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The Current Status of the Webtoon Industry and Implications for Global Expansion

Author

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  • Park, Ji Hye

    (Korea Institute for Industrial Economics and Trade)

Abstract

Webtoons, a digital cartoon format that originated in Korea, are now the global spotlight, having been established as next-generation hallyu content. As the consumption and supply of webtoons has expanded due to the spread of COVID-19 and the promotion of digital transformation, the size of the domestic webtoon industry grew 64.6 percent year-on-year in 2020, exceeding KRW 1 trillion. The webtoon industry is in full swing, with the domestic internet platforms Naver and Kakao dominating the market. Both have launched overseas services based on webtoon-specialized platforms. This paper we discusses future strategies and directions for webtoons’ effective entry into the global market, and strategies for establishing a system for continued growth in this sector.

Suggested Citation

  • Park, Ji Hye, 2022. "The Current Status of the Webtoon Industry and Implications for Global Expansion," Industrial Economic Review 22-22, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2022_022
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    Keywords

    webtoons; cultural content; cartoons; comics; digital comics; digital media; digital content; content creation; Korea; hallyu; Korean culture; content industry; intellectual property; manga; anime; animation; comics; publishing; OTT; platform media;
    All these keywords.

    JEL classification:

    • L00 - Industrial Organization - - General - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • L88 - Industrial Organization - - Industry Studies: Services - - - Government Policy

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