[Asia Economy Reporter Kang Nahum] South Korea's two major content platforms, Naver Webtoon and Kakao Entertainment, have launched large-scale web novel contests to discover new writers. Since web novels can be easily monetized through one-source multi-use such as webtoon adaptations and video productions, they are focusing their efforts on discovering talented creators with the potential to produce super intellectual properties (IPs).
According to industry sources on the 10th, Naver Webtoon held the "2022 Greatest Web Novel Contest" this year in collaboration with Munpia. The first round award ceremony concluded on the 1st, where numerous works were honored, including the grand prize-winning work "Starting with 13 Hidden Traits" by the author of "The Last Swordsman," along with three other grand prize works, ten excellence awards, and twenty-five special selections, allowing new works to meet readers.
Naver Webtoon has been holding webtoon and web novel contests annually under the title "Greatest Contest" since 2019. The number of awarded works has increased from just 26 in 2019 to a total of 75 in 2021, accelerating the discovery of new works.
Munpia, where Naver Webtoon is the largest shareholder, has been holding its web novel contest for eight editions since 2015, discovering a total of 133 works up to last year.
A total of 303 works were submitted to this contest. The total prize money of 1 billion KRW is the largest among web novel contests, double the 500 million KRW prize pool of the web novel contest held by Kakao Page in February. Approximately 6,500 works and 5,000 writers participated in this contest, setting a new record. The number of new writers participating reached 4,400.
Kakao Entertainment is also conducting the "2022 1st Keyword Contest." In addition to prize money and the opportunity for official serialization on Kakao Page Originals, the contest offers separate "serialization support funds," which is a practical form of support. This aims not only to discover creators but also to help them focus on stable creation even after winning the contest.
As the name suggests, the Keyword Contest selects works that include all three keywords: "modern setting," "gifted," and "occupation." For example, it refers to a protagonist's narrative set in modern times who possesses a specific occupation and abilities (including supernatural powers). It was planned to discover fresh and creative stories and characters beyond recent web novel trends and typical genre conventions. Therefore, submissions are open regardless of genre, and creators can freely develop their ideas using the given keywords like a mind map.
The Keyword Contest requires serialization of at least 50 out of 75 minimum completed episodes on the Stage platform, after which the work will be officially released as a Kakao Page Original.
The five winning works will each receive a prize of 10 million KRW, a contract for official release as a Kakao Page Original, and up to 2.5 million KRW in Stage serialization support funds. Since the contest is held on Kakao Page, where novel comics are most active, discussions on expansion into webtoons, publishing, and video adaptations for secondary copyright businesses are also planned.
With these large-scale contests by platform companies, not only is the discovery of new writers increasing, but the user base for web novels is also expanding. According to the Korea Creative Content Agency, the web novel market size, which was only around 10 billion KRW in 2013, has rapidly grown to 600 billion KRW.
Park Jeyeon, Head of Web Novels at Naver Webtoon, said, "Naver Webtoon will continue to support various contests to expand opportunities for more creators to meet readers and showcase their works."
Hwang Hyunsoo, Head of the Story Division at Kakao Entertainment, also stated, "We will do our best in both discovering and supporting creators, contributing to the healthy rooting and enrichment of the industry ecosystem."
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