Content Platform Ridibooks Achieves Record High Performance with Net Profit of 44.8 Billion KRW

Content platform company RIDI announced on the 5th that it has achieved its highest-ever performance.

According to RIDI, it recorded sales of 221.1 billion KRW and a net profit of 44.8 billion KRW in 2022 on a consolidated basis. This represents a 19% increase compared to the previous year.

A RIDI representative stated, "By selling our subsidiary 'Laftel' in November last year, we secured a net profit of 44.8 billion KRW, proactively ensuring cash liquidity despite the global economic downturn and establishing a solid financial structure." They added, "This is interpreted as the result of RIDI’s thorough preparation in expanding its IP business, including novel comics and video adaptations, amid the K-webtoon boom."

In February last year, RIDI attracted an investment of 120 billion KRW from Singapore’s sovereign wealth fund, GIC, among others, and was recognized as a unicorn company with a corporate valuation of 1.6 trillion KRW. The global webtoon subscription service 'Manta' surpassed 8 million downloads within two years of its launch, maintaining rapid growth.

Baek Gisik, CEO of RIDI, said, "Last year, RIDI focused all its capabilities on strengthening the competitiveness of key IPs and expanding the global webtoon business beyond Korea." He added, "This year, we will concentrate on discovering original IPs that combine artistic quality and commercial success, and solidify our position as a global content company through various partnerships."

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