USD 3.65 Billion
Report ID: SQMG45E2052 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Webtoons Market size is valued at USD 3.65 Billion in 2021, and it is anticipated to attain a value of USD 28.44 Billion by 2028, at a CAGR of 33.9% over the forecast period (2022-2028).
Webtoons are sorts of digital comics that was created in South Korea which was meant to be read on smartphones and computers. Most of individuals across the globe have acess to internet connection, which has brought a great expanse in the number of customers leaning towards webtoon. Rising development of subcriptions in mobile apps has prompted an upsurge in web-based activities made accessible on different entertainment platforms including action comics, series, digital comic, and others. Webtoon and digital innovations considerably reduced the expense of digital image creation by diminishing the requirement for drawing devices. Webtoons market is commonly saturated in nations such as South Korea, Taiwan, Vietnam, Malaysia and due to which the webtoons trends is getting sluggish tractions in other key countries such as U.S., Canada, UK, India etc.
Global Market Size
USD 3.65 Billion
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The Global Webtoons Market is segmented based on product, genre, devices, and region. Based on Product it is categorized into Subscription Based and Advertisement Based. The genre segment is bifurcated into Action, Sci-Fi, Horror, Comedy, Romance and other genres. By devices, the market study is segmented into Mobiles, Tablets, Laptops, and other devices. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
The subscription based sub-segment is estimated to be the quickest developing during the forecast time frame. Subscription based models are utilized in pretty much every industry such as food, OTT platforms, conveyance and various digital platforms. A subscription business plan is when a purchaser pays a charge consistently to get access to his/her services or product. This permits the business to gather continuous income from a gathering of faithful clients.
Analysis by Genre
Based on genre, the segment is divided into Action, Sci-Fi, Horror, Comedy, Romance and other genres. The romance sub-section in expected to have the most noteworthy growth rate during the estimated timespan. Webtoon is turning out to be increasingly popular as a medium for reading comics, with romance being one of the most prevalent genre. Within the well known webcomic application ‐”Webtoon™”, romance seems to be the most famous genre. This is due to the presence of raw feelings in the romantic stories, where the readers can relate with the characters. A large number of the application's most well known contents are in the romance segment, that has been the essential source of recent clients. Webtoon has turned into a stage for anybody to deliver their own comic, manga, or manhwa.
Analysis by Devices
According to the device segment, the mobile or smartphone sub-category is projected to be the swiftest advancing during the estimated time frame. Cell phones has turned into a fundamental electronic gadget in each normal person’s life. Application store systems have further developed client comfort, resulting in improved penetration and better screen time. Due to the increasing popularity of smart phones, individuals are discovering its applications. Mobiles are progressively used to remain associated with one another through networking, social media, and instant messaging applications. These are the factors responsible for individuals investing more time in their smart phones perusing webtoons, which are effectively accessible on mobile webtoon applications.
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Asia Pacific webtoons market held the largest global webtoons market share in the past, as the major consumption of digital comics is within Asia Pacific countries. The impact of Korean wave is obviously noticeable across the globe particularly among the nations like Singapore, China, Indonesia, India, Vietnam, among others in the Asia Pacific region. Therefore it is expected to vigorously impact the market development by 2028. Moreover, the rise of different webtoon designer organizations and consultants is likely to provide additional support to the market development throughout the next few years.
Europe webtoons market is projected to be the fastest surging region during the forecast period. Webtoon will soon launch its’s services in French and Spanish, and German by the end of 2022. Webtoon is Europe's most popular digital comics platform, featuring its contents in Spanish, French, and German. Webtoons is supposed to make another European enterprise, establishing its position as the top player in the European digital comics market.
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The Webtoons Market is consolidated, with the existence of limited number of firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Sidewalk Group, NHN Comico Corp., Marvel Unlimited, Kakao Corp., Naver Webtoon Corp., Lezhin Entertainment, Bomtoon, Tappytoon, Daum Webtoon And Company and Izneo Webtoon are driving the market.
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According to our global webtoons market analysis, Webtoons are sorts of digital comics that was created in South Korea which was meant to be read on smartphones and computers. Growing usage of mobile based subscriptions, has led to an expansion in online operations, resulting in the surging usage of webtoons. However, the illustrators existing in the webtoon programs are amateur, owing to which level and quality of webtoon narratives might be dissatisfactory.
|Market size value in 2021||USD 3.65 Billion|
|Market size value in 2028||USD 28.44 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Webtoons Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Webtoons Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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