Webtoons Market Increasing Popularity of Webtoons in Entertainment Sector

According to Precision Business Insights (PBI), the latest report, the webtoons market is expected to be valued at USD 3,943.2 million in 2022. It is poised to grow at a significant CAGR of 31.2% over 2022-2028. The primary driver of the expansion of the global Webtoons market is a rise in the popularity of webtoons across the globe, especially in India and Europe, as they provide entertainment to people.

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Mobile Segment to Dominate the Webtoons Market
The mobile segment is expected to account for a larger revenue share in the global webtoons market, with a value share worldwide due to the having of mobile phone among a large portion of people and has become an essential electronic device in every common person's life. App store systems have upgraded user convenience, resulting in augmented penetration and screen time. Furthermore, due to the increasing popularity of mobile phones, people are exploring its wide range of applications. Mobile phones are progressively utilized to stay connected with one another (via social media, networking, and instant messaging services). Thus, mobile segment growth will support leading the webtoons market over the forecasted period.

Europe Webtoons Market
Europe is expected to be the fastest growing by leading highest CAGR during the forecast period owing to various webtoons platforms available, especially in French and Spanish language. Webtoon is also Europe's most popular digital comic platforms, presenting versions in French, Spanish, and German. Webtoons are expected to create a new European corporation, strengthening its position as the key player in the European digital comics market and being the largest digital comic platform across the globe. Asia-Pacific is anticipated to have a significant market share over the forecasted period area owing to the rising youth population and boosted a number of digital comic readers, which has supported industry market growth. For example, as per United Nations Department of Economic and Social Affairs, in August 2019, that Central and Southern Asia have 361 million youngsters, the world's largest. Correspondingly, growing popularity of Japanese amine is expected to upsurge demand for webtoons. As per study, the animation sector in Japan grew by 15.1% in 2019 which is further anticipated grow well in coming next few years.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The global webtoons market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. In April 2021, The Graphics India Group launched Toonsutra, the popular comic platform for mobile devices.

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The webtoons market is segmented based on type, revenue model, application, and geography.
Based on the type, the market is segmented into the following:
• Comedy
• Action
• Romance
• Horror
• Sci-fi
• Others

Based on the revenue model, the market is segmented into the following:
• Advertisement Based
• Subscription Based

Based on the application, the market is segmented into the following:
• Mobile
• Laptop
• Tablets
• Television

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the webtoons market report are NAVER Corp., ToryComics, Kakao Corp., Lezhin Entertainment, Tappytoon, Toomics Global, Ridibooks (RIDI Corp), KidariStudio, Webtoon Factory, and Izneo Webtoon.

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This release was published on openPR.