Bae Jin-soo’s journey from being kicked out of his house for choosing to pursue a career in webtoon creation to becoming one of the biggest names in South Korea’s webtoon industry is a testament to the explosive growth of the industry in recent years. Webtoons, online-only, mobile-friendly comics, have taken the world by storm since their inception in South Korea 20 years ago. One of the most popular digital comics hosting platforms, Webtoon Entertainment owned by the tech giant Naver, is set to go public with an IPO on the Nasdaq stock exchange, potentially reaching a valuation of over $2.6 billion.
When Bae decided to embark on the path of creating webtoons, he faced criticism from his parents and friends who did not see being a “comic artist” as a viable career choice. However, through sheer determination and hard work, Bae taught himself to draw by taking photographs and copying them with a pen. Despite early criticisms of his artwork, positive reception of his storytelling skills motivated him to improve. His breakout horror hit “Friday” in 2012 propelled him to fame, showcasing the power of South Korea’s fast internet and smartphone culture in driving the success of webtoons in the country.
The Booming Industry
The webtoon industry in South Korea has experienced remarkable growth, with its value increasing from $109 million in 2013 to $1.33 billion in 2022. Naver’s Webtoon platform boasts 170 million monthly active users from 150 countries and has paid creators over $2.8 billion. The financial success of creators in the industry is also notable, with the average professional earning $48,000 a year, while the top 100 earners make up to $1 million.
Webtoons have not only gained popularity in South Korea but have also inspired successful K-dramas and film adaptations, such as “Misaeng,” “Yumi’s Cells,” and “Marry My Husband.” The popularity of webtoon-based dramas provides a unique advantage in casting, as actors are already familiar with the source material. Additionally, Netflix has recognized the potential of webtoon adaptations, with at least seven out of the 14 original South Korean dramas launched last year being based on webtoons. The streaming giant aims to find niche stories that resonate with webtoon fans worldwide.
While webtoons cover a wide range of themes, creators often address societal issues, particularly focusing on the struggles of younger generations. Bae’s webtoon “Money Game,” which inspired Netflix’s “The 8 Show,” explores the consequences of a failed investment in the cryptocurrency market. The story follows a group of individuals participating in a survival-like game in a sealed space, emphasizing themes of desperation and sacrifice.
The success of the webtoon industry in South Korea reflects not only the creative talent of its creators but also the growing global demand for digital content. The storytelling format of webtoons allows for genuine engagement and real-time evolution of stories, making them a captivating medium for audiences worldwide. As webtoons continue to inspire adaptations and resonate with diverse audiences, the future of the industry looks bright, promising even greater success and innovation in the years to come.
Leave a Reply