Gov’t to foster ‘Netflix of webtoons’ in S. Korea

The government will foster domestic webtoon platforms with global influence comparable to Netflix, the culture ministry said Tuesday.

The government will also establish an international webtoon festival with competition categories this fall, aiming to turn it into the equivalent of Cannes of the film industry.

These plans were unveiled by Minister of Culture, Sports and Tourism Yu In-chon as part of the ministry’s strategy to enhance the global competitiveness of the domestic comic and webtoon industry. This follows the announcement of measures to develop the country’s video content industry in November.

According to the plan disclosed Tuesday, the ministry aims to increase the size of the country’s comic and webtoon industry to 4 trillion won (US$2.9 billion) and raise industry exports to $250 million by 2027.

In 2022, these figures stood at 2.6 trillion won and $107 million, respectively, reflecting a rapid growth of 23 and 31.3 percentage points from the previous year. They significantly surpassed the average growth rates of the country’s broader content industry.

“Supporting webtoons is very important for bolstering the intellectual property (IP) rights of the South Korean content industry as a whole,” Yu said during a press briefing in Seoul to announce the plans.

“I think it’s high time to provide effective support to the industry so it can continue to produce webtoons with the potential to become blockbuster IPs,” he said, noting the recent surge in TV dramas, films and games based on hit webtoons.

Currently, South Korea boasts four of the world’s top five leading webtoon platforms, in terms of sales, including Kakao piccoma and Naver Webtoon.

To help minor local platforms with high potential expand to overseas markets, the government will provide useful market information, consulting services and translation assistance.

The government will also establish an international comic and webtoon festival primarily targeting the Japanese and U.S. markets this fall. The festival will present awards for global industry players, aiming to become one of the most prestigious awards in the field, akin to Cannes in the film industry, the ministry said.

In response to the rising industry demand for skilled professionals, the ministry will push for three separate programs to foster creators, industry personnel and translators specializing in webtoons in steps starting this year.

By 2027, the ministry aspires to establish a dedicated school, inspired by the successful models of the Korean Academy of Film Arts and the Game Institute, which nurture talent in their respective fields. This school will bring together the three specialized programs under one roof to create a comprehensive webtoon industry training ground, according to the ministry.