Report Code: A16830 | Pages: 264 | Jul 2022 | 5631 Views | ||
Author(s) : Naga S, Neha M , Vitika V | Tables: 155 | Charts: 68 |
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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.
Webtoons Market
By TypesComedy held the highest market share in the year 2021
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
Webtoons Market Report Highlights
Aspects | Details |
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By Type |
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By Revenue Model |
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By Application |
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By Region |
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Key Market Players | NHN COMICO CORP, SIDEWALK GROUP, MARVEL UNLIMITED, naver webtoon corp, Kakao Corp., Lezhin Entertainment, TAPPYTOON, BOMTOON, DAUM WEBTOON AND COMPANY, IZNEO WEBTOON |
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Digital comics have been made in a variety of forms since the late 1990s as Internet has grown in popularity and analog content has been more digitalized. Webtoons comprise vertically arranged images in which users can scroll from top to bottom which enables creators to show one large-size image on mobile or tablet.
Over the last few years, changes have also been made to the topics and target audience. Webtoons began as simple, cheerful stories about ordinary life and personal experiences. They were put on personal blogs and popular websites by unknown people and quickly disseminated among web users. As webtoons became more widely available on the Internet, the storylines got more narrative-driven and dramatic, with more complex pacing. Internet portals have enabled a rising number of authors, both new and established, to earn money from webtoons (compensation or profit-sharing), maintaining a steady supply of content under the user-created content model.
Moreover, webtoon content and platforms represent a unique content genre and distribution system developed in Korea. What users enjoy today is the result of years of optimization and transformation in areas such as platform services, content supply systems, storylines, and formats. Korea is indeed the global trendsetter in all aspects of webtoons.
Europe market is projected to be the fastest growing by registering highest CAGR as webtoons are being produced in French, Spanish, and German languages.
A. The diverse genres of webtoons like comedy, action, sci-fi, romance, and others are driving the market. Also, transition from comics to webtoons production will be another major factor boosting the market revenue growth
A. Youngsters (ages 14–24) and female population (about 64%) are the major customers in the global webtoons market.
A. The use of mobile, laptop, tablets, and television is expected to drive adoption of webtoons.
A. Asia-Pacific will provide more business opportunities for the global webtoons market in the future.
A. NAVER Corp., Kakao Corp., Lezhin Entertainment, Tappytoon, ToryComics, Toomics Global, Ridibooks (RIDI Corp), KidariStudio, Webtoon Factory, and Izneo Webtoon are the major players in the webtoons market.
A. The major growth strategies adopted by webtoons market players are product launches and collaborations
A. With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global webtoons market to help players in achieving a strong market position.
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