Beyond Asia, Moving Toward a 'Global Naver'

Hansung-sook CEO "Global Leap This Year"
Acquired 100% Stake in Wattpad in January... Targeting North American Market
Expected to Become the World's Largest Platform with 160 Million Users
"Naver Webtoon Combines Features of YouTube and Netflix"

Photo by Han Seong-suk, CEO of Naver

[Asia Economy Reporter Buaeri] Naver has embarked on a leap to become a global company, leveraging its webtoon and web novel businesses. On the 21st, Han Seong-sook, CEO of Naver, stated, "This year is the first year Naver can leap beyond Asia to the global stage," expressing determination to expand beyond the domestic market to the world market. Leading the charge, CEO Han clearly expressed her ambition to make a full-scale entry into the global market. She also showed confidence in the technologies Naver has secured so far, including artificial intelligence (AI).

Naver to Fully Target North America This Year

On the same day, CEO Han held a dialogue with Kim Jun-gu, CEO of Naver Webtoon, and Allen Lau, CEO of Wattpad, at the Collision Conference, the largest tech conference in North America held online, revealing Naver Webtoon and web novel’s global blueprint. Last year, Naver Webtoon restructured its business by having its U.S. corporation oversee webtoon operations in Korea, the U.S., and Japan, focusing on targeting the North American market.

As part of its North American market strategy, Naver acquired 100% of the shares of Wattpad, the world’s largest web novel platform based in Canada, for $600 million (approximately 653.3 billion KRW) in January. CEO Han said, "Naver Webtoon and Wattpad are platforms that gather the largest number of creators and users worldwide," adding, "Together with Wattpad, we will create opportunities to meet young global users."

With 72 million users of Naver Webtoon and 90 million users of Wattpad, Naver is expected to become the world’s largest storytelling platform operator with over 160 million users globally. CEO Allen Lau said, "Many of Wattpad’s numerous works have been adapted into movies and dramas, and more than 90 video and content projects are underway this year," adding, "Through the two platforms, we will demonstrate movements that can enhance the value of content." CEO Han also added, "Naver’s AI technology can contribute significantly to Wattpad’s growth potential," and "We can create very large opportunities together with Wattpad."

Applying Naver Technology to Webtoons

Naver also announced plans to apply various technologies such as AI to webtoons to cultivate super intellectual properties (IPs). CEO Kim introduced, "Naver Webtoon is evaluated as having the characteristics of both YouTube and Netflix," adding, "We are applying various technologies, including content recommendation, to the service so that numerous amateur works can evolve into professional content and generate revenue."

Naver envisions lowering the barriers to creation to discover super IPs and present diverse works, thereby creating a virtuous cycle. CEO Kim said, "The most essential part of storytelling content is diversity," adding, "By lowering the barriers to creation, the diversity of works will increase, and the goal is to find and showcase gem-like super IPs among various works."

He continued, "The lower the barriers to creation, the more tremendous super IPs emerge, but comics still have the hurdle of having to draw pictures," explaining, "In the future, if you have an idea, anyone will be able to create image-based storytelling content. We are preparing various production tools, including ‘Auto Drawing’ based on AI technology."

Naver is expected to devote full efforts to its global content business, including webtoons and web novels. CEO Han forecasted, "Global Generation Z has a high interest in newly emerging digital-based content like webtoons and Wattpad, so IP-based content business will become more active." She emphasized, "Commerce and content combined can achieve significant results in many areas, so content is becoming increasingly important."