SEOUL: South Korea's webtoon industry has reached a significant milestone by surpassing 2 trillion won in annual revenue for the first time in 2023, marking six consecutive years of growth. This achievement highlights the expanding global footprint and increasing domestic demand for digital comics in South Korea.
According to Yonhap News Agency, a report by the Ministry of Culture, Sports and Tourism, along with the Korea Creative Content Agency, revealed that the webtoon industry's revenue in 2023 totaled 2.189 trillion won, reflecting a 19.7 percent increase from the previous year's 1.829 trillion won. This steady growth trajectory has been evident since 2018, with the industry's revenue rising from 379.9 billion won in 2017 to surpassing 1 trillion won in 2020.
The report attributes much of this financial success to platform companies, which accounted for 64.4 percent of the total revenue, generating 1.4094 trillion won. This segment experienced a 25 percent increase compared to 2022, underscoring the dominance of platform companies in the webtoon market.
The international appeal of Korean webtoons has also played a crucial role in this revenue surge. Japan stands as the largest export market, comprising 40.3 percent of the total exports. North America follows with a 19.7 percent share, while Chinese-speaking countries account for 15.6 percent. Southeast Asia and Europe represent 12.3 percent and 8.2 percent, respectively, indicating a widespread global interest in Korean digital comics.