Suseong Webtoon - Topco, Anticipating Collaboration in K-Webtoon Business

Suseong Webtoon announced on the 23rd that it will expand its influence in the webtoon market through business cooperation with webtoon companies Topco and Topco Media.

Since about 80% of the revenue of the Toomics platform is generated overseas, it benefits from the strong dollar. Revenue and profits are increasing due to the $7 flat-rate subscription service. Synergy creation through business cooperation with Topco was anticipated. Toomics has a global membership of 60 million, so it is judged that it can also drive demand and competitiveness for webtoons from Topco and Topco Media.

The business cooperation between Suseong and Topco is expected to proceed quickly as investor relations have been established. Terrafinn, one of Suseong Webtoon's affiliates, holds a 21.05% stake in the webtoon company Topco, making it the second-largest shareholder. Topco is the largest shareholder of Topco Media, a KOSDAQ-listed company. Terrafinn, the second-largest shareholder of Topco, will be incorporated as a subsidiary of Suseong Webtoon in January this year. Suseong Webtoon announced through a disclosure that it will acquire 96.14% of Terrafinn's shares for 29 billion KRW.

A Suseong Webtoon official said, "The value of Topco shares held by Terrafinn is currently estimated to be around 30 to 40 billion KRW," adding, "If the incorporation of Terrafinn as a subsidiary is completed within this month, Suseong Webtoon will form a K-webtoon camp with the global webtoon distribution platform Toomics and Topco, which owns various webtoon contents."

Toptoon’s webtoons are popular in the domestic and Japanese markets. Since Toomics is a global webtoon platform that provides services in 11 languages, Suseong Webtoon expects significant synergy between the two companies. They are discussing various collaborations regarding strategies to enter major webtoon markets such as North America, Europe, Japan, and Southeast Asia.

Yu Young-hak, CEO of Suseong Webtoon, said, "Suseong Webtoon will discuss cooperation and collaboration between the two companies so that K-webtoons can establish themselves as global content that delivers cultural value beyond simple entertainment."