The Korea Herald, Korea Joongang Daily

Photo by: Naver/Facebook

Naver and Kakao are two South Korean companies that have their own digital comics platform. The two are very successful in this field but as they go on with their respective businesses, their rivalry is just getting more intense.

Naver and Kakao are also venturing into the international market now and this further heats up their competition so both companies are investing more in an effort to get ahead of each other.

Local expansions of the webtoon business

The firms are now the largest webtoon platform online in S. Korea. They publish story series through comic strips and the number of their subscribers just keeps growing every day especially in this time of the pandemic.

But while Kakao and Naver are both doing great in the local market already, they have expressed their intention to expand and be recognized beyond S. Korea. This is why both have been tapping the overseas market and putting in huge investments in the race to become a world-renowned site for popular webtoons.

In any case, The Korea Herald reported that Kakao Entertainment just launched Kakao Webtoon in Taiwan and Thailand last month. And just last week, the company garnered more downloads in the said countries’ Google Play Store and sealed first place in the most downloadable app while it placed second in Apple’s App Store.

It was reported that its sales in Thailand already reached over ₩ 300 million or around $270,000 in only four days after the launch of Kakao Webtoon in the country. In response to the overwhelming sales results, its rival, Naver, said that it is still ahead of Kakao in terms of the number of users and amount of sales.

Naver Webtoon has monthly active users of 3.5 million and 1.5 million in Thailand and Taiwan, respectively. It was also said to have 6.9 million users in Indonesia.

The competition heats up with acquisitions and merges overseas

Korea Joongang Daily reported that the rivalry between Naver and Kakao is only heating up after the former acquired the Canada-based Wattpad. Shortly after the acquisition, Kakao also purchased US-based Tapas Media and Radish.

Naver also invested ₩33.4 billion earlier this year to buy 25% shares in Content First’s Tappytoon, the second-largest digital comics online site platform in the United States. Naver and Kakao’s move to acquire foreign firms does not only show they are proficient in exporting their own content but it is also giving them the big advantage of having access to a rich library of intellectual property (IP).


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Starbucks Korea: Shinsegae’s Emart may fully own the coffee chain in S. Korea

Photo by: Ira Ostafiichuk/Unsplash Shinsegae’s retail unit, Emart, may fully acquire Starbucks Korea as it is said to be in talks for the possibility of buying another 50% stake in the company. Currently, Emart owns 50% shares, and the remaining half is still owned by the coffee chain’s American headquarters.…

Read more: Starbucks Korea: Shinsegae’s Emart may fully own the coffee chain in S. Korea

NFT: Korean companies are joining the digital blockchain market trend

Photo by: Brian Wangenheim/Unsplash NFT, a non-fungible token, is a unit of data stored on a digital ledger that is commonly known as the blockchain. It is getting a lot of attention, and in fact, companies are producing their own NFTs as their value is going up. Korean firms hopping…

Read more: NFT: Korean companies are joining the digital blockchain market trend

South Korea’s instant noodle exports hit new record-high during the pandemic

Photo by: Edanur Ağaç/Unsplash South Korea is a country where instant noodles are very much loved by its citizens. In fact, there is no home in the country that does not have even a pack of instant noodles that they called “ramyeon.” New record for the export of Korean instant…

Read more: South Korea’s instant noodle exports hit new record-high during the pandemic

Kia halts operations in its Sohari plant due to COVID-19 infections

Photo by: Kia/Facebook Kia Motors announced on Sunday, July 25, that it had suspended the works in one of its plants in South Korea. Starting on Monday, the company’s Sohari plant will temporarily cease operations as the number of COVID-19 infected workers has grown. Fear of COVID-19 outbreak As per…

Read more: Kia halts operations in its Sohari plant due to COVID-19 infections

Volkswagen Korea drops prices for the new Tiguan SUV model

Photo by: Volkswagen Website Volkswagen Korea is lowering the prices of its newest SUV model, which is the Tiguan. The German automaker stated that it made the decision to drop the prices because it wants to see more imported vehicles on the roads of South Korea. The announcement of the…

Read more: Volkswagen Korea drops prices for the new Tiguan SUV model

GM Korea: Union decided to stage a strike to demand higher wage

Photo by: General Motors Korea/Facebook General Motors Korea is still negotiating with its workers about the pay hike demand. However, the company and the unionized workers could not agree on terms. As a result, the union is staging a partial strike this week as they continue to demand higher salaries.…

Read more: GM Korea: Union decided to stage a strike to demand higher wage

Daum Webtoon rebranded as Kakao Webtoon and will debut in Korea on Aug. 1

Photo by: Kakao Website Kakao Webtoon is set to debut next month, and it should be noted that it is the rebranded form of Daum Webtoon. As announced, it will be launched on Aug. 1. The new Daum Webtoon Maeil Business News Korea’s Pulse reported that the rebranding is part…

Read more: Daum Webtoon rebranded as Kakao Webtoon and will debut in Korea on Aug. 1

Emart24 launching AI-based alcohol vending machine in unmanned convenience stores

Photo by: Emart24/Facebook Emart24 is set to launch its unmanned alcohol vending machine that can be found in its convenience stores. This artificial intelligence machine will be part of the totally unmanned operation of store outlets. How the unmanned alcohol vending machine works Emart24 said on Sunday, July 18, that…

Read more: Emart24 launching AI-based alcohol vending machine in unmanned convenience stores

SK Innovation: EU grants Korean company €90 million subsidy for its second EV battery plant in Hungary

Renault Samsung halts Korean plant operations over chip shortage

LG Electronics revealed plans to transition to 100% renewable energy by 2050

IMM PE buys stake in Hanssem Korea furniture company

Hewlett Packard Enterprise, HanmiGlobal ink partnership deal to open data centers in S. Korea

Mamamoo’s agency, Rainbowbridge World, announces plans to go public

Celltrion’s final trial for its COVID-19 drug shows it can lower risk of severe infection by 70%

IBM Korea announces the appointment of Won Sung Shik as new chief

OTHER NEWS