Webtoons Market Expected to Garner a Revenue of $56,092.8 Million and Rise at a Noteworthy CAGR of 36.8% during the Estimated Period from 2021 to 2030

The global webtoons market is expected to observe significant growth by 2030, due to the increasing popularity of webtoons in the entertainment sector. Regionally, the Asia-Pacific region is expected to dominate the market over the forecast period.

According to the report, the global webtoons market is anticipated to generate a revenue of $56,092.8 million and rise at a CAGR of a healthy 36.8% over the analysis timeframe from 2021 to 2030.

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Dynamics of the Market

With the increasing popularity of webtoons in the entertainment sector, the global webtoons market is predicted to witness remarkable growth during the forecast timeframe. Besides, the increasing demand for digital comic content across many nations around the world is further expected to fortify the growth of the market over the analysis period. Moreover, the transition from comics to webtoons is expected to create expansive growth opportunities during the forecast period. However, the webtoons are mostly short and can be read online only which may impede the growth of the market throughout the analysis timeframe.

COVID-19 Impact on the Webtoons Market

Though the outbreak of the novel coronavirus devastated several industries, it has had a positive impact on the webtoons market. During the pandemic, the movie theaters and production businesses were closed to control the spread of the deadly virus. This had increased the use of digital webtoons content among individuals to reduce the tension and stress of the pandemic and get some entertainment while staying at home for a prolonged period. All these factors resulted in the rapid growth of the market during the period of crisis.

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Segments of the Webtoons Market

The report has divided the market into segments based on type, application, revenue model, and region.

By type, the comedy sub-type is predicted to be most productive and is expected to generate notable revenue during the analysis timeframe. The increasing adoption of visual effects technology in comedy webtoons movies is expected to bolster the growth of the market's sub-segment during the estimated period.

By application, the mobile sub-segment is expected to be most profitable and is expected to continue a steady growth during the forecast timeframe. The increasing development of own mobile comic systems by several mobile content providers is predicted to amplify the growth of the sub-segment during the estimated period.

By revenue model, the advertisement-based sub-segment is predicted to be the most lucrative and is expected to have the largest share of the market over the forecast period. The increasing adoption of webtoons advertisements to boost business marketing and the introduction of webtoons in commercials in a variety of formats are expected to augment the growth of the sub-segment during the estimated timeframe.

By region, the Asia-Pacific webtoons market is expected to hold the maximum share of the market and is projected to grow at a healthy CAGR during the analysis period. The presence of a large youth population and top webtoons apps using crowds in this region are the major factors expected to drive the regional growth of the market during the estimated period.

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Key Players of the Market

The major players of the webtoons market include ToryComics, Ridibooks (RIDI Corp), Toomics Global, Tappytoon, KidariStudio, Lezhin Entertainment, Webtoon Factory, Kakao Corp., Izneo Webtoon, NAVER Corp., and many more. These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.

Further, the report presents other important aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic development.

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