Lee Heeyoon Naver Webtoon IP Business Leader Interview
"Focus on Overseas Business This Year"
Expanding IP Business Using Webtoons Amid Netflix and Other OTT Popularity
[Asia Economy Reporter Buaeri] Naver is putting webtoons at the forefront to leap into a global company. Naver has devised a strategy to build brand awareness among global users by leveraging 'K-Webtoon' as a stepping stone.
Lee Heeyoon, Naver Webtoon Intellectual Property (IP) Business Leader, said in an interview with Asia Economy on the 5th, "This year, we are focusing most on overseas business," adding, "We aim to attract overseas users and create a foundation where video and publishing content can be produced abroad just like in Korea." Naver Webtoon, which has grown mainly with domestic users, reorganized its business structure last year by having its U.S. corporation oversee the Korean, American, and Japanese webtoon businesses, concentrating on the North American market.
In particular, Naver Webtoon has entered the IP business using its platform and is expanding its global footprint. The popularity of overseas online video services (OTT) such as Netflix has fueled Naver Webtoon as well. The Netflix original series 'Sweet Home,' based on a Naver Webtoon, ranked number one in eight countries including Korea, Malaysia, the Philippines, Singapore, Taiwan, Qatar, Thailand, and Vietnam, and entered the top 10 charts in the U.S., Canada, and France. Lee predicted, "This year, with major overseas OTTs like Disney Plus launching, production companies will consider bigger projects, and we expect better global performance."
Naver's global strategy is 'K-Content.' Lee believes that content that succeeds in Korea will also succeed globally. He explained, "Looking at how Korean content like True Beauty ranks high in the U.S., China, and France, there is a similar global consensus," adding, "We are translating domestic content for service while also discovering local creators."
Naver Webtoon is actively collaborating with 'Wattpad,' the world's largest web novel company based in Canada. In January, Naver acquired 100% of Wattpad's shares for 653.3 billion KRW. Lee said, "We are working on introducing domestic content to overseas fans through Wattpad," and added, "We are putting a lot of effort into translating web novels that have been successful domestically."
Naver is focusing on overseas webtoon and web novel businesses because it believes content is the most suitable business to capture the hearts of global users. Lee emphasized, "Naver Webtoon is a good tool for overseas users to feel the value of the Naver brand in a familiar way." The global potential has also been proven. Naver Webtoon surpassed 72 million monthly global users, and last year, its transaction volume exceeded 820 billion KRW.
This year, Naver is expected to actively expand globally with webtoons and secondary content using webtoon IP. Naver Webtoon is currently developing 50 to 60 pieces of content such as movies and dramas based on Naver Webtoon and web novels. Lee said, "Through webtoons, overseas users will become familiar with Naver, creating opportunities for them to use other services on Naver."
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