Webtoons Market Is Projected To Reach USD 21820 Million by 2028 at a CAGR of 29.9% | Valuates Reports
BANGALORE, India, Feb. 6, 2023 /PRNewswire/ — Webtoons Market is segmented by Type (Subscription Based Webtoons, Advertisement Based Webtoons), by Application (Mobile Phone, PC/Notebook, Tablet Computer, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Comics Category.
The global Webtoons market size is projected to reach USD 21820 million by 2028, from USD 3428.3 million in 2021, at a CAGR of 29.9% during 2022-2028.
Major Factors Driving the Growth of the Webtoons Market
A growing number of consumers are gravitating toward webtoons as a result of everyone having access to an Internet connection. An increase in online activities made available on many entertainment platforms, including digital comics, series, action comics, and others, has been attributed to the rising rise of mobile cellular subscriptions. This factor is expected to drive the growth of the webtoons market.
Due to webtoons’ growing appeal in the entertainment industry, the worldwide webtoons market is anticipated to expand significantly during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE WEBTOONS MARKET
The term “snack culture” refers to the growing practice of catering to users’ need to absorb content rapidly. The phrase, which originally referred to the practice of reading brief content rather than in-depth works, is of South Korean origin. These sorts of material come in the form of up to minute-long movies, as well as still images like infographics and webtoons.
Users may now read webcomics whenever and wherever they want thanks to the emergence of new gadgets like laptops, smartphones, and tablets. Webtoons are also free and simple to access online, unlike paper cartoons that viewers used to purchase from bookstores or borrow from friends. the same digital upheaval that has changed journalism, music, movies, and television is reshaping the world of comics. Webcomics have gained enormous popularity in recent years, thanks in part to reaching a market that the business had previously ignored. This factor is expected to drive the growth of the webtoons market.
Readers find visuals engaging and tend to stick with us for extended periods of time. And for this reason, nations use webcomics to spread their cultural impact abroad and inform people of their deeply ingrained customs. Webtoons are a key component of transmedia cultural creation and are both re-created and co-created in this process as well as being published across numerous platforms. Webcomics itself also serve as venues for transmedia tie-ins, in which various media elements combine to produce fresh visual effects and brand-new cultural subgenres. This will further drive the growth of the webtoons market.
Through the use of Fourth Industrial Revolution-related technology, webtoons are being promoted and advanced. Webtoons have always been built on the principles of openness and sharing, so it makes sense that blockchain technology might be incorporated into them. Platforms will also provide tailored material that is optimized for each user, rather than the general public. This revolution also heavily incorporates virtual reality (VR) and augmented reality (AR). Every advancement in narrating, portraying, and disseminating content has been accompanied by screens. The development of display technology is much to thank for the medium’s expansion. Both VR and AR, as next-generation digital platforms, can get around the drawbacks of smaller mobile screen displays. More interactive content can be added to games, webtoons, or visuals by utilizing even 3D and interactive technology. This in turn is expected to fuel the webtoons market growth.
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WEBTOONS MARKET SHARE ANALYSIS:
The sub-segment for mobile applications is anticipated to increase at the quickest rate over the forecast period. Everyday life for the average person now includes a mobile phone as a necessary technology gadget. More people are using their mobile phones to communicate with one another. These are the reasons why people are spending more time reading webcomics on their phones, which are conveniently accessible through mobile webcomics apps.
During the forecast period, the subscription-based sub-segment is anticipated to develop at the quickest rate. Almost every industry uses subscription-based business models, including the food and tech sectors. When a customer pays a fee on a regular basis to access your product or service, you are using a subscription business model, which enables you to get recurrent income from a group of devoted consumers.
The webtoon market was dominated by the Asia Pacific region. The worldwide webtoons market will have profitable growth potential in the Asia-Pacific region due to factors like the e-reader market’s booming growth and the rise in collaborations between top market participants.
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Buy Regional Market chapter On Asia Pacific:
- Lezhin Entertainment (KidariStudio)
- Toomics Global
- Ridibooks (RIDI Corp)
- Webtoon Factory
- Izneo Webtoon
- Webcomics (SideWalk Group)
- SPOTTOON (Rolling Story)
- Mr Blue
- Comico (NHN)
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