VOL.74/2024.09

Factors Behind the Success of Korean Webtoons and Webnovels
in the Global Marketplace

Based on the Southeast Asian market, including Thailand

2024.08.05

Korean webtoons and webnovels are making waves in the global content market. In particular, they are drawing global attention with great success in Southeast Asian countries, such as Thailand.
The scalability of secondary use of IP is the most notable factor these days. Many webnovels and webtoons are being adapted into various media, such as dramas, movies, and games, providing publishers and media companies with additional opportunities for monetization. This, coupled with the influence of the Korean Wave, is creating a synergistic effect. The global popularity of K-Pop and Korean dramas has increased worldwide interest in Korean culture, and this has naturally led to a greater interest in Korean webnovels and webtoons. As you can see in the image below, this is clearly evident in the statistics of Viu, a popular OTT platform in Asia.

The Thai drama series “Beauty Newbie” is an adaptation of the Korean webtoon My ID Is Gangnam Beauty (Onda). The series has been a huge hit, topping the chart for 4 consecutive weeks. The success of the series exemplifies the appetizing appeal of Korean webtoons. The fact that the series was not a remake of the drama based on the original webtoon of the same name produced in Korea, but was rather an adaptation that made full use of the original webtoon’s storyline and setting, highlighted the originality and uniqueness of the Korean webtoon. This proves that Korean content can also be attractive in the global market.
Furthermore, the drama “Lovely Runner,” which recently ended its successful run in Korea, is based on the KIM BBANG’s webnovel titled Tomorrow’s #1 Lovely Runner (Dahyang). Within just four weeks of its premiere on Viu, the drama topped the weekly charts in Indonesia, Singapore, and Malaysia. It also ranked #2 in Hong Kong and the Philippines, and #3 in Thailand, demonstrating how quickly its popularity has spread. The original novel, The Best of Tomorrow, is currently undergoing an export deal with a Thai publisher. These achievements show how Korean webnovels and webtoons are making a splash in the Asian market.

As such, Korean webtoons and webnovels span a wide range of genres, such as fantasy, romance, SF, and thrillers, and offer distinctive perspectives and cultural elements that set them apart from Western-centric content. This has made them appealing to global readers looking for new experiences. In addition, the high-quality illustrations and unique formatting styles of Korean webtoons are universally recognized, and the vertical scroll layout of webtoons optimized for mobile devices is well suited to the reading habits of the digital native generation.
Another strength of Korean content is the high quality and fast serialization of works. The majority of webnovels are updated more than five times a week, and webtoons are updated more than once a week, keeping readers interested and attached. In addition, as webnovels are published six days a week, their speed of story development is incomparable to other video media, making them a perfect fit for Generation Z, who are accustomed to binge-watching video media and short-form content.
Moreover, as Korean webnovel and webtoon platforms are equipped with systems that allow them to check and communicate with readers in real time, they can instantly track the popularity of their works and reflect their readers’ opinions. This two-way communication system helps to drive reader engagement and increase their attachment to the works. On top of that, the Korean webnovel and webtoon industry already has a mature business model. With well-established paid services, ad revenue models, and more, it’s easy for overseas publishers and platforms to adopt and adapt them - another advantage of globalization. The webnovel I Became a Ruined Character in a Dark Fantasy (RS MEDIA), introduced below, is an example of how the pay-per-view system is well established on platforms not only in Korea, but also in the US and Thailand. This clearly demonstrates the global potential of Korean content.

In fact, the success of webtoons such as Tower of God (YOUNG COM Co., Ltd.), and Solo Leveling (D&C MEDIA), and webnovels such as Omniscient Reader’s Viewpoint (Viche Books) in the Thai market demonstrate how the strengths of Korean webtoons and webnovels can actually work in practice. It’s relatively easy to adapt Korean business models directly to Thailand, as the country has a digital content consumption environment similar to Korea’s. Thailand also has one of the largest publishing markets in Southeast Asia and a relatively high level of copyright awareness. What is particularly noteworthy is that Korean content has a competitive edge over Chinese content in the Thai market. While Chinese works have recently been burdened by high translation costs due to the increased costs of copyrights and lengthy stories, Korean webnovels are relatively short and, therefore, less expensive to translate. Plus, Thai readers who have become familiar with Korean dramas and entertainment programs through platforms such as Netflix are able to easily understand and relate to the Korean cultural context.
All in all, Korean webtoons and webnovels are gaining prominence in the global market with their unique storylines, high visual quality, and efficient business models. In particular, their success in Southeast Asian countries such as Thailand proves that these advantages are actually appealing to global audiences. For international publishers and media companies, Korean webtoons and webnovels are recognized as a new business opportunity with great potential. So, if the strengths of Korea’s digital content industry are better understood and properly utilized, it will be able to achieve greater success in the global market. It is expected that Korean webtoons and webnovels will continue to offer new enjoyment to readers around the world and establish themselves as major players in the global content market.

Written by Im Jae-Yul (J. Y.)(CEO of Eleven Management)