Manga Industry Faces Aging Issue with Average Age in 30s
K-Webtoons Reach Prime as They Are Adapted into Netflix Dramas
[Asia Economy Reporter Bang Je-il] The Japanese comic industry known as 'manga' is losing its dominance in the comic industry to Korean webtoons that have adapted to the digital era, according to the British current affairs weekly The Economist.
In an article titled "Japanese Manga Overshadowed by Korean Webtoons" in its latest issue on the 10th, The Economist analyzed that Korean comics are experiencing a renaissance alongside the heyday of webtoons.
According to The Economist, the manga publishing market size last year was 265 billion yen (about 1.9 billion dollars), a decrease of 2.3%. On the other hand, the global webtoon market size has already reached 3.7 billion dollars (about 4.8 trillion won) and is expected to rapidly grow to 5.6 billion dollars by 2030.
The Economist focused on the popularity of Korean webtoons such as "Itaewon Class." While the conservative manga industry, which has maintained the same methods since the 1960s, has solidified a narrative structure that appeals only to a niche fanbase, webtoons have captured mass appeal with easy-to-read and intuitive storytelling, enabling rapid growth.
It also reported that the synergy of innovation and smart marketing, as seen with the global popularity of the Netflix drama "Squid Game" and the K-pop group BTS, contributed to the activation of the webtoon market.
On the other hand, The Economist evaluated Japan's government cultural policy "Cool Japan" as a failure. It also pointed out that the average reader age of Japan's famous manga magazine "Weekly Shonen Magazine" has surpassed 30 years old, interpreting the manga industry negatively as it has failed to attract a new generation of consumers.
Finally, The Economist predicted that as long as loyal readers exist in Japan, many manga publishers will not seek change through animation adaptations or related merchandise development. For example, the publisher Shueisha (集英社), famous for manga magazines like "Weekly Shonen Jump," is still performing well, recording its highest sales ever last year thanks to the popularity of "Demon Slayer."
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