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Webtoon Entertainment Inc., which owns popular platforms including Webtoon, Naver & Wattpad, has announced its financial results for the fourth quarter and full year of 2024 on Feb 25, 2025.
Webtoon Entertainment continues to be in the red:
While the company recorded a 5.1% year-over-year rise in total revenue to $1.35 billion in 2024, it still remains in the red, posting a net loss of $152.9 million. This was more than the $144.8 million loss which the company suffered in 2023.
In the fourth quarter of 2024 alone, Webtoon Entertainment posted a net loss of $102.6 million, which was more than the $95.3 million which it had suffered a year ago.
The losses suffered were attributed to increased costs incurred from going public, higher marketing expenses, and impairment losses on goodwill. Despite the losses, the company is confident of driving growth in 2025.
“2024 was an exciting year for WEBTOON Entertainment as we became a public company, expanding the global influence of our creators and IP. We’re proud to have delivered strong financial results in 2024 that prove our strategy is working,” CEO Junkoo Kim said in their press release.
“As we look to 2025, we remain committed to driving further innovation on our platform, introducing new features to enhance usability, expanding monetization opportunities for our creators, and improving content discovery. I am confident we have the right strategy to continue powering our global flywheel, positioning us well to drive further growth in 2025 and deliver long-term value for our shareholders,” Kim added.
Japan overtakes Korea:
The company’s latest financial report also highlighted Japan’s growing contribution to its business.
As mentioned earlier Webtoon Entertainment’s revenues in 2024 saw a rise, thanks to growth across its paid content, advertising, and IP adaptations. Interestingly, Japan surpassed Korea in the revenues that were generated.
LINE Manga, Webtoon Entertainment’s Japanese platform, generated $648.2 million in 2024, making it the company’s largest revenue contributor. Monthly active users in Japan grew 3.5% to 21.9 million, while monthly paid users surged 14.6% to 2.2 million.
According to users online, the company’s total revenue of $1.35 billion also included the sale of Japanese manga. They noted that the sales of Webtoons themselves were not that high.
Webtoon Entertainment Inc. is a global digital comics and storytelling company headquartered in Los Angeles, California, and owned by Naver Corporation. Established in 2004, the company operates the popular Webtoon platform, which hosts millions of original webtoons in multiple languages.
It also owns other digital storytelling properties, including LINE Manga and Wattpad, enabling cross-platform content integration.
The company has approximately 170 million monthly active users and more than 24 million creators in their roster.
Source: Search Korea News, Press Release
