Naver
Webtoon , one of the largest webtoon
platforms in the world, has seen a drastic decline in its key user base ,
leading to a negative reaction in financial markets. In just two
trading days, Naver Webtoon's market capitalization has dropped by 1.4 trillion
won . This decline has sparked a wave of selling from disappointed
investors, reflecting growing concerns about the future of the platform.
Kim Jun-Koo, CEO and founder of Webtoon
Entertainment, is taking a photo with the creators. From left to right: Shen,
Son Je-Ho, Anna Todd, director Kim Jun-Koo, Ingrid Ochoa, Kim Gyu-Sam, Jo Seok
/ © Webtoon Entertainment
Figures for the second quarter of 2024 revealed
that the number of monthly active users (MAU) and the number of paying
users (MPU) have fallen considerably , both in South Korea and other
major markets. In particular, the South Korean market, which is core to Naver
Webtoon, showed a significant decrease of 6.6% in MAU and 7.3% in MPU compared
to the same period last year. Although there was an increase in Japan, it was
not enough to offset declines in other regions.
The quality of the content has been
pointed out as one of the main causes of this situation. Instead of focusing on
creating innovative, high-quality works, Naver Webtoon has adopted an
approach based on the mass production of webtoons , known as “formula
webtoons,” which repeat pre-established successful formulas. This has led to
a saturation of similar content , driving readers away and
diminishing the platform's overall appeal.
Industry experts have noted that the solution to
this crisis lies in a shift in focus towards creating high-quality
content and fostering intellectual properties (IP) that can be
successful in the long term. Improving working conditions for webtoon
creators and greater support for more ambitious works are seen as
crucial steps to regain user trust and consequently stabilize Naver Webtoon's
financial performance.
In the short term, the situation is expected to
remain difficult, as additional losses are anticipated in the third
quarter . However, experts stress that a strategy focused on content
quality and the development of successful IPs could reverse the
negative trend and allow Naver Webtoon to regain its leading position in the
global webtoon market.
- " The
drawing styles are also all very similar ."
- « It
grew at great speed thanks to the Internet era, but also for the same
reason, low-quality mass production has reduced its valuation .»
- « They
said that webtoons would surpass Japanese manga, but what happened to
that? ».
- « I
read a lot of webtoons on Piccoma, but many of them drag on without
finishing and, when they finally do, they have typical “our fight is just
beginning” endings as if they were canceled. Some even end abruptly .
- « “Solo
Leveling” is very entertaining. Japan is losing .
- « Korean
mangas all have the same character design, are they drawn by the same
person? ».
- « In
webtoons, the creator of the story, the characters and the backgrounds are
different people. As the images are generated with AI, many buildings and
faces look similar .
- « It
seems that Jump TOON didn't work either. I suppose it's fine for those who
just want to pass the time, but as a work, it seems more like a disposable
product than something one wants to reread several times, which is why
they tolerate some contradictions and forced developments .
Source: Otakomu
