New York, USA, March 07, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global webtoons market is envisioned to garner $56,092.8 million in revenue and grow at a CAGR of 36.8% during the forecast timeframe from 2021 to 2030.
As per our analysts, with the growing popularity of webtoons in the entertainment sector worldwide, the webtoons market is expected to experience remarkable growth throughout the analysis period. Moreover, the increasing transition from comic to webtoons production is predicted to create huge growth opportunities for the market over the forecast timeframe. In addition, the increasing focus on launching new series and fresh content by leading market players to fascinate users is predicted to boost the growth of the market during the estimated period. However, the webtoons are mostly short and can be read online which may hamper the growth of the market over the forecast period.
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Segments of the Global Webtoons Market
The report has divided the market into segments based on type, application, revenue model, and region.
Type: Comedy Sub-Segment to Most Productive
The comedy sub-segment is predicted to hold the largest share of the market throughout the forecast period. This is mainly due to the increasing technological advancements in the communication and television industry. Moreover, the increasing demand for comedy webtoons movies and the increasing adoption of visual effects technology in the media industry is expected to bolster the growth of the market sub-segment during the analysis timeframe.
Application: Mobile Sub-Segment to be Profitable
The mobile sub-segment is expected to hold the maximum share of the market over the estimated timeframe. Various mobile content providers are building their mobile comic systems using java-based apps which are expected to propel the growth of the webtoons market sub-segment during the analysis period.
Revenue Model: Advertisement-Based Sub-Segment to be Most Lucrative
The advertisement-based sub-segment is predicted to register the dominant share of the market throughout the forecast period. This is mainly due to the increasing development of mobile and internet-based content all across the globe. In addition, the rising popularity of webtoons advertisements to boost business marketing is expected to amplify the growth of the market sub-segment during the analysis timeframe.
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Asia-Pacific Region to Hold the Highest Share of the Market
The Asia-pacific region of the webtoons market is expected to grow at a CAGR of 36.7% during the estimated period. This is mainly due to the increasing popularity of webtoons platforms among users of this region. Furthermore, the rising number of digital comic readers in this region due to the existence of a large youth population is expected to drive the regional growth of the market throughout the forecast period.
Covid-19 Impact on the Webtoons Market
Initially, the outbreak of the Covid-19 pandemic has badly impacted the webtoons market. This is mainly because of the closing down of movie theaters and production businesses during the pandemic. However, the increasing inclination of consumers toward online channels and the surge in the consumption of digital webtoons content by consumers worldwide have increased the growth of the market over the crisis.
Key Players of the Market
The major players of the webtoons market include
- ToryComics
- Ridibooks (RIDI Corp
- Toomics Globa
- Tappytoon
- KidariStudio
- Lezhin Entertainment
- Webtoon Factory
- Kakao Corp.
- Izneo Webtoon
- NAVER Corp.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry.
Triangulate date as per your Format and Definition of Webtoons Market
For instance, in January 2022, Webtoon Inc., a leading South Korean webtoon platform announced its collaboration with DC Comics, an American comic book publisher. With this collaboration, the companies aimed to release two latest digital comics namely “Red Hood: Outlaws” and “Zatanna”.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Webtoons Market:
- What are Webtoons and Why are They Trending Among Youngsters?
- Global Webtoons Market to Reach Newer Heights with the Rising Popularity of Webcartoons Worldwide
