K-Content as a Bridge Between Korea and China: "Korean Webtoons Have Diverse Genres and Wide Applications"

Interest Not Only in Webtoon-to-Film Adaptations but Also Film-to-Webtoon
Strong Power of Original Content... Joint Production Demand Also Exists

On the 21st and 22nd, buyers from Chinese webtoon platforms and related companies held virtual export consultations with Korean officials at the "2022 K-Story & Comics in China" event held at the Korean Cultural Center in Beijing, China.

[Asia Economy Beijing=Special Correspondent Kim Hyunjung] "It is true that, so far in China, dramas have more influence and are better known than Korean webtoons. However, recently, webtoons like 'Itaewon Class' are often expanding into movies, games, and dramas, broadening the scope of content." - Tencent official in China

"The biggest strength of Korean webtoons is their very rich variety of genres. Not only romance but also many modern works such as fantasy and science fiction (SF) satisfy diverse demands." - JY Animation official in China

At the '2022 K-Story and Comics in China' event held over two days from the 21st to 22nd at the Korean Cultural Center in Beijing, local webtoon industry officials expressed consistent expectations for Korean webtoons. Due to China's COVID-19 prevention policies, the event was held online unlike previous years, but a total of 62 local Chinese buyers participated, conducting 214 consultations. This is a slight increase compared to last year (197 cases).

Local officials showed interest not only in the film and drama adaptations of Korean webtoons but also in producing webtoons based on Korean films that have succeeded in the global market. A buyer from Tencent said, "There is definitely demand for webtoon production or IP (intellectual property) business through Korea-China joint ventures," adding, "It is worth considering projects like turning globally popular films such as Squid Game into webtoons." The official emphasized, "It is essential to incorporate Korea's unique culture and distinctive sensibility," and "The most important thing is attractive original content."

The Chinese webtoon market was valued at 2.68 billion yuan (approximately 531.4 billion KRW) as of 2019, maintaining a rapid annual growth rate of 129% since 2016. The daily active users (AU) of the leading local platform Kuaikan (快看) reach 50 million. Compared to Korea, where the domestic market is relatively small, the growth potential is clearly significant.

There is also room to improve mutual understanding and favorability between the young generations of Korea and China through webtoon content. Yoon Hojin, head of the Beijing Business Center at the Korea Creative Content Agency, said, "One of the main topics at the recent 30th anniversary of Korea-China diplomatic relations was improving sentiments between the two countries," emphasizing, "It is necessary to expand exchanges especially among the younger generation, and cultural content is the best medium." He explained, "We need to carefully approach the patriotic consumption wave of local 'Jiulinghou' (Chinese born in the 1990s) and 'Linglinghou' (born in the 2000s)," adding, "Despite various restrictions, there will be considerable opportunities due to the enormous market size."

However, due to worsening emotions between the two peoples and reduced exchanges caused by mandatory quarantine, the actual export consultation amount during the event was estimated at around 10 billion KRW, falling short of last year's 14.6 billion KRW. Regarding this, Director Yoon said, "Last year, Korean companies visited in person, but this year consultations were replaced by online meetings, which had a big impact," and added, "If conditions such as quarantine guidelines allow, we plan to expand the event scale further from next year."