Naver Establishes 'Wattpad Webtoon Studio' with 100 Billion KRW Investment

[Asia Economy Reporter Buaeri] Naver announced on the 24th that it will integrate its webtoon studio and Wattpad studio to establish the 'Wattpad Webtoon Studio.'

Earlier, in January, Naver acquired 100% of the shares of Wattpad, the world's largest web novel platform, for $600 million (approximately 660 billion KRW).

Naver plans to invest in the 'Wattpad Webtoon Studio,' which actively conducts video production projects globally, focusing on North America, South America, Europe, and Southeast Asia, by creating a 100 billion KRW global intellectual property (IP) business fund.

The 'Wattpad Webtoon Studio' plans to invest this fund in production costs and other areas to turn IPs verified through Naver Webtoon and Wattpad into higher-quality video works.

Based on over 1 billion original contents created by approximately 5.7 million global creators, the 'Wattpad Webtoon Studio' will present various video projects such as dramas, movies, and animations. Utilizing verified content for about 166 million users worldwide of Naver Webtoon and Wattpad, the goal is to satisfy diverse audiences in the IP business as well.

As of this year, there are a total of 167 video production projects creating dramas, movies, and animations based on IPs from Naver Webtoon and Wattpad.

Naver Webtoon's original 'Sweet Home' and Wattpad's original 'The Kissing Booth' were produced as Netflix originals and gained worldwide popularity. Additionally, the webtoon 'Tower of God,' which surpassed 4.5 billion cumulative views worldwide, was produced as an animation with participation from American and Japanese animation companies and is currently airing popular on Crunchyroll and HBO Max.

Wattpad uses machine learning technology called 'Story DNA' to recommend works that match readers' preferences. Naver Webtoon is also standing out in the IP business based on high-quality original content discovered globally.

Aaron Levitz, head of Wattpad Webtoon Studio, said, "Wattpad Webtoon Studio is envisioning the future with hundreds of millions of new stories that will succeed on screens and bookshelves for the next 100 years," adding, "We will break down all remaining boundaries in the entertainment industry and develop IPs to delight global fans."

This content was produced with the assistance of AI translation services.