Webtoon Industry Surpasses $1.5 Billion in Sales for the First Time

And they said the industry was in decline, the Webtoon Industry Surpasses 1.5 Billion Dollars in sales for the first time in its history, as pointed out by the “Webtoon Market Report 2024″.

Released on December 2 by the Ministry of Culture, Sports and Tourism (MCST) and the Korea Creative Content Agency (KOCCA), the report shows a 19.7% growth from 2022, when the industry generated approximately US$1.24 billion. This is the highest figure since the agencies began monitoring the webtoon market in 2018.

Webtoon Industry Surpasses $1.5 Billion in Sales for the First Time

Since 2017, when total sales were around US$258 million, the webtoon market has experienced consistent growth. In 2020, revenue reached US$716 million, increasing to approximately US$1.02 billion in 2021.

Revenue Breakdown

In 2023, webtoon platform providers played a pivotal role, accounting for 64.4% of the industry’s total revenue with US$959 million in sales. This represents a 25% increase from the US$767 million reported in 2022.

Key Export Destinations

Japan led the export markets with 40.3% of total sales, followed by North America (19.7%), Greater China (15.6%), Southeast Asia (12.3%), and Europe (8.2%).

via Voce Sabia Anime