The global popularity of Squid Game and K-pop has had a profound impact on the readership of Korean webtoons, resulting in a significant increase in international readers. Major players in this growing industry include Piccoma and Kakao Piccoma, which have witnessed remarkable success and revenue generation.
South Korean IT firms, such as Kakao and Naver, have also played a pivotal role in driving the digital development of the manga industry by dominating the market for Japanese digital manga.
Furthermore, the South Korean webtoon market has experienced substantial growth, surpassing one trillion won and expanding by over 64% in 2020.
Webtoons have not only influenced the Korean entertainment industry but also possess the potential to reach a broader global audience, offering untapped growth opportunities for the South Korean webtoon industry.
Key Takeaways
- South Korean webtoons have gained significant popularity globally after the success of webtoon-inspired TV programs and the global success of Squid Game and K-pop.
- The South Korean webtoon industry has the potential for further growth and success in the global market.
- Webtoons have the ability to reach a wider audience and expand beyond the traditional market for comics.
- South Korean businesses, such as Piccoma and Kakao, are driving the digital development of the manga industry and have a significant market share in Japanese digital manga.
Success of Piccoma and Kakao Piccoma
The success of Piccoma and Kakao Piccoma has played a significant role in the global readership of Korean webtoons. These platforms have achieved remarkable milestones in terms of revenue and market share.
In 2021, Piccoma generated more money than any other non-gaming app, excluding TikTok and YouTube. It reached a milestone of $1 billion in aggregate transactions, a feat accomplished by only 15 non-gaming applications worldwide.
Kakao Piccoma, as the maker of South Korea's most widely used messaging app, holds a significant position in the market. Additionally, South Korean IT firms like Kakao and Naver have a dominant presence, capturing over 70% of the Japanese digital manga market.
With such impressive achievements, these platforms are driving the digital development and growth of the Korean webtoon industry, contributing to its popularity both domestically and internationally.
Growth of the South Korean Webtoon Market
How has the South Korean webtoon market expanded in recent years?
The growth of the South Korean webtoon market has been nothing short of remarkable. In 2020, the market expanded by over 64%, surpassing the one trillion won mark.
This surge can be attributed to the increasing popularity of webtoons both domestically and internationally. South Korean webtoon platforms like C&C Revolution have seen a significant rise in sales from foreign markets, with approximately 65% of their revenues coming from outside of South Korea.
Furthermore, the success of webtoon-inspired TV programs and the global phenomenon of Squid Game and K-pop have further propelled the readership of Korean webtoons.
With their unique storytelling format and broad appeal, webtoons have the potential to continue their growth and make an even greater impact in the global market.
Impact of Webtoons on the Korean Entertainment Industry
Webtoons have played a pivotal role in shaping and influencing the Korean entertainment industry. Here are four key ways in which webtoons have made an impact:
- Source of Inspiration: Webtoons have served as a key source of inspiration for the Korean entertainment industry, leading to the creation of successful TV shows and films. The popularity of webtoon-inspired programs like 'Itaewon Class' has contributed to the global recognition of South Korean comics.
- Cultural Export: The Korean film and television industries have actively transformed webtoons since the late 2000s, turning them into a significant cultural export for South Korea. This has helped to further promote the country's entertainment industry on a global scale.
- Expansion of Audience: Webtoons have brought in a wider audience and expanded beyond the market for conventional comics. With their distinctive vertical scroll-to-read format and support from search engines, webtoons have been able to attract readers who may not have been traditional comic book enthusiasts.
- Global Success: The global success of Korean entertainment, such as the hit series 'Squid Game' and the popularity of K-pop, has further increased the readership of Korean webtoons. As a result, South Korean webtoons have the potential for even greater success in the global market.
Digitalization of Comic Books and Webcomics in South Korea
With their introduction to South Korean Internet sites in the early 2000s, digitalized comic books and webcomics have transformed the way audiences consume and engage with visual storytelling.
Unlike traditional comic books, digitalized versions are readily available online, allowing readers to access a vast library of content at their fingertips.
