November 27, 2024

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[THE INVESTOR] Webtoon platform operator KakaoPage said on Dec. 18 that it has acquired NeoBazar, one of the leading content platforms in Indonesia.

Webtoon is a portmanteau of the words web and cartoon.

KakaoPage, a subsidiary of Korea’s largest mobile messenger firm Kakao, did not reveal the exact deal size.

The Southeast Asian firm runs the No. 1 pay-to-read webtoon platform WebComics, which boasts 1.7 billion downloads.

Korean webtoons, such as “Empress of Another World,” and “The Reason Why Raeliana Ended up at the Duke’s Mansion,” available on the platform, have been gaining popularity in Indonesia. They make up nearly 90 percent of the platform’s entire profit.

“The latest acquisition will play a vital role in increasing the firm’s presence in global markets,” said KakaoPage CEO Lee Jin-soo. “We plan to expand our business in Southeast Asia through our Korean webtoons.”

KakaoPage’s unique model that allows users to read free online comics after waiting 12 or 24 hours has been widely accepted in some Asian markets, including Japan and Korea. It has also launched its subscription model in the US market.

Launched in 2013, KakaoPage has some 960 webtoons, online novels, movies and dramas, each of which crossed a cumulative sales of 100 million won(US$88,465).

The sales on its platform surpassed 200 billion won this year, of which 10 percent came from overseas markets.

By Kim Young-won (wone0102@heraldcorp.com)