South Korean company in the webtoons industry, known for its digital content platform that provides a wide range of webtoons and comics. Its significant market share and innovative approach contribute greatly to the global webtoons market.
  • Kakao [Company]: Kakao is another major player in the webtoons market, offering various digital content services. Its involvement in webtoons enhances its position in the entertainment sector and influences market trends.

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