Global webtoons market is valued at USD 3.65 Billion in 2021, and it is anticipated to attain a value of USD 28.44 Billion by 2028, at a CAGR of 33.9% over the forecast period (2022-2028).
Westford, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) — Webtoons are episodic comics or graphic novels created on the web and typically consumed in short bursts in the global webtoons market. They offer a fast-paced, visual storytelling experience with a shorter timeline than traditional comics. This makes them perfect for mobile devices and other on-the-go platforms.
There are several reasons why the webtoons market is growing rapidly. First, they offer an engaging and convenient way to read comics. Second, they are especially popular in countries where there is not a large number of dedicated comics book stores or readership. Third, webtoons cater to a younger audience than traditional comics, with average ages ranging from 8-12 years old across countries. Finally, webtoons offer creators more opportunities for monetization than traditional comics do due to their shorter duration and higher frequency of updates.
One of the key drivers of webtoons market growth is the increasing adoption of mobile devices and wireless internet around the world. In 2021, 73% of all internet users accessed websites using their mobile device, up from just 27% five years earlier. This growth shows no signs of slowing down – even as desktop usage declines – and webtoons have taken full advantage.
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Webtoon readership is also diverse and growing fast. In 2021, 47% of all global internet users were estimated to be readers of webcomics market, up from just 12% in 2007. This reflects the wide range of interests that webtoon viewers share – encompassing everything from sitcoms to horror stories. Webtoons offer a tailor-made experience for each individual reader, making them an increasingly popular choice among consumers everywhere.
SkyQuest notes that some challenges will likely impede the growth of the webtoons market. These include Chinese authorities’ efforts to regulate online content, which could limit innovation or lead to less accessible content; competition from other digital entertainment formats such as games and videos; and a slowdown in global economic growth, which could reduce spending on discretionary items such as entertainment.
SkyQuest Observed Webtoons Garnering Advertisers Interest for Lead Generation Campaigns
Webtoons likely appeal to a wider audience than traditional comics because they can be read on a range of devices and platforms, from desktops to smartphones. Webtoons market also generate advertiser interest because they can be used in lead generation campaigns and as content assets for digital marketing activities. It has experienced rapid growth in recent years, with accumulated 2021 revenues totaling $3.6 billion.
To date, SkyQuest has identified 196 webtoon titles across 17 markets. We expect this number to grow rapidly as new markets mature and advertisers discover the potential of webtoons for driving engagement and generating leads.
One critical factor enabling webtoons market growth is their low barrier to entry—anybody can create and distribute a webtoon. This openness has had negative consequences as well: While there are high-quality webtoons available, there is also an abundance of low-quality content. Nevertheless, we believe that the churn rate for webtoons (the percentage of series that disappear after one or two episodes) is lower than for other types of content (e.g., TV shows).
SkyQuest’s analysis of the global webtoons market found that those with a higher click-through rate (CTR) tend to have a higher revenue potential. This could be because they’re generating more traffic and engagement from their readers, which results in them being rewarded with advertising revenue.
However, even if a webtoon doesn’t have a high CTR, it still has the potential to make money through other means. our analysis found that longer strips (those that are five panels or more) tend to generate significant revenues due to the increased amount of ad space they occupy. Additionally, some publishers outsource the creation of their comics so they can focus on creating new content instead of managing advertiser demands, which allows them to make even more money from ads themselves.
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Social Media Engagement and Online Storytelling Format is Proving a Boon for Webtoons Market
The reason for the growth is simple– the comic book format is resonating with burgeoning millennial audiences around the world. Webtoons offer a unique and engaging browsing experience that allows readers to sink their teeth into lengthy storylines with complex plotlines and compelling characters. The combination of dynamic artwork, memorable characters and enthralling stories is what has made webtoons such an explosive industry, appealing to both veteran and first-time comic book readers alike.
SkyQuest observed that two key factors are fueling growth in the webtoons market – expanding content offerings and increasing audience engagement. Growing content availability is a result of growing audiences around the world, as well as the investment by established publishers in creating new series. In addition, there is a proliferation of localized versions of popular titles that cater specifically to local audiences. This increased diversity in content offers consumers more options from which to choose, driving continued adoption of webtoons as an entertaining reading experience.
Meanwhile, increasing audience engagement in the webtoons market can be attributed to several factors – increased use of social media platforms for marketing and distribution, increased frequency of releases (which drives more rapid consumption), and evolving online storytelling formats that encourage reader participation and feedback. These enhancements create an immersive reading experience that engages readers on a deeper level, drawing them into the story worlds depicted.
One key challenge for publishers in the global webtoons market is monetization. While revenues from advertisements and subscription revenue are growing, these sources account for a relatively small proportion of total revenue compared to commissions from social media platforms and other external sources. Publishing costs associated with producing webtoons also tend to be high, which limits profitability for many small startups.
However, there are a number of strategies that startups in the webtoons market are using to improve monetization prospects overall – including diversifying revenue sources, developing new marketing channels, and pursuing alliances with other businesses or influencers. With careful planning and execution, webtoon publishers can continue to thrive in the rapidly growing market.
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Key Players in Global Webtoons Market
NHN Comico Corp.
Marvel Unlimited
Sidewalk Group
Kakao Corp.
Naver Webtoon Corp.
Lezhin Entertainment
Bomtoon
Tappytoon
Daum Webtoon And Company
Izneo Webtoon
The Graphics India Group
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