'True Fan' Kim Jung-gu + 'Full Support' Lee Hae-jin... K-Webtoon Breaks into the US Market

Entered NASDAQ in the US... Corporate Value Approaching 4 Trillion Won
Recognized as a Global Industry of K-Webtoons
Kim Jun-gu and Lee Hae-jin's 'Collaboration'

On the 27th (local time), the Nasdaq opening bell ceremony of Webtoon Entertainment, the parent company of Naver Webtoon, took place. The event held in New York, USA, featured Lee Hae-jin, Naver's Global Investment Officer (GIO), and Kim Jun-gu, CEO of Webtoon Entertainment, standing side by side. At the venue, Lee GIO expressed his heartfelt feelings to CEO Kim, saying, "You worked hard and I am proud of you; it was overwhelming." It is said that Lee GIO visited New York to support CEO Kim.

The dominant view is that Naver Webtoon's successful entry into the US Nasdaq market is a joint achievement of CEO Kim Jun-gu, who elevated K-webtoons to a mainstream industry, and Lee Hae-jin GIO, who fully supported him.

The listing holds special meaning for CEO Kim. When he joined in 2004, Naver was preparing its webtoon service. A true enthusiast with a personal collection of over 10,000 comics, he voluntarily took charge of the webtoon service. Even as a junior employee, he openly spoke about a "12-year plan for the webtoon industry," which laid the foundation for the vision of becoming the "post-Disney." Later, he created 'Challenge Comics,' which became the stepping stone for Naver Webtoon's growth, and the 'PPS (Partners Profit Share)' system that shares webtoon revenue with creators.

Lee GIO granted CEO Kim autonomous management rights to realize his vision. When Naver first introduced the in-house independent corporation (CIC) system in 2015, webtoons were chosen as the first target. CEO Kim was given the title of CIC representative along with decision-making authority.

Global expansion was also actively supported. In 2013, ahead of the launch of the English version of Naver Webtoon, Lee GIO accompanied CEO Kim on a business trip to the US. After confirming Kim’s determination for overseas expansion, Lee GIO established a task force (TF) for this purpose following the trip. The TF was composed of Lee GIO and key Naver executives. CEO Kim, then a department head, was the only non-executive member. The formation of the TF led to the establishment of Webtoon Entertainment. Understanding the importance of the US market, Lee GIO first proposed setting up a local subsidiary. Subsequently, Webtoon Entertainment was established in the US in 2016, with Lee GIO joining the board of directors.

The acquisition of Wattpad for $600 million (approximately 660 billion KRW) would have been impossible without Lee GIO’s support. CEO Kim aimed to use the Canadian web novel platform Wattpad as a foothold for North American expansion. However, the acquisition was pursued in 2020, a time of high uncertainty due to the COVID-19 pandemic. Thanks to Lee GIO’s decisive action, Naver acquired Wattpad in 2021 and placed it under Naver Webtoon.

CEO Kim said, "The relationship between Naver and Naver Webtoon is like a son living with his father becoming independent," adding, "Just as a father tells his son to succeed and ask if he needs anything, Lee GIO said the same."

This listing signifies that K-webtoons have been recognized as a global industry. Beyond simply introducing native content to the world, the success was built on transplanting the industry ecosystem. In overseas markets where webtoons were previously barren, a stage was created where anyone could become a creator, attracting intellectual property (IP) from around the world and building a global fandom. As a result, about 170 million users across 150 countries have been secured.

After the listing, Naver Webtoon plans to use the secured funds to solidify its position as number one. It aims to expand paid users and local advertisers to strengthen the creator base that earns hundreds of millions of won annually. The goal is to become a global IP franchise, moving beyond the first phase of creating the webtoon industry and the second phase of applying it overseas. While nurturing global IP, it also plans to expand into various content such as movies, dramas, and games.