Suseong Webtoon, Benefiting from Strong Dollar: "Over 80% of Sales Are Overseas"

Suseong Webtoon recently announced on the 30th that it expects to benefit from foreign exchange gains due to the strong US dollar.

More than 80% of the webtoon sales of Toomics, a subsidiary of Suseong Webtoon, occur overseas. A company official explained, "As of July this year, there are about 25 million English-speaking members, and if the exchange rate rises, sales in Korean won will increase accordingly."

Toomics recorded sales of 57.4 billion KRW and an operating profit of 10.3 billion KRW last year. This year, sales of 60 billion KRW and an operating profit of 11.5 billion KRW are expected. The improvement in Toomics' performance is partly due to the growing demand and interest in K-webtoons, but the strong dollar exchange rate is also playing a significant role.

Toomics currently has about 60 million global members and provides services in 11 languages worldwide, including English, Chinese, Japanese, French, and Spanish. The company explains that the stable revenue and influx of new members are driven by the unlimited subscription service priced at 7 USD. In the case of domestic webtoons, payment per work is the trend. However, Toomics' global service operates on a 7 USD subscription model.

A Suseong Webtoon official stated, "We are striving to strengthen our competitiveness in the global content market and pursue sustainable growth," adding, "Changes in the foreign exchange market will be an important opportunity for the expansion of our global business."

Meanwhile, Suseong Webtoon currently holds a 70.2% stake in Toomics. It plans to acquire additional shares in the first quarter of next year to make Toomics a 100% subsidiary. Suseong Webtoon aims for consolidated sales of 130 billion KRW and an operating profit margin of 15% by 2025.