Rise of webtoons: From Internet comics to K-drama adaptations

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  Quantumrun Foresight
• November 19, 2021

Webtoons, digital comics designed for smartphone screens, have reached a global audience, diversifying the entertainment industry. These platforms have created a new business model that extends beyond comics to movies, shows, and games, disrupting traditional media and offering a more inclusive space for creators worldwide. Webtoons present a lucrative opportunity that stimulates economic growth, fosters technological advancements, and promotes a more sustainable model for content production and consumption.

Rise of webtoons context

Webtoons, also known as manhwa in Korean, have harnessed the power of smartphones to reach a wide audience. These digital comics have capitalized on the portability, swift connectivity, and enhanced display capabilities of modern smartphones to amass a following of young, tech-savvy readers. The format of these webtoons is specifically designed for mobile phone screens, utilizing a vertical scroll format that allows for easy reading on small devices.

The content of these webtoons is diverse, with creators writing about topics that resonate with their young reader base. These topics range from romance and friendships to more sensitive issues like bullying.

One of the leading platforms for webtoons is Naver Webtoon, a subscription-based service that boasts approximately 60 million users worldwide. This platform has seen significant growth, with industry revenue increasing by 129 percent year over year in 2019. This growth demonstrates the increasing popularity of webtoons and their potential to disrupt traditional comic book industries. The success of Naver Webtoon also highlights the potential for digital content to reach a global audience, breaking down geographical barriers that often limit the reach of traditional print media.

Disruptive impact

The business model of webtoons, which involves leveraging intellectual property across various media formats, has significant implications for the future of entertainment. This model allows for the creation of a diverse ecosystem of content, where a single narrative can be explored through different media, such as movies, shows, and games. For instance, a popular webtoon could be adapted into a movie, with merchandise and mobile games further expanding its reach and profitability.

The international expansion of webtoons also signifies a shift in the global cultural landscape. As more creators from different parts of the world launch their online comics, we are likely to see a greater diversity of stories and perspectives. This trend could lead to a more inclusive entertainment industry, where creators from traditionally underrepresented backgrounds have the opportunity to share their narratives and gain recognition. Furthermore, the instant feedback mechanism inherent in the webtoon platform could foster a more interactive and engaged global community of readers and creators.

From an economic perspective, the webtoon industry, estimated to be worth USD $850 million, presents a lucrative opportunity for both individuals and businesses. Successful creators can earn substantial income, and the potential for additional revenue from adaptations and merchandise further enhances the financial appeal of this industry. For governments, promoting the webtoon industry could stimulate economic growth and job creation. Moreover, the success of webtoon adaptations like the zombie period drama "Kingdom" and friendship-centric "Itaewon Class" demonstrates the potential for cross-cultural exchange and soft power influence.

Implications of the rise of webtoons

Wider implications of the rise of webtoons may include:

• More content creators publishing their comics online and taking advantage of digital interaction and co-creation tools with their readership.
• Increased crossover opportunities for webtoons, such as books, movies, and merchandise.
• Production and streaming companies increasingly looking to webtoons for inspiration for their next blockbuster hit.
• Increased awareness of South Korea’s cultural exports internationally.
• A more democratized creative industry, where anyone with a compelling story and artistic skills can gain recognition and build a career.
• Economic growth in regions where these digital comics are produced, leading to job creation and increased investment in creative industries.
• Governments establishing new intellectual property laws to protect the rights of webtoon creators, leading to a more secure and fair environment for digital content production.
• Younger generations increasingly turning to digital platforms for entertainment, leading to a shift in media consumption habits.
• Technological advancements in digital publishing platforms, leading to improved user experiences.
• A lower environmental footprint compared to traditional print media, leading to a more sustainable model for comic production and consumption.

Questions to consider

• If you read webtoons, what makes them appealing to you?
• How do you think webtoons could benefit the Western comics industry?