Naver Webtoons: Redrawing the Comics Industry through a Platform Business Model
| Case Code: BSTR669 Case Length: 16 Pages Period: - Pub Date: 2024 Teaching Note: Available |
Price: Rs.500 Organization : Naver Webtoon Corp Industry : Leisure & Entertainment Countries : South Korea Themes: Platform Model, Platform Ecosystem, Platform Strategy,Business Models |
Abstract Case Intro 1 Case Intro 2 Excerpts
Excerpts
NW’S Quest for Content
From the time NW was set up, the main challenge Kim confronted was the limited availability of comic creators and artists, who furthermore could create webtoons. To overcome this problem, Kim first took the help of a third party to develop a platform called ‘Webtoon Canvas’ that could be used by comic creators to develop webtoons..
NW Grows The Webtoons Business
In 2008, NW introduced a new system in which the most frequently read and highly ranked works in “The Challenge League” were upgraded to “Best Challenge League.” At that time, the company segregated the webtoons on its site into two sections..
NW’S Numerous Revenue Models
Over the years, as the popularity of webtoons grew, they became one of the most popular forms of mobile content in Korea. NW then began to adopt various methods to monetize them. In the early days, it relied heavily on native advertising..
NW’S Benefits for The Creators
In 2013, NW introduced the Page Profit Sharing (PPS) program, aimed at maximizing creators’ revenue. Kim commented..
Capitalizing on The IP Through Licensing
NW did not possess the complete range of IP rights for the webtoons it featured; instead, these rights were held by the creators..
NW’S Strong International Foray
NW was aware that the Korean domestic market couldn’t keep growing forever. So, in July 2015, it launched LINE Webtoon – its international webtoon service – in the US. The company translated its webtoons into three languages..
Rising Challenges to NW’S Juggernaut
Analysts opined that NW had certainly taken the lead in shaping the webtoon industry, both in the Korean and global markets..
Future Course
In 2022, the global webtoons market size was valued at US$ 4.65 billion and was expected to reach US$ 27.41 billion by 2028..
Exhibits
Exhibit I: A Brief Overview of Webtoons
Exhibit II: NW’s International Expansion
Exhibit III: Major Players in the Korean Webtoons Industry
Exhibit IV: NW Users, As of 2022
Exhibit V: Global Webtoon Market Analysis
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