{"id":2203625,"date":"2024-01-25T08:00:59","date_gmt":"2024-01-24T23:00:59","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203625"},"modified":"2024-01-24T18:54:00","modified_gmt":"2024-01-24T09:54:00","slug":"south-korea-bets-big-on-webtoons-equity-questions-surface","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/01\/south-korea-bets-big-on-webtoons-equity-questions-surface\/","title":{"rendered":"South Korea bets big on webtoons, equity questions surface"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s Ministry of Culture, Sports and Tourism has unveiled <\/span><a href=\"https:\/\/www.mcst.go.kr\/kor\/s_notice\/press\/pressView.jsp?pSeq=20805&amp;pMenuCD=0302000000&amp;pCurrentPage=1&amp;pAction=&amp;pTypeDept=&amp;pSearchType=01&amp;pSearchWord=\"><span style=\"font-weight: 400;\">plans<\/span><\/a><span style=\"font-weight: 400;\"> to bolster the comics and webtoons industry. The plan includes fostering a supportive ecosystem for the creation and global expansion of South Korean webtoon platforms, with ambitions to mirror the global success of platforms like Netflix. Targeted efforts encompass forming specialized teams and committees, legal reforms and cultivating industry-specific talent. The government aims to enhance the industry\u2019s domestic and international market share by 2027.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The plan outlines substantial financial investment and infrastructural development, including international market penetration support. The newly earmarked budget to support the industry\u2019s \u201cinternationally competitive\u201d products will amount to $2.4 million (3.26 billion won) this year. The budget was around $15 million (20 billion won) for five years since 2019, but the government aims to expand it to $74.8 million (100 billion won) by 2027. After the government\u2019s announcement to invest in the industry, related stocks <\/span><a href=\"https:\/\/www.edaily.co.kr\/news\/read?newsId=01804006638761000&amp;mediaCodeNo=257\"><span style=\"font-weight: 400;\">surged<\/span><\/a><span style=\"font-weight: 400;\"> for the <\/span><a href=\"https:\/\/biz.chosun.com\/stock\/stock_general\/2024\/01\/24\/UMG3WPSYF5FZDINOEL2DMPHSKQ\/\"><span style=\"font-weight: 400;\">past<\/span><\/a> <a href=\"https:\/\/www.etoday.co.kr\/news\/view\/2324252\"><span style=\"font-weight: 400;\">few<\/span><\/a><span style=\"font-weight: 400;\"> days.\u00a0<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The culture ministry\u2019s decision to bolster the comics and webtoons industry comes amid <\/span><a href=\"https:\/\/www.kakaocorp.com\/page\/service\/service\/piccoma\"><span style=\"font-weight: 400;\">Kakao Piccoma Corporation\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> financial report. Piccoma, a subsidiary of Kakao Corporation, which operates a webtoon app in Japan, recorded annual transactions surpassing $677.5 million for the first time since its inception in April 2016. Kakao highlighted the app\u2019s top position in consumer spending within the Japanese mobile application market last year. It also ranks seventh in revenue among content industry applications.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Piccoma\u2019s financial report garnered significant attention in South Korean media, often portraying it as overtaking Japan\u2019s once-dominant manga industry. The rising prominence of Piccoma in Japan has fueled South Korean governmental and media advocacy for expanding the \u201cK-webtoon\u201d industry globally, a vision shared by other industry giants like Naver Webtoon.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Yoon administration announced that it will help to double the industry\u2019s exports, totaling $107.64 million in 2022. However, such governmental support may disproportionately benefit larger entities like Kakao and Naver, potentially overlooking smaller and medium-sized platforms.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s Ministry of Culture, Sports and Tourism has unveiled plans to bolster the comics and webtoons industry. The plan includes fostering a supportive ecosystem for the creation and global expansion of South Korean webtoon platforms, with ambitions to mirror the global success of platforms like Netflix. Targeted efforts encompass forming specialized teams and committees, [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203626,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25,29],"class_list":["post-2203625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-culture-society","tag-technology-cyber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea bets big on webtoons, equity questions surface - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/01\/south-korea-bets-big-on-webtoons-equity-questions-surface\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea bets big on webtoons, equity questions surface - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s Ministry of Culture, Sports and Tourism has unveiled plans to bolster the comics and webtoons industry. The plan includes fostering a supportive ecosystem for the creation and global expansion of South Korean webtoon platforms, with ambitions to mirror the global success of platforms like Netflix. 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