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.