Korea's webtoon industry surpasses W2T in market size for the first time

Webstoon Industry Survey shows illegal activities also persist

Estimated Webtoon Industry Market Size (Korea Creative Content Agency)

The domestic webtoon industry has surpassed 2 trillion won ($1.36 billion) in market size for the first time. Meanwhile, the illegal webtoon market is estimated at 446.5 billion won, approximately 20 percent of the legitimate webtoon market.

On Thursday, the Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency published the 2024 Webtoon Industry Survey, highlighting these findings.

In 2023, the webtoon industry recorded sales of 2.189 trillion won, marking a 19.7 percent increase compared to the previous year. Since the survey began in 2018, the industry has shown consistent growth over the past six years, demonstrating the strength of Korea's webtoon sector.

Within the overall industry, platforms saw a 25 percent increase, reaching 1.409 trillion won in revenue. As domestic webtoon platforms and production companies actively expanded overseas, Japan accounted for the largest share of exports at 40.3 percent, followed by North America at 19.7 perecnt, China at 15.6 percent, Southeast Asia at 12.3 percent, and Europe at 8.2 percent. While Japan's share slightly decreased compared to the previous year, North America's share rose by 6.2 percent.

While the webtoon market maintains its strong growth momentum, it continues to face significant challenges from widespread illegal activities.

In 2023, the domestic illegal reproduction rate was recorded at 20.4 percent, with estimated damages reaching approximately 446.5 billion won. However, since overseas illegal distribution was not included in this figure, the actual damage is expected to be even greater. Among the various forms of support needed for webtoon businesses, "regulation of illegal reproduction sites" was the highest priority, with 43.8 percent of respondents identifying it as essential.

In terms of artist income, the median annual earnings for webtoon artists who serialized their works throughout the year stood at 38 million won. The most common income range was 30 million to 50 million won, accounting for 50.4% of respondents. Additionally, overseas revenue made up an average of 6.8 percent of annual earnings.

Regarding AI adoption in webtoon production, 63.8 percent of businesses expressed a willingness to utilize AI, showing a significant increase compared to the previous year. However, only 36.1 percent of webtoon artists showed interest in AI adoption.