South Korea’s Webtoon Boom: Leading the Global Industry

South Korea Aims to Lead the Global Webtoon Industry

The South Korean government has announced its commitment to supporting and promoting the webtoon industry, with the goal of establishing South Korea as the global hub for webtoons. The Minister of Culture, Sports, and Tourism emphasized the importance of webtoons as a successful content genre with significant global influence.

Impressive Growth and Global Recognition

The webtoon industry in South Korea has experienced remarkable growth, with four out of the top five webtoon platforms worldwide being Korean companies. Platforms like KakaoPage have achieved $600 million in overseas sales, while Naver Webtoon and other major platforms have expanded their influence in the global webtoon market.

The industry’s size has grown by 23%, reaching 2.6 trillion won ($2.3 billion) in 2022, and export revenue has surpassed $17.64 million. The Ministry of Culture, Sports, and Tourism has set ambitious goals for the industry, aiming for a size of 4 trillion won ($3.5 billion) and export revenue of $250 million by 2027.

Government Initiatives to Support the Webtoon Industry

The government has taken several initiatives to support and nurture the webtoon industry. It has established a dedicated team within the Korea Creative Content Agency and plans to form a promotion committee. The “Webtoon Industry Promotion Act” is being revised to ensure the protection of creators’ rights, and standard contracts are being updated to improve creator welfare.

Recognizing the importance of global expansion, the government aims to promote the overseas reach of Korean webtoons by providing support to domestic platforms. The budget for translation services has been increased to meet the growing demand, enabling platforms to cater to international audiences.

Celebrating the Webtoon Industry

In order to celebrate the success of the webtoon industry and recognize the contributions of creators and industry professionals, the government plans to organize a festival and international awards ceremony. These events will serve as a platform to honor outstanding works and achievements, bringing together readers, creators, and industry professionals.

The government also aims to establish the prestigious “Webtoon Academy Awards” as an internationally recognized event, starting from the end of this year. Additionally, plans are underway to establish the “Webtoon Talent Academy” by 2027, focusing on nurturing talents in the fields of creation, industry, and translation.

Focus on Talent Development and Institutional Improvements

The government’s long-term plan includes the establishment of the “Webtoon Talent Academy” by 2027, which will provide programs to develop talents in the webtoon industry, including creation, industry knowledge, and translation.

Furthermore, the government is considering excluding webtoons and web novels from the fixed book price system to encourage market-driven growth and competitiveness. The Minister of Culture, Sports, and Tourism emphasizes the need for quick adaptation to environmental changes and reaffirms the government’s unwavering support for the webtoon industry.

Sources: Newsis