Kakao's webtoon service dominates Japanese market as it hits $676M in sales

Kakao Piccoma, Kakao’s Japanese webtoon subsidiary, hit a record-high annual transaction volume of 100 billion yen ($675.7 million) in 2023, strengthening its position as the most dominant webtoon platform in Japan

Kakao's Japanese webtoon service Piccoma [KAKAO PICCOMA]

Kakao Piccoma, Kakao’s Japanese webtoon subsidiary, hit a record-high annual transaction volume of 100 billion yen ($675.7 million) in 2023, strengthening its position as the most dominant webtoon platform in Japan.

The feat comes seven years after the company began servicing its webtoon platform Piccoma in Japan, home to one of the largest comics markets in the world, in 2016. The company also started its service in France in 2022 to expand to the European market.

The platform has undergone significant growth, especially during the Covid-19 pandemic, with the transaction volume for 2023 increasing more than sevenfold compared to 2019.

The app ranked No. 1 in user spending for the Japanese mobile app market when combining Android and iOS users, according to market research agency data.ai. Globally, the app ranked No. 17, following social media platforms TikTok, YouTube, and other game apps such as Pokemon Go and Game For Peace.

The largest growth factor that the company attributes to its promotional strategies is that it can recommend adequate content to consumers with various interests and preferences.

For instance, Piccoma introduced a system last year where users can curate and share their personal list of favorite webtoon works, similar to the concept of people sharing their music playlists online.

“Piccoma is growing based on the support of comic lovers and our many partners,” said Kakao Piccoma CEO Kim Jae-yong in a statement. “We will continue to connect more content to users for their enjoyment and do our best for the development of the global comic industry.”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]