Webtoon Nabs Gaming Stake – Los Angeles Enterprise Journal

As the gaming trade experiences elevated consideration from a number of leisure giants, Webtoon Entertainment Inc. can be tapping into the sector with a $100 million money funding.

The El Segundo-based comics platform introduced Monday a deal that may land it a 60% majority stake in South Korea-based gaming developer RI Games Holdings Inc., which operates recreation growth studios GreyGames and Offbeat. Known for offering vertical viewing codecs that gained greater than 155 million readers per thirty days with over 27 million creators, the deal would give the platform a direct pipeline to channel hit comics into video games over the following 4 years.

The firm additionally introduced particular upcoming tasks, together with widespread collection “Overgeared,” “Doom Breaker” and “Omniscient Reader.” Each has generated greater than 500 million views throughout the globe. The mental property enlargement is available in a package deal – past video games, they’d even be tailored into anime. The first recreation, primarily based on “Overgeared,” would launch with an anime as quickly as October this yr.

“Webtoon is where global fandoms begin, and with this investment we’re taking a more direct role in growing stories into global franchises,” Junkoo Kim, founder and chief government of Webtoon, stated in a press release.

Recent strikes

Since relocating to Los Angeles from South Korea in 2020, Webtoon has tapped into an in depth community within the native leisure scene. With main leisure corporations increasing their mental property choices throughout codecs, the comics conglomerate is seeing a robust stream of collaborations.

The firm inked a take care of The Walt Disney Co. final yr to develop a platform for present and previous comedian runs throughout the latter’s portfolio, together with Marvel, Star Wars and twentieth Century Studios. Paramount Skydance Corp., as well as, additionally launched with Webtoon a pair of Star Trek comics on-line in May.

The publicly traded firm confirmed regular development. According to its newest quarterly report, it generated $338.5 million in complete reported income – or $366.4 million on a continuing foreign money foundation, representing 5.2% in year-over-year development. It attributed the increase to its three income pillars: paid content material, promoting and IP diversifications.

“This quarter, we introduced a new strategic direction that we believe will power our flywheel into the future: a series of AI-powered initiatives that strengthen and expand our core On-Platform business,” in line with Webtoon’s second quarter shareholder letter, revealed on Monday. “At the same time, we’re also scaling our Off-Platform IP adaptation business – targeted at creating greater franchise value and bringing more fans back to our global platform.”