Webtoons Market
Webtoons Market
The report provides a detailed segmentation of the global webtoons market relying on type, revenue model, application, and region.
WILMINGTON, DE, UNITED STATES, October 16, 2024 /EINPresswire.com/ -- As per the report published by Allied Market Research, the global webtoons market size is predicted to garner a revenue of $56.1 billion by 2030. The market accounted for $3.7 billion in 2021 and is anticipated to rise at a noteworthy CAGR of 36.8% from 2022 to 2030. The report offers a panoramic analysis of altering market dynamics, value chains, top segments, key investment pockets, regional insights, and competitive scenarios.The global webtoons market is predicted to see prominent growth owing to the adoption of digital platforms and devices such as smartphones and tablets by renowned organizations to spend more on technological advancements and the rising use of the internet. Furthermore, the increasing utilization of digital comics to minimize requirements for drawing instruments including drawing pens and screen tone is predicted to create extensive growth opportunities for the market over the analysis timeframe.
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The global webtoons market is driven by factors such as the rise in the adoption of digital platforms and devices such as smartphones and tablets by leading companies worldwide to invest more in technological developments and the increasing usage of the internet. Based on type, the comedy segment generated the highest market share in 2021 and is expected to maintain its dominance throughout 2030. Regionally, Europe is expected to manifest the fastest CAGR in 2030.
Webtoons are a type of digital comic created in South Korea that can be read on computers and mobile devices. Webtoons were relatively unknown outside Korea when they initially debuted, but their popularity has grown since success of manhwa webtoons (a general Korean term for comics and print cartoons). Digital manhwa has become more popular in the country due to user-friendly interface of webtoons apps. Webtoons are a type of Internet comic that are easier to create and distribute as they are shorter and more precise.
People who primarily use webtoons for entertainment are always looking for new and interesting content. The market trend is towards spending more time on entertainment, which has further resulted in an increase in demand for new series of webtoons. However, webtoons are only available to read online, and as the plots are short, there are not enough chapters to generate a print edition. Furthermore, many artists included in webtoon programs are amateurs, which may cause readers to be disappointed by the quality and level of the webtoon.
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Digital comics have considerably reduced the cost and requirement for drawing instruments such as screen tone and drawing pens. It is anticipated that webtoons are expected to provide huge growth opportunities in the digital entertainment industry. Webtoons are made up of vertically oriented images that can be scrolled from top to bottom, allowing designers to present one enormous image on mobile or tablet. These factors are anticipated to boost the webtoons market size over the forecast period.
Impact of COVID-19:
1. The COVID-19 pandemic had a favorable influence on the global webtoons market. Webtoon is a South Korean digital comic’s platform, which is involved in the COVID-19 campaign. On April 11, 2020, the Indonesian version of Webtoon launched a comic anthology written by connected authors that offers varied health advice, cleanliness protocols, and positive messages regarding the pandemic.
2. Indonesian Webtoon created a compilation titled 'Sehatsehat, Ya!' on April 05, 2020. More than 40 authors contributed to this collection, all of whom are linked with Webtoon Indonesia. There are 44 episodes in total, each of which is drawn by a different creator and conveys a distinct message. This collection's major focus is awareness regarding the COVID-19. This includes messages such as wearing masks, washing hands, and maintaining social distance.
3. Despite the impact of COVID-19, webtoons companies are enjoying incredible growth, as one may watch content/series everywhere. The companies are planning to expand in two ways: by increasing the number of creators on the platform and by increasing the number of readers. As per the webtoons market analysis conducted, it has been observed that the massive surge in the number of creators and volume of content produced during the pandemic. As a result, the number of readers and revenue has increased.
By type, the comedy segment generated the highest market share in 2021, contributing to nearly one-fourth of the global webtoons market, and is predicted to continue steady growth over the analysis timeframe. However, the romance segment is expected to showcase the highest CAGR of 37.7% over the forecast period.
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By revenue model, the adds bases segment accounted for the maximum market share in terms of revenue in 2021, generating more than half of the global market. On the contrary, the subscription segment is expected to grow at the greatest CAGR of 41.5% during the estimated timeframe.
Based on region, the Asia-Pacific region held the largest market share in 2021, providing more than two-thirds of the global market, and is expected to rule the roost by 2030. However, Europe is expected to exhibit the fastest CAGR of 39.0% over the analysis timeframe. The report also presents a regional analysis of Europe and LAMEA.
Prominent market players:
Izneo Webtoon
NAVER Corp.
Webtoon Factory
Kakao Corp.
KidariStudio
Lezhin Entertainment
Ridibooks (RIDI Corp)
ToryComics
Toomics Global
Tappytoon
The report offers a comprehensive analysis of the global webtoons market forecast trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
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