Webtoons, in particular, have gained popularity with their unique vertical scroll-to-read format, which enhances the immersive experience.
Additionally, search engines have played a significant role in promoting webtoons, making them easily discoverable and contributing to their widespread popularity.
As technology continues to advance, webtoons are expected to further evolve, adapting to the growing mobile age.
The digitalization of comic books and webcomics in South Korea has opened up new opportunities for creators and has revolutionized the way stories are told and consumed in the digital era.
Potential of Webtoons in the Global Market
South Korean webtoons are gaining significant traction in the global market following the success of Squid Game and K-pop. The potential of webtoons in the global market is becoming more evident, with several key factors contributing to their success:
- Increased readership: The global success of Squid Game and K-pop has introduced a larger audience to Korean webtoons, leading to a surge in readership worldwide.
- Untapped growth potential: The South Korean webtoon industry has unrealized capacity for growth, presenting an opportunity for further expansion and success in the global market.
- Wide-reaching audience: Webtoons have the ability to reach a wider audience compared to conventional comics, thanks to their unique vertical scroll-to-read format and support from search engines.
- Cultural export: Webtoons have become a significant cultural export for South Korea, inspiring the Korean entertainment industry and contributing to the popularity of South Korean comics abroad.
As the global demand for webtoons continues to grow, the potential for South Korean webtoons to dominate the global market is promising.
Unrealized Capacity for Growth in the South Korean Webtoon Industry
The South Korean webtoon industry has yet to fully tap into its potential for growth. Despite the recent surge in popularity due to the success of webtoon-inspired TV programs like Squid Game, there is still untapped capacity for expansion.
South Korean webtoons have gained significant global readership, but there is room for further growth in the international market. The success of Piccoma and Kakao Piccoma, which have generated substantial revenues and reached significant milestones, demonstrates the unrealized potential of the industry.
With the South Korean webtoon market expanding by more than 64% in 2020 and revenues from foreign markets on the rise, there is a clear opportunity for the industry to continue its upward trajectory.
As webtoons have the ability to reach a wider audience and go beyond the market for conventional comics, the South Korean webtoon industry is poised for further growth in the global market.
Frequently Asked Questions
What Is the Revenue Generated by Piccoma and Kakao Piccoma in 2021?
In 2021, Piccoma generated significant revenue, surpassing other non-gaming apps globally. Kakao Piccoma, known for its widely used messaging app in South Korea, also contributed to the success of the webtoon market.
How Many Non-Gaming Applications Globally Have Reached $1 Billion in Aggregate Transactions?
Fifteen non-gaming applications globally have reached $1 billion in aggregate transactions, a milestone achieved by Piccoma in October. This success highlights the app's significant revenue generation and solidifies its position in the competitive digital market.
What Is the Market Share of South Korean IT Firms Like Kakao and Naver in the Japanese DigITal Manga Market?
South Korean IT firms like Kakao and Naver hold over 70% of the market for Japanese digital manga. Their dominance in this market highlights their significant role in the digital development of the manga industry.
How Much Did the South Korean Webtoon Market Expand in 2020?
The South Korean webtoon market expanded by over 64% in 2020, surpassing the one trillion won mark. This growth highlights the increasing popularity and potential of webtoons, which can reach a wider audience and go beyond traditional comic book markets.
What Is the Value of the Worldwide Comics Business in 2020?
The worldwide comics business was valued at $11 billion in 2020. This demonstrates the significant market potential and economic impact of the industry, highlighting the opportunities for growth and success in the global comics market.
Conclusion
In the wake of the global success of Squid Game and K-pop, Korean webtoons have experienced a significant surge in global readership. With major players like Piccoma and Kakao Piccoma leading the way, the South Korean webtoon market has witnessed remarkable growth and has played a pivotal role in inspiring the Korean entertainment industry.
As the digitalization of comic books continues to transform the industry, webtoons hold the potential to reach a wider global audience and offer unrealized growth opportunities for the South Korean webtoon industry. Like a beacon of creativity and innovation, webtoons have illuminated the path to success in the digital comic world.
