New York, USA, July 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global webtoons market is predicted to register $56,092.8 million by 2030 and grow at a healthy CAGR of 36.8% during the forecast period from 2021-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market, such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Webtoons Market
Drivers: The growing popularity of webtoons beyond South Korea, especially in India and Europe and the rapidly increasing digital comic’s content in China and Taiwan are some factors expected to drive the growth of the global webtoons market during the forecast period.
Opportunities: The reduced cost of drawing instruments like screen tones, sketching pens, etc. and the possibility for designers to present enormous image on a mobile or a tablet are some factors estimated to offer ample growth opportunities for the global webtoons market by 2030.
Restraints: Since most webtoons are short and can be only read online, the market is anticipated to experience an impeded growth rate.
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Covid-19 Impact on the Webtoons Market
The outbreak of the covid-19 catastrophe has had a positive impact on the global webtoons market since people dramatically moved towards online channels and digital content like webtoons to reduce stress and depression during the lockdowns. Strict travel restrictions imposed by governments across the world led to the shutdown of theatrical entertainment industry. People were forced to stay home to curb the spread of the virus which consequently increased the adoption rates for audiovisual entertainment.
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Segments of the Webtoons Market
The report has divided the market into multiple segments based on type, revenue model, application, and regional analysis.
Type: Comedy Sub-segment to be Highly Dominant
The comedy sub-segment is projected to have a dominant market share during the analysis timeframe. This strong market position is attributed to the people’s growing demand for comedy webtoons to reduce their stress, anxiety, and depression. Moreover, many technological advancements in the communication and television industry have boosted the quality of comic webtoons. These factors are estimated to bolster the sub-segment’s growth by 2030.
Revenue Model: Advertisement-Based Sub-segment to be Most Lucrative
The advertisement-based sub-segment of the global webtoons market is anticipated to have the highest growth rate during the forecast period. Due to the high utilization of smartphones and high-quality internet, existing cartoons have evolved into new forms of webtoons that are mostly marketed via advertisements. Moreover, webtoons advertisements are gathering immense popularity as a fun way to uplift business marketing, thus propelling the sub-segment’s growth by 2030.
Application: Mobile Sub-segment to be Highly Profitable
The mobile sub-segment is expected to have the fastest growth rate during the forecast period. Many mobile content providers are now creating their own mobile comics systems that use java-based apps for downloading. Moreover, some of them also offer strips via wireless application and multi-media messaging protocol subscriptions. These factors are predicted to augment the sub-segment’s growth rate by 2030.
Region: Market in the Asia-Pacific Region to be Most Progressive
The webtoons market in the Asia-Pacific region is projected to have the highest growth rate during the 2021-2030 forecast timeframe due to the growing popularity of webtoons in Asian countries. India, Japan, South Korea, and China have the largest population of comic readers that aids the webtoon apps to attract more than 70 million monthly subscribers or users, thus raising the market growth in the region by 2030.
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Key Webtoons Market Players
Some key players of the webtoons market include
- ToryComics
- Toomics Global
- Kakao Corp.
- Tappytoon
- NAVER Corp.
- KidariStudio
- Webtoon Factory
- Izneo Webtoon
- Ridibooks (RIDI Corp)
- Lezhin Entertainment, among others.
These key players are undertaking various strategies, such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth. – Inquire here to get access for key business development strategic report
For example, in April 2021, The Graphics India Group launched the first webtoons comic platform Toonsutra for mobile devices exclusively in India for free download on both Android and iOS devices. The platform showcased new free stories everyday that were available in multiple languages.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Webtoons Market:
- Global Webtoons Market to Reach Newer Heights with the Rising Popularity of Webcartoons Worldwide
- What are Webtoons and Why are They Trending Among Youngsters?
