Naver Webtoon, Korea s leading webtoon platform, will expand its profit sharing model to bring in more creators to its service and diversify sources of income in the global market, its chief executive said Tuesday.
South Korea s two online giants Naver Corp. and Kakao Corp. have completed their respective acquisitions of storytelling platforms in the US and Canada, heralding head-to-head competition in the world s largest media and entertainment market.
Naver has closed its 684.8 billion won ($612 million) purchase of a 100% stake in Wattpad, the world s largest web novel platform based in Toronto, it said in a regulatory filing on May 10. It slightly revised up the price of its largest-ever cross-border acquisition.
On Tuesday, Kakao Entertainment Co., majority-owned by the mobile messaging app operator Kakao Corp., said that its board of directors has approved its acquisitions of both US-based mobile fiction startup Radish Fiction Inc. and the third-largest US digital comics platform Tapas Media Inc.
Graphics by Jerry Lee
South Korea’s portal giant Naver Corp. will acquire Wattpad, the world s largest web novel platform based in Toronto, for 653.2 billion won ($593 million) in a move to beef up storytelling content for its entertainment operations. The deal is seen as part of Naver s strategy to secure a leading position in the global content market.
Naver announced on Jan. 20 that it has decided to acquire a 100% stake in Wattpad, which will mark the company s largest-ever investment in an external company.
The deal is expected to position the Korean internet giant as a frontrunner in both the webtoon (digital comics) and the web novel industries. The Korean company s webtoon platform, Naver Webtoon, and Wattpad together will draw in around 160 million monthly active users.