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Market Analysis
The market size for webtoons was estimated at USD 3.9 billion in 2022. The market for webtoons is anticipated to increase from USD 5.4 billion in 2023 to USD 67.6 billion in 2032, with a compound annual growth rate (CAGR) of 37.30% over the forecast period (2023-2032). Webtoons rising popularity and the expansion of digital comics in the entertainment sector are the main factors boosting the market’s expansion.
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Webtoons could be produced thanks to digital infrastructure such as fast broadband Internet and smartphone transmission. Webtoons are gaining popularity as the need for mobile entertainment rises, which presents a significant opportunity for Korean platform providers. The market is mostly the result of South Korea’s fast growing internet user population.
Key Companies in The Webtoons Market Include
Industry statistics show that 51.29 million people called South Korea home as of January 2021. The traditional media and entertainment industries are changing as a result of networks, platforms, and digital technologies. This will have the biggest impact on the market in the future.
Webtoons could be produced thanks to digital infrastructure such as fast broadband Internet and smartphone transmission. Webtoons are gaining popularity as the need for mobile entertainment rises, which presents a significant opportunity for Korean platform providers. The market’s phenomenal growth is partly attributable to South Korea’s fast growing internet user population. Industry statistics show that 51.29 million people called South Korea home as of January 2021.
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Networks, platforms, and digital technologies are altering the traditional media and entertainment businesses. During the foreseeable period, this will be the market’s main driver.
Webtoons have a more sophisticated income business approach than other content platforms. Webtoons have a significant opportunity to raise the average revenue per paying consumer by implementing subscription-based services. In terms of user engagement metrics like time spent and frequency, webtoons in Korea have already overtaken music streaming services and are now on level with video streaming services. It is also encouraging that the webtoon content ecosystem is based on platforms.
Segmentation of Webtoons Market
Based on kind, the Webtoons Market is segmented into comedy, action, science fiction, horror, romance, and other genres. In 2022, the romance category dominated the world market.
Subscription-based and add-based income models are included in the Webtoons Market categorization. In 2022, the Webtoons Market was led by the subscription-based segment.
Mobile, laptop, tablet, and television are all included in the segmentation of the Webtoons Market depending on application. In 2022, the mobile segment will rule the world market.
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Regional Analysis
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was dominated by the North American Webtoons Market (45.80%). The expansion of numerous webtoon designer groups and consultants is anticipated to further accelerate market growth during the ensuing years.
Additionally, in the North American region, the U.S. Webtoons market had the biggest market share, while the Canada Webtoons market had the quickest rate of expansion.
In 2022, the Asia Pacific Webtoons market held a sizable market share. The webtoons platform has seen a sharp increase in popularity across Asia, with the top webtoons apps bringing in more than 70 million monthly users and generating more than 100 billion views annually. Due to the constantly growing demand for webtoons around the world, NAVER Webtoon’s worth is anticipated to rise again in the future. NAVER Webtoon is the most popular webtoon platform in the world, both in terms of money and users, across the Korean Peninsula, Japan, Taiwan, the US, and other key countries.
Additionally, the Indian Webtoons industry had the highest rate of growth in the Asia-Pacific region, while China’s Webtoons market had the largest market share.Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Webtoons Industry must provide affordable products if it wants to grow and thrive in an increasingly competitive and challenging market environment. One of the primary business strategies employed by manufacturers in the global webtoons industry to benefit customers and expand the market sector is local manufacturing to reduce operational costs. The Webtoons Industry has recently provided some of the most important benefits to medicine.
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