When Bae Jin-soo made the bold decision to leave his lucrative job at a major South Korean conglomerate in pursuit of a career as a writer, his parents disapproved to the extent of kicking him out of their home. Fast forward seventeen years, Bae has become a prominent figure in South Korea’s booming webtoon industry, having honed his drawing skills and creating hit stories that have even been adapted into popular reality shows on YouTube and a Netflix series.
The business of webtoons, which refers to online-exclusive, mobile-friendly comics, has experienced unprecedented growth worldwide since its inception 20 years ago in South Korea. Webtoon Entertainment, the leading platform for hosting digital comics, has filed for an IPO on the Nasdaq stock exchange in the United States. With backing from South Korean tech giant Naver, Webtoon is poised to achieve a valuation exceeding $2.6 billion post-IPO.
Despite facing initial skepticism from his family and peers, Bae persevered in his passion for drawing and writing. Teaching himself through a combination of photography and observation, he gradually improved his skills while juggling part-time jobs to sustain himself. Even in the face of criticism regarding his early artwork, Bae’s dedication to storytelling motivated him to refine his craft, eventually leading to the success of his debut horror webtoon “Friday” in 2012 on Naver Webtoon.
South Korea’s high-speed internet infrastructure and tech-savvy population have propelled webtoons to become a cultural export sensation. The industry’s value in the country surged from $109 million in 2013 to $1.33 billion by 2022, indicative of its widespread popularity. Naver’s Webtoon platform boasts over 170 million monthly active users from 150 nations and has disbursed over $2.8 billion in payments to creators from 2017 to 2023.
Webtoons have not only inspired a plethora of successful K-dramas and film adaptations but have also influenced mainstream television and streaming services. Adaptations of webtoons offer a validated source of content with built-in fan bases, attracting actors eager to portray beloved characters. The distinct storytelling format of webtoons, characterized by real-time development and visual techniques, has captured the attention of viewers worldwide.
While webtoons cover a wide range of topics, creators often delve into social issues and the struggles faced by younger generations. Bae’s webtoon “Money Game,” which served as inspiration for Netflix’s “The 8 Show,” centers on a young man grappling with debt following a failed cryptocurrency investment. The narrative unfolds as he and seven others undertake a risky survival game to secure a substantial prize, showcasing the darker facets of human nature and societal pressures.
The ascent of webtoons in South Korea reflects a cultural shift towards digital storytelling and artistic innovation. From humble beginnings to global acclaim, creators like Bae Jin-soo exemplify the transformative power of passion and perseverance in the face of adversity. As webtoons continue to captivate audiences worldwide with their compelling narratives and visual allure, the future of this dynamic medium appears boundless in its potential for creative expression and cultural impact.
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