CEO Kim Jungoo Holds New York Correspondents Meeting
"Building a 100-Year Company with Quality Content"
Naver Webtoon Soars 10% on Nasdaq Debut
"The Nasdaq listing of Naver Webtoon holds great significance as it recognizes an industry that started in Korea as a global industry in the United States and evaluates its growth potential by American investors."
Kim Jun-gu, CEO of Webtoon Entertainment, the parent company of Naver Webtoon, stated at a special press conference held on the 27th (local time) at the Nasdaq exchange located in Times Square, Manhattan, New York, "The funds raised through this listing will be used to strengthen our North American market strategy by expanding our platform and advertising in North America."
Kim Jun-gu, CEO of Webtoon Entertainment, is speaking at a special press conference commemorating the listing held at the Nasdaq Exchange located in Times Square, Manhattan, New York, on the 27th (local time). New York ? Photo by Kwon Hae-young
With Webtoon Entertainment's Nasdaq listing on this day, the company plans to continue the success it has achieved in Korea and Japan in North America as well. The goal is to expand the category, industry, and content platform created in Korea to North America, Southeast Asia, Europe, and other regions. In particular, Webtoon Entertainment turned a net profit in the first quarter of this year, and with the new funds raised through this listing, it can now concentrate resources on expanding its North American business. Funds will also be invested in hiring talent to support technological innovation.
CEO Kim cited 'diversity' as the global market competitiveness of Naver Webtoon. He said, "The stories we create, centered on creators (authors), will become more numerous and diverse," emphasizing, "We will open the door to individual creators so that various intellectual properties (IPs) can emerge, and we will achieve our growth goals by leveraging diversity as a strength." Currently, Naver Webtoon has 24 million creators and 55 million pieces of content.
With this listing, Webtoon Entertainment's corporate value reached approximately $2.9 billion (about 4 trillion KRW). CEO Kim plans to increase corporate value by expanding author earnings and maximize shareholder profits.
He stated, "If we set a goal to create authors who earn 100 million, 1 billion, or 10 billion KRW, the ecosystem will be healthier, and the scale and revenue of our platform will grow," adding, "I believe the stock price will follow the same trend. If we aim to expand author earnings in the long term, revenue will result, and corporate value will increase within that." He continued, "We will grow stronger and faster," and "We will expand operating profit through growth and return it to shareholders."
He also expressed his ambition to develop Webtoon Entertainment into the "Disney of Asia" through the distribution of high-quality content and becoming a centennial company.
CEO Kim said, "The goal of becoming a meaningful player capable of distributing excellent industries in the global market has been largely achieved," emphasizing, "The goal of becoming a 100-year company that lasts as a content player is a path that future generations must continue to build."
Meanwhile, Webtoon Entertainment successfully completed its first day of trading on the U.S. Nasdaq with nearly a 10% increase. On that day, Webtoon Entertainment started trading at $21.30, 1.4% above the public offering price, and closed the session at $23, up 9.52%. At one point during the session, the stock price rose by 14%. BlackRock participated as an anchor investor during the listing process, and the listing celebration event was attended by CEO Kim and Naver founder Lee Hae-jin, Global Investment Officer (GIO).
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