[Concall] Naver "Expanding Discussions on IP Business with Global Content Companies"

[Image source=Yonhap News]

[Asia Economy Reporter Bu Aeri] Naver announced on the 28th that it is expanding discussions on intellectual property (IP) business with global content companies.

Park Sang-jin, Chief Financial Officer (CFO), stated this during a conference call following the announcement of the fourth-quarter results of last year.

CFO Park said, "Competition in the global online video service (OTT) market is intensifying, and the demand for quality story IP is increasing. Securing high-quality IP is extremely important, and webtoons and web novels are platforms that make it easy to secure various creators."

He added, "Through the acquisition of Wattpad, it has become possible to secure globally verified webtoon and web novel content," and "it will also be possible to expand secondary IP business in the global market."

Han Seong-sook, CEO of Naver, also explained, "The acquisition of Wattpad is a strategic decision to preempt the increasingly important global IP market," and "ultimately, all core global storytelling IP will be created through the Naver platform, and based on high-quality IP, we will seek various new business opportunities."