What Is The Overview Of The Global Webtoons Market?
Webtoons are digital comics or graphic novels primarily distributed and read online. They are typically optimized for viewing on smartphones or computers, often employing a vertical scrolling format that allows for easy reading on mobile devices. Webtoons originated in South Korea and have gained popularity worldwide due to their accessibility and diverse genres and styles.
Webtoons Global Market Report 2024 provides data on the global webtoons market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The webtoons market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Webtoons Market?
The webtoons market has experienced remarkable growth, expanding from $6.33 billion in 2023 to $8.24 billion in 2024, with a CAGR of 30.3%. Historical drivers include the increasing popularity of digital comics, the rise in smartphone usage, a growing preference for mobile-friendly entertainment, and the digitalization trend. The market is anticipated to grow to $23.94 billion by 2028 at a CAGR of 30.6%, supported by increased adoption of digital platforms, rising mobile-based subscriptions, and a diverse range of genres and themes. Key trends include technological innovations, mergers and acquisitions, partnerships with broadcasting networks, and the expansion of licensed content.
What Are The Core Factors Supporting Growth In The Webtoons Market?
The expansion of digital entertainment platforms is expected to boost the webtoon market. Digital entertainment platforms provide various entertainment content online, such as movies, TV shows, music, and video games. The rise of these platforms is driven by cost-effectiveness, consumer demand, and better data usage. Webtoons are popular on these platforms due to their engaging format, attracting a wide audience, creating community, offering monetization, and enhancing user experience. In 2023, Netflix experienced a 6.6% revenue growth to $33.7 billion and saw a 20.4% increase in net income. The platform's growth, along with its expansion to 238.3 million subscribers, indicates that digital platforms are fueling the webtoon market.
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What Are The Major Segments Within The Global Webtoons Market?
The webtoons market covered in this report is segmented –
1) By Product: Subscription Based, Advertisement Based
2) By Genre: Action, Science Fiction (Sci-Fi), Horror, Comedy, Romance, Other Genres
3) By Application: Mobile Phone, Personal Computer (PC) Or Notebook, Tablet Computer, Other Applications
Which Trends Are Expected To Transform The Webtoons Market?
Companies in the webtoons market are advancing by launching serialized fiction apps to offer unique storytelling experiences and gain a competitive edge. These apps release stories in installments and often include features like push notifications and user interaction. For instance, in October 2022, NAVER WEBTOON Ltd., a US-based storytelling platform, launched Yonder, a premium serialized fiction app. Yonder offers a curated collection of titles across various genres and features a pay-what-you-read model that allows users to explore stories in a new way. The app is available for free on Android and will soon be accessible on iOS.
What Is The Fastest Growing Region In The Webtoons Market?
Asia-Pacific was the largest region in the webtoons market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the webtoons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
