by Park hyungsoo
Pubilshed 17 Apr.2024 10:17(KST)
As the won-dollar exchange rate fluctuates due to uncertainties in the Middle East, the possibility of K-webtoons benefiting from the high exchange rate is increasing.
Suseong Webtoon stated that the page views of the top 10 popular webtoons in the English-speaking market on its subsidiary Toomics are approaching 100 million, and if the high exchange rate continues, it will benefit from the exchange rate in the mid to long term.
According to Toomics, from July last year to March this year, the page views of the top 10 highest-grossing webtoons in the English-speaking market reached 95.53 million, averaging 11.94 million views per month. Since content sales are paid in dollars, a favorable exchange rate like the current one is expected to generate significant foreign exchange gains.
In August last year, Suseong Webtoon acquired a 41% stake in Toomics, becoming the second-largest shareholder. Toomics is a global paid webtoon platform. It offers services in 11 languages worldwide, including English, Chinese, Japanese, French, and Spanish. Last year, it recorded sales of 57.4 billion KRW and an operating profit of 10.3 billion KRW.
It is also achieving results in the IP business. Representative cases based on Toomics' webtoon IP include the delivery worker who ranked first on Netflix, Rugal aired on OCN, and KT Original's "Gasirittgo." Toomics is continuously reviewing the expansion of webtoon IP into OTT video content and animation through its parent company, Suseong Webtoon. Recently, the recognition of K-webtoons overseas and their potential Nasdaq listing are also seen as positive factors for market expansion.
Yu Young-hak, CEO of Suseong Webtoon, said, "The possibility of K-webtoons entering Nasdaq is increasing," adding, "I believe this is a great opportunity to further raise the global awareness of Korean webtoons." He also added, "We expect overseas demand for K-webtoons to spread even more."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.