Noh Seung-yeon, Head of Naver Webtoon Global IP Business
Expanding User Experience through Video Adaptations and Pop-up Stores
Increasing Works with Annual Transactions Over 100 Million to 2,000
Aiming for Mega IP with Anime That Lowers Language and Cultural Barriers
Webtoon and web novel intellectual property (IP) has become a ‘hit cheat code’ for content such as movies, dramas, and games. As webtoon IPs are reborn into various secondary works, original creators increase their earnings while readers enjoy the works in diverse ways. This also leads to a resurgence of original works that have long been completed.
The drama Sarinjao Nankam, which began airing on the 9th of last month, ranked first in Netflix’s Top 10 series (non-English). It received a high rating with a freshness score of 100% on the global film review site Rotten Tomatoes. The recently concluded drama Na Nam-pyeongwa Gyeolhonhaejwo swept through broadcasters, domestic online video services (OTT), and overseas OTT platforms simultaneously. Both works share the commonality of being originally featured on Naver Webtoon.
No Seung-yeon, head of the Global IP Business Office at Naver Webtoon, said, "Naver Webtoon has evolved into an IP platform," emphasizing, "We aim to grow from multi IPs to mega IPs."
Last year, Naver Webtoon demonstrated the power of IP not only in video business but also through pop-up stores. Pop-up stores selling popular webtoon merchandise such as Maru-neun Gangjwi and Nyahan Namja sold over 600,000 products to approximately 170,000 visitors. Earlier this year, at the pop-up store for Garbage Time, known as the Korean version of Slam Dunk, a fan purchased merchandise worth 1.53 million KRW in one go.
No said, "While ‘The First Slam Dunk’ was a hit and the so-called ‘Nongnol’ (short for basketball play) was gaining popularity, we noticed Garbage Time readers creating Nongnol content on social networking services (SNS)," explaining, "They captured fandom and trends to expand the webtoon experience offline."
The martial arts web novel Hwasan Gwihwan attracted attention for being produced not only as a webtoon and standalone book but also as an audio drama and even a perfume. This was to sensorially embody the protagonist, the martial arts master ‘Maehwa Geomjon’ of the Hwasan sect. Including the perfume that sold over 10,000 units in 20 days, the web novel IP alone achieved record sales of 40 billion KRW. As additional revenue was generated through secondary works, the number of works with annual sales exceeding 100 million KRW increased from just one in 2013 to 904 in 2022. Naver Webtoon’s goal is to increase this to 2,000 works by 2028.
Webtoons have become ‘profitable IPs’ because there is an ecosystem that discovers and nurtures authors and works. Naver Webtoon steadily accumulated good stories through ‘Challenge Comics’ and ‘Best Challenge’. Popular works in Challenge Comics are promoted to Best Challenge, and from Best Challenge, after a separate review, they proceed to official serialization. In North America, ‘Canvas’, and in Japan, ‘Indies’ play the role of discovering new authors. No said, "We datafy everything from work traffic and paid conversion rates to character empathy, analyze this data, and conduct rights sales, among other activities."
Until now, the webtoon market was built through a multi-IP strategy, but they also plan to cultivate mega IPs like Disney and Marvel. To this end, they plan to focus on the animation market this year. No believes that if two genres with strong fandoms create synergy, mega IPs can emerge.
Starting with the TV animation airing of Ssaum Dokhak in Japan this April, representative works such as Yumi-ui Sepodeul, Sin-ui Tap Season 2, and Yeosin Gangnim are lined up. He evaluated, "While dramas and movies are often localized, animation has lower language and cultural barriers," adding, "It allows for global launching and is easier to expand into merchandise and more."
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