Webtoons Market Reach USD 56.1 Billion by 2030 Growing with 36.8% CAGR

Allied Market Research published a new report, titled, "Webtoons Market Reach USD 56.1 Billion by 2030 Growing with 36.8% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, 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 a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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.

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Driving Factors

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.

Market Segmentation

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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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.

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.

Some of the leading webtoons industry players are NAVER Corp., Kakao Corp., Lezhin Entertainment, Tappytoon, ToryComics, Toomics Global, Ridibooks (RIDI Corp), KidariStudio, Webtoons Factory, and Izneo Webtoons.

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COVID-19 Scenario

● 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.

● 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.

● 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.

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