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• YouTube for serialized digital comics and web-novels.
• TikTok for immersive, vertical-scroll digital comics and web-novels.

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• Digital Storytelling Platform: Provides a global platform for users to discover and consume serialized web-comics and web-novels, fostering a community of creators and readers.
• Creator Monetization Services: Offers creators various means to monetize their content on the platform, primarily through paid content models.
• Advertising Services: Connects advertisers with its highly engaged, global user base through various advertising formats.
• Intellectual Property (IP) Adaptation & Licensing: Extends the reach and monetization of popular content by adapting it into films, streaming series, games, merchandise, and print books.

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Webtoon Entertainment (WBTN) primarily sells to individuals. The company's business model revolves around offering content directly to a vast global user base, with revenue generated through paid content, advertising, and IP adaptations stemming from this user engagement.

The categories of individual customers it serves are:

1. Gen Z Content Consumers: Users under 24 years old constitute the largest proportion of Webtoon's user base. They are described as mobile-first, highly engaged users with increasing purchasing power, drawn to the platform's unique storytelling formats.
2. Millennial Content Consumers: Users between 25 and 34 years old represent another significant segment of Webtoon's audience. Like Gen Z, they are mobile-first, highly engaged, and contribute to the platform's purchasing power.
3. Diverse Global Audiences: Webtoon attracts users across various age groups, geographies, and genders from over 150 countries. Over half of its monthly active users come from outside its core markets of Korea, Japan, and North America, indicating a broad international appeal for its relatable and immersive content.

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Junkoo Kim, Founder & Chief Executive Officer

Junkoo Kim founded WEBTOON in Korea in 2005, pioneering the mobile vertical scroll format that transformed digital comics. He has served as WEBTOON Entertainment's CEO since its incorporation in 2016 and currently also serves as Chairman of its Board of Directors. Kim joined NAVER Corporation as a developer in 2004, where he had over 19 years of experience in comics and digital content. He led the company through its IPO in 2024.

David J. Lee, Chief Operating Officer & Chief Financial Officer

David J. Lee oversees global corporate, financial, and operations teams for WEBTOON, Wattpad, and Wattpad WEBTOON Studios, and also serves on WEBTOON Entertainment's Board of Directors. He brings over two decades of experience in various finance leadership roles in consumer and technology industries. Prior to WEBTOON, Lee was the CEO of Inevitable Tech and served on public company boards for AppHarvest, Benson Hill, and Zevia. He was previously the COO & CFO of Impossible Foods, where he led the launch of the Impossible Burger and its nationwide distribution. Before that, Lee was the CFO of Zynga, where he helped lead the company's transformation from web-based to mobile. From 2004 to 2012, he held leadership roles at Del Monte Foods, overseeing its consumer products business, corporate strategic planning, government relations, corporate communications, and financial planning, and led its take-private transaction. Lee also led corporate finance, strategy, and development for Best Buy from 2012 to 2014. Earlier in his career, he worked in advertising at Leo Burnett company and strategy at McKinsey & Company.

Yongsoo Kim, President

Yongsoo Kim was named President of WEBTOON Entertainment in March 2026, leading global operations and driving the company's growth. He also serves as a member of the Board of Directors. Since joining WEBTOON Entertainment in late 2022, he strengthened the company's financial foundation and played a leading role in its successful IPO in 2024. As Chief Strategy Officer, he drove global strategic initiatives, including a collaboration with The Walt Disney Company in 2025. Following the IPO, he became Head of Global WEBTOON, overseeing growth in the U.S. and other international markets. Prior to WEBTOON Entertainment, Kim worked as a principal at KKR, a private equity firm, where he led value creation initiatives. He was also part of the founding team of Tesla's Korea operations and worked as an engagement manager at McKinsey & Company.

Chankyu Park, Chief Technology Officer

Chankyu Park is the Chief Technology Officer at WEBTOON Entertainment.

Hyeeun Son, Chief Design Officer

Hyeeun Son is the Chief Design Officer at WEBTOON Entertainment.

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1. Reliance on Creator Engagement and Monetization: Webtoon Entertainment's business model is fundamentally driven by its community of creators who produce a vast library of content. The company states, "Creators power our content engine" and provides them with opportunities to monetize through paid content, advertising, and IP adaptations. A significant risk exists if creators become dissatisfied with their earnings potential, the support provided, or find more attractive platforms, leading to a decline in content creation or a mass exodus of professional creators. Such an event would directly impact the diversity and volume of content available, ultimately affecting user engagement and the platform's ability to attract new users.

2. Dependence on Sustained User Engagement and Content Appeal: The success of Webtoon Entertainment hinges on its ability to attract and retain a large, engaged user base, particularly among Gen Z and millennial demographics. The company highlights that "Users come to our platform to discover and consume engaging and immersive content" and emphasizes "deep and continuous user engagement fostered through our serialized format." A key risk is that user preferences could shift away from the web-comic and web-novel formats, or if the content offered no longer resonates with global audiences. Any significant decline in monthly active users or engagement rates would directly impact advertising revenue, paid content sales, and the overall value proposition for creators and IP adaptation partners.

3. Competitive Landscape and Shifting Digital Content Trends: Webtoon operates within a dynamic and competitive digital entertainment industry. While the web-comic format has grown in popularity, especially among younger audiences, there is an inherent risk from the emergence of new content formats or platforms that could capture user attention and creator talent. The company also extends its content into other media formats like film, streaming series, games, and merchandise, placing it in competition with traditional and digital media companies. Failure to adapt to evolving content consumption trends or intense competition for both creators and users could impede growth and market share.

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Webtoon Entertainment (WBTN) is strategically focusing on several key areas to drive future revenue growth over the next two to three years, building on its position as a global storytelling platform. These drivers primarily revolve around expanding content monetization, broadening its user base, and strengthening its creator ecosystem through technological advancements and strategic partnerships.

1. Expanded Monetization of Intellectual Property (IP) Adaptations: Webtoon Entertainment plans to significantly grow its revenue by expanding its successful web novel and webtoon IPs into various multimedia formats. The company aims to foster "mega IPs" through adaptations into films, streaming series, animation, games, merchandise, and print books. For instance, IP adaptation revenue saw a 35.5% increase in 2025 on a constant-currency basis. The company's strategy involves actively supporting the expansion of these IPs beyond its platform to new audiences and formats.
2. Global User Base Expansion and Enhanced Engagement through Strategic Partnerships: A significant driver for Webtoon is broadening its global user base, particularly by exploring new international markets beyond its core regions. The company plans to focus on discovering local works in overseas markets such as North America and Europe. A notable initiative is the strategic partnership with Disney, which includes the development of an entirely new digital comics platform set to launch in 2026. This collaboration is expected to attract distinct user bases, enabling complementary growth. Furthermore, Webtoon aims to secure Gen Z users by diversifying webtoon consumption into video formats, including short-form animation services.
3. Investment in and Diversification of the Creator Ecosystem: Webtoon recognizes that a robust creator ecosystem is fundamental for long-term growth. The company plans to invest over 70 billion won in 2026 to discover new content and support creators. This includes revamping its user-generated content (UGC) platform, CANVAS, providing creator education and welfare programs, and supporting global expansion efforts. By empowering creators and facilitating the production of high-quality, diverse content, Webtoon aims to attract more users and drive its "flywheel" growth strategy.
4. AI-Driven Personalization and Content Discovery to Boost Paid Content: Leveraging its foundational technology, Webtoon is enhancing its AI-powered personalization and recommendation engines. These advancements are designed to improve user experience, increase content discovery, and ultimately drive higher engagement and conversion to paid content. The company believes that refining its AI-driven recommendation model will continue to drive growth in Monthly Paying Users (MPU) in both Korean and global markets.

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Share Issuance

• WEBTOON Entertainment priced its initial public offering (IPO) on June 26, 2024, issuing 15,000,000 shares of common stock at $21.00 per share, resulting in approximately $315 million in gross proceeds.
• Concurrently with the IPO, the company separately issued 2,380,952 shares of common stock to a subsidiary of NAVER Corporation at $21.00 per share, generating an additional $50 million in proceeds.
• The total number of shares outstanding increased by 9.18% in one year, reaching 133.48 million shares outstanding as of March 2026.

Inbound Investments

• The Walt Disney Company completed a strategic agreement in 2025, which included an approximately 2% equity investment in WEBTOON Entertainment, acquiring around 2.7 million shares for roughly $32.8 million.

Outbound Investments

• WEBTOON Entertainment acquired Wattpad, a global web-novel platform, in 2023.
• The company experienced significant goodwill impairments in 2025, largely attributable to Wattpad, contributing to a Q4 net loss of $336.5 million and a full-year net loss of $373.4 million.

Capital Expenditures

• In the fourth quarter of 2025, WEBTOON Entertainment invested $635,000 in capital expenditures, primarily for long-term assets and infrastructure.
• Full-year capital expenditures for 2025 were $7.6 million, absorbing a significant portion of operating cash flow.
• Projected capital expenditures are estimated at $15 million for 2026 and $15.61 million for 2027.