Webtoons Market

Webtoons Market Research, 2030

The global webtoons market size was valued at $3.7 billion in 2021, and is projected to reach $56.1 billion by 2030, growing at a CAGR of 36.8% from 2022 to 2030. The majority of people across the global having access to Internet connection has resulted in increasing number of consumers inclining towards webtoon. Rising growth of mobile cellular subscription has led to an upsurge in online activities made available on various entertainment platforms including digital comic, series, action comics, and others. Webtoon and digital technologies significantly lowered the cost of digital image creation by reducing the need for drawing tools (e.g., drawing pens and screen tone), while enhancing the readiness with which a larger audience can be reached.

During the pandemic, political stability in the entertainment industry played very important role for market players in the webtoons industry. For instance, tax policies are applied on large-scale shows, celebrity or sponsors stage shows, festivals, and others. It is the government who will decide what entertainment facilities to provide to the public and their prices and taxes. With respect to the digital industry, charges are waived off, and free subscriptions/extensions have been offered to the users

The webtoons market is segmented into Types, Revenue Model and Application.

Webtoons can only be read online and the majority of the webtoons are very short in length due to which they do not have enough chapters to make a print edition. In addition, different illustrators present in webtoon shows are amateur due to which quality and level of webtoon stories may disappoint readers. Although, webtoons are slowly spreading their roots across different countries, currently, the webtoons market is mostly saturated in countries such as South Korea, Malaysia, Vietnam, and Taiwan owing to which the webtoons industry has a long way to go to make its dominance across other countries.

Webtoons are estimated to generate huge growth opportunities as these digital comics have significantly reduced need of purchasing drawing tools such as screen tone and drawing pens. Webtoons comprise vertically arranged images in which users can scroll from top to bottom, which allows creators to show one large-size image on mobile or tablet. Such layout makes webtoons less restricted in terms of the ‐˜layout‐™ of the images which is important for storytelling. Additionally, major companies operating in the webtoons market are focusing on launching of new series and fresh content to attract significant users. The aforementioned factors are anticipated to create better opportunities for webtoons market growth in the near future.

Some of the leading webtoons market players are NAVER Corp., Kakao Corp., Lezhin Entertainment, Tappytoon, ToryComics, Toomics Global, Ridibooks (RIDI Corp), KidariStudio, Webtoon Factory, and Izneo Webtoon.

The global webtoons market is divided into type, application, revenue model, and region. On basis of type, the market is sub-segmented as comedy, action, sci-fi, horror, romance, and others. On the basis of revenue model, the market is sub-segmented as subscription based and advertisement based. On basis of application, the market is sub-segmented as mobile, tablets, laptop, and television. On basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By type, the romance sub-segment in expected to have the highest growth rate during the forecast period. Webtoon is becoming more and more popular as a platform for reading comics, with romance being one of the most popular genres. On the popular webcomic app ‐˜Webtoon‐™, romance appears to be the most popular genre as readers are able to feel the raw emotions of romance stories and can relate with the characters. Many of the app's most popular cartoons are in the romance genre, which has been the primary source of new users. Webtoon has become a platform for anyone to produce their own comic, manga, or manhwa.

By revenue model, the subscription based sub-segment is projected to be the fastest growing during the forecast period. Subscription based models are used in almost every industry for instance food and digital industries. A subscription business model is when a consumer pays a charge on a regular basis to gain access to your product or service, which allows you to collect recurring revenue from a group of loyal customers.

By application, the mobile sub-segment is projected to be the fastest growing during the forecast period. Mobile phone has become an essential electronic device in every common person‐™s life. App store systems have improved user convenience, resulting in increased penetration and screen time. Owing to increasing popularity of mobile phones, people are exploring with its applications. Mobile phones are increasingly utilized to stay connected with one another (via social media, networking, and instant messaging services). These are the factors responsible for people spending more time on their phones reading webtoons, which are easily available on mobile webtoon apps.

By region, Europe market is projected to be the fastest growing by registering highest CAGR during the forecast period. Webtoon will launch services in French and Spanish, with a German service following in 2022. Webtoon is also Europe's most popular digital comic‐™s platform, featuring versions in French, Spanish, and German. Webtoons is expected to create a new European corporation, cementing its position as the top player in the European digital comics market and be the largest digital comic‐™s platform across the world. The new webtoon European Corporation's headquarters will be located in France.

Impact of COVID-19 on the Global Webtoons Market

• The COVID-19 pandemic had a favourable influence on the global webtoons industry. Economic factors such as inflation, income distribution, employment rate, demographics, GDP growth, and others have a great impact on the revenue growth of the webtoons market. During the pandemic, people with higher disposable income tend to spend more time and money on entertainment. Even in developing countries, people are price sensitive and still prefer to spend time on entertainment. Moreover, India has one of the best media industries, and it is estimated to develop more in children genre owing to huge population of youth.
• During the pandemic, political stability in the entertainment industry played very important role for market players in the webtoons industry. For instance, tax policies are applied on large-scale shows, celebrity or sponsors stage shows, festivals, and others. It is the government who will decide what entertainment facilities to provide to the public and their prices and taxes. With respect to the digital industry, charges are waived off, and free subscriptions/extensions have been offered to the users.
• Despite the impact of COVID-19, the technology and entertainment industries are pillars and inseparable entities. Webtoons industry is widely driven by technological developments. Rising adoption of digital platforms and devices such as smartphones and tablets has forced companies across the globe to invest more in technological developments. Technological advancements will reshape the future of webtoons content creators so as to connect mass audiences.
• COVID-19 had a significant impact on the market as well as community. However, the webtoons industry is highly dependent on the audience. It is seen that most of the people spend time on social media and television even while working. Webtoons are shaping social culture to some extent as people watch dramas, comics, and are actively engaged in such entertainment stuff. Such factors have a positive impact on the social aspect of the webtoons market.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the webtoons market analysis from 2021 to 2030 to identify the prevailing webtoons market forecast and opportunities.
• The report also provide an depth analyis of the webtoons market share across the globe.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the webtoons market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global webtoons market trends, key players, market segments, application areas, and market growth strategies.

 Webtoons Market Report Highlights