WEBTOON Entertainment Inc.
about.webtoon.comWebtoon Entertainment Inc (NASDAQ: WBTN) is a digital comics and storytelling platform company that distributes creator-produced content to readers globally. Revenue comes from three streams: paid content (virtual currency called Coins that users purchase to unlock episodes), advertising sold against platform traffic, and IP adaptation fees from licensing content for film, television, and other media. Total revenue was $1.38 billion in FY2025, up 2.5% from $1.35 billion in FY2024. Paid content generated $1.09 billion (78.7% of FY2025 revenue), advertising contributed $164.3 million (11.9%), and IP adaptations contributed $131.0 million (9.5%). NAVER, the South Korean internet company, is the controlling shareholder following WBTN's IPO completed June 28, 2024, at $21.00 per share. The company reported a net loss of $373.4 million for FY2025, including $336.5 million in impairment losses on goodwill and intangible assets related to subsidiaries including Wattpad Corp. and Munpia Inc. Operating cash flow was $11.2 million in FY2025.
Products & Services
Digital comics and storytelling platform distributing creator-produced content. Virtual currency product called Coins used for episode unlocks. Content enablement technology toolkit for creators. Subsidiaries include Wattpad Corp., Wattpad WEBTOON Studios Corp., Munpia Inc., Purple Duck, and Jakga Company Inc. Platform infrastructure runs on NAVER Cloud Platform and Amazon Web Services.
Revenue Model
Three revenue streams: (1) Paid content, users purchase Coins through Apple and Google distribution channels to unlock comic episodes, $1.09 billion in FY2025; (2) Advertising sold against platform traffic, $164.3 million in FY2025; (3) IP adaptation licensing fees from third parties adapting platform content, $130.9 million in FY2025, up 31.8% year over year.
Customers & Markets
End users who consume digital comics and stories, purchasing Coins to access paid episodes. Creators who publish content on the platform. Advertisers purchasing inventory against platform audiences. Third-party licensees paying IP adaptation fees to adapt platform content for other media formats.
Geographic Exposure
Global operations with infrastructure supported by NAVER Cloud Platform and AWS. NAVER, a South Korean company, is the controlling shareholder. Subsidiaries include Canada-based Wattpad Corp. and South Korean entities Munpia