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[Hyesung] Market Research: Webtoon Industry
Hyesung Accounting Corporation, a valued member of the ECCK, has released its Market Research: Webtoon Industry and would like to share it with you.
Domestic Market Trends
In 2023, the Korean webtoon market reached approximately KRW 2.2 trillion, marking a 19.7% growth compared to the previous year. The market expanded significantly during the COVID-19 pandemic. However, in 2024, the number of newly released titles declined by 21%, signaling a market correction phase. This is primarily attributed to the end of the pandemic, the spread of illegal piracy (estimated at approximately KRW 446.5 billion), and intensified competition with short-form content.
The creative ecosystem is becoming more efficient through platform-led IP planning and the adoption of AI tools. In addition, the number of amateur creators, including those using platforms like Instagram Webtoons (a.k.a. “Instatoons”), is on the rise. Successful adaptations of webtoon IPs into video content and increased use of webtoons in marketing by corporations and public institutions continue to expand.
The proportion of users with paid webtoon experience rose from 45.7% in 2022 to 47.2% in 2024, indicating a stable consumer base.
Global Market Trends
As of 2023, the global content market was valued at approximately USD 206.3 billion, with the comics segment accounting for around USD 12 billion (about 0.5%). The market expanded during the COVID-19 pandemic and has since entered a period of adjustment.
A stable growth trajectory is expected, with a projected CAGR of 6.2% by 2028. Korea holds a 7% share of the global webtoon market, with major platforms such as Naver and Kakao continuing to expand their international presence.
Global tech giants (e.g., Amazon, Apple) have launched webtoon platforms focused on their domestic markets, intensifying competition.
The planned 2024 NASDAQ listing of Webtoon Entertainment is considered a symbolic milestone that reflects the growing value of the industry.
[Hyesung] Market Research: Webtoon Industry
Hyesung Accounting Corporation, a valued member of the ECCK, has released its Market Research: Webtoon Industry and would like to share it with you.
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