2024-06-19 16:32:30
Submission of revised report back to the U.S. SEC… The destructive information anticipated to be listed as early as this month is formidable.
‘Ransom value rises’ as the worth of varied IPs will increase
The explosive development of the webtoon market can be a optimistic issue.
Issues about worsening profitability attributable to Google and Apple’s checks… Evaluation of ‘lacking the golden time’ after the endemic
Was this a well timed determination to take goal on the enormous US market? Is that this a belated handshake after the webtoon increase?
As Naver Webtoon submitted an amended securities report (S-1/A) to the U.S. Securities and Alternate Fee (SEC) on the seventeenth (native time), consideration is targeted on the success or failure of Naver Webtoon’s itemizing on NASDAQ. There are predictions that Naver Webtoon might be listed as early as June if the SEC approves the revised securities report, however there are various destructive components that might hinder the method of overcoming the SEC’s hurdles.
To begin with, the excellent news is that the worth of Naver Webtoon’s varied mental property rights (IP) has elevated. Not too long ago, as webtoons have been actively used as supply IP for dramas and flicks, their added worth is attracting consideration within the leisure business. In truth, ‘Candy House’, ‘Hounds’, ‘Masks Lady’, and ‘Iduna!’ Netflix dramas which have achieved success abroad, similar to ‘The Eight Present’, are primarily based on Naver Webtoon. Kim Jun-gu, CEO of Naver Webtoon, emphasised in a securities submitting, “Our purpose is to find and develop IP that would be the largest hit within the subsequent 10 years.”
One other benefit is that the market has grown explosively as viewing webtoons on smartphones has develop into ‘routine’. Naver Webtoon is presently being serviced in additional than 150 international locations. The variety of month-to-month lively customers (MAU, the variety of customers who use the service in a month) is roughly 170 million, and there are roughly 24 million webtoon writers. Moreover, america, which is taken into account one of many two main comics markets together with Japan, has low psychological limitations to paying for content material consumption. Han Chang-wan, a professor of cartoon and animation know-how at Sejong College, mentioned, “Naver Webtoon may develop into like ‘Disney,’ which began as a cartoon and operates a web-based video service (OTT) known as Disney Plus.”
Then again, some say that we needs to be cautious in regards to the prospect of itemizing. Some analyzes say that the webtoon business grew quickly throughout the COVID-19 interval, however has now slowed down. In truth, in accordance with the Korea Inventive Content material Company’s ‘2023 Cartoon and Webtoon Consumer Survey’ report, the proportion of webtoon customers who use it greater than as soon as every week fell from 69% in 2022 to 62.8% in 2023. Naver Webtoon’s North American subsidiary misplaced about 25.2 billion gained in internet revenue within the first quarter of final 12 months (January to March). Cultural researcher Lee Yong-hee (former adjunct professor of the Division of Cartoon and Webtoon Creation at Sejong Cyber College) mentioned, “There’s an evaluation that we missed the ‘golden time’ for itemizing after the COVID-19 interval when folks had been ‘staying at residence’ and consuming content material similar to webtoons.”
There are issues about weakening profitability as rivals are chasing after us. In truth, Amazon launched the webtoon service ‘Amazon Fliptoon’ in Might final 12 months. Apple’s e-book platform, Apple Books, additionally launched a brand new ‘Vertical Studying Comics’ web page in April final 12 months. Naver Webtoon has grown quickly on the again of Naver, Korea’s No. 1 portal, however it should compete with massive international firms in abroad markets. Naver Webtoon said in its securities submitting that, “As a subsidiary of Naver, we’ve relied on Naver for sure capabilities of our enterprise operations.”
Naver Webtoon additionally predicted in its securities submitting that “Apple or Google could modify the platform in a approach that might have a destructive affect on Naver Webtoon.” There’s a chance that Apple and Google, which produce smartphone working techniques (OS), will maintain in examine by growing charges. In truth, attributable to Google and Apple’s ‘in-app cost’ (cost inside the App Retailer) charge enhance coverage, Naver Webtoon raised the worth of 1 cookie (digital foreign money inside Naver Webtoon) in Korea from 100 gained to 120 gained in 2022. Due to this, customers have protested and suffered hardships. Lee Jun-ho, a researcher at Hana Securities, mentioned, “Even when the itemizing is profitable, we have to rigorously watch whether or not the worth will enhance sooner or later.”
Reporter Hojae Lee [email protected]
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2024-06-19 16:32:30