Growing CAGR of 36.8% | The Webtoons Market Reach USD 56.1 Billion by 2030

Allied Market Research published a new report, titled, " Growing CAGR of 36.8% | The Webtoons Market Reach USD 56.1 Billion by 2030." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Increase in adoption of digital platforms and devices such as smartphones and tablets leading companies to invest more in technological developments and growing use of the internet drive the growth of the global webtoons market. Growing use of digital comics leading to reduction in need for drawing instruments such as screen tone and drawing pens is expected to generate potential opportunities for the market during the forecast period.

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The global webtoons market size was valued at USD 3.7 billion in 2021, and is projected to reach USD 56.1 billion by 2030, growing at a CAGR of 36.8% from 2022 to 2030.

The global webtoons market is divided into type, application, revenue model, and region. On basis of type, the market is sub-segmented as comedy, action, sci-fi, horror, romance, and others. On the basis of revenue model, the market is sub-segmented as subscription based and advertisement based. On basis of application, the market is sub-segmented as mobile, tablets, laptop, and television. On basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Impact of COVID-19

● The COVID-19 pandemic had a favorable influence on the global webtoons industry. Economic factors such as inflation, income distribution, employment rate, demographics, GDP growth, and others have a great impact on the revenue growth of the webtoons market. During the pandemic, people with higher disposable income tend to spend more time and money on entertainment. Even in developing countries, people are price sensitive and still prefer to spend time on entertainment. Moreover, India has one of the best media industries, and it is estimated to develop more in children genre owing to huge population of youth.

● During the pandemic, political stability in the entertainment industry played very important role for market players in the industry. For instance, tax policies are applied on large-scale shows, celebrity or sponsors stage shows, festivals, and others. It is the government who will decide what entertainment facilities to provide to the public and their prices and taxes. With respect to the digital industry, charges are waived off, and free subscriptions/extensions have been offered to the users.

● Despite the impact of COVID-19, the technology and entertainment industries are pillars and inseparable entities. Industry is widely driven by technological developments. Rising adoption of digital platforms and devices such as smartphones and tablets has forced companies across the globe to invest more in technological developments. Technological advancements will reshape the future of webtoons content creators so as to connect mass audiences.
COVID-19 had a significant impact on the market as well as community. However, the industry is highly dependent on the audience. It is seen that most of the people spend time on social media and television even while working. Webtoons are shaping social culture to some extent as people watch dramas, comics, and are actively engaged in such entertainment stuff. Such factors have a positive impact on the social aspect of the market.

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Based on revenue model, the adds bases segment was the largest in 2021, grabbing more than half of the global market. However, the subscription segment is projected to register the highest CAGR of 41.5% throughout the forecast period. Based on type, the comedy segment was the largest in 2021, holding over one-fourth of the global webtoons industry, and is likely to rule the roost during the forecast period. The romance segment, however, is likely to register the highest CAGR of 37.7% from 2022 to 2030.

By region, Asia-Pacific contributed to more than two-thirds of the global market in 2021 and is estimated to continue its dominancy through 2030. Europe, on the other hand, is projected to manifest the fastest CAGR of 39.0% during the forecast period. The other regions analyzed in the report are Europe and LAMEA. Leading players of the global webtoons market analyzed in the research include NAVER Corp., Kakao Corp., Lezhin Entertainment, Tappytoon, ToryComics, Toomics Global, Ridibooks (RIDI Corp), KidariStudio, Webtoon Factory, and Izneo Webtoon.

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