By C. Perera, JadeTimes News
Webtoon Entertainment, the world's largest web comic platform, has set its market value at $2.67 billion in preparation for its listing on the Nasdaq stock exchange. The company's shares are set to begin trading on 27 June at $21 each, the upper limit of their marketed range.
The Los Angeles based company, owned by South Korean tech giant Naver, has capitalized on the growing online popularity of Korean and Japanese comics. Webtoon Entertainment claims to have 170 million monthly active users across more than 150 countries.
The company aims to sell 15 million shares, raising $315 million in its initial public offering . BlackRock, the world's largest fund manager, has shown interest in purchasing up to $50 million of shares.
Webtoon Entertainment also owns several other platforms, including the Japanese web comic and manga app Line Manga, the web novel platform Wattpad, and the Korean web comic service Naver Webtoon. The platform offers thousands of titles spanning genres such as action, romance, horror, and science fiction.
Originating in South Korea two decades ago, the webtoon industry, which focuses on online only comics optimized for mobile reading, has seen a global surge in popularity. This rise has positioned webtoons as a significant cultural phenomenon alongside K pop and Korean dramas.
Webtoons are cost effective to produce often created by a single artist using a tablet which can make popular titles highly profitable. The industry generated $4.7 billion in 2021 and is projected to grow to $60.1 billion by 2030, according to Spherical Insights & Consulting.
