To Acquire 100% stake for US$600 Mil.
Naver announced on Dec. 20 that it will acquire a 100 percent stake in the world's largest web novel platform Wattpad for about US$600 million.
Wattpad is the world's largest social storytelling platform where more than 90 million users spend 23 billion minutes per month. More than 1,500 works from the platform, including "After," have been published in the form of books and videos. Naver Webtoon has 72 million monthly users. By owning Naver Webtoon and Wattpad, Naver will become the world's largest storytelling platform operator with more than 160 million users.
Wattpad also has Wattpad Studio, which is engaged in the global video business. Therefore, Naver is expected to be able to produce videos based on original content of Naver Webtoon and Wattpad. Naver Webtoon also has Studio N.
"Naver Webtoon has secured a wider array of global storytelling IP through Wattpad,” Naver Webtoon CEO Kim Joon-gu said. “Naver Webtoon will be able to take a step closer to becoming the world's top entertainment company by increasing Naver Webtoon’s IP diversification capabilities through synergies with Wattpad, I think."
"As Korean webtoonists have already started their activities on the global stage through Naver Webtoon, We will help Korean web novel writers go global through Wattpad," Kim added.
When Naver wraps up the takeover of Wattpad within the first half of 2021, it will have the world's No. 1 platforms in the fields of webtoons and web novels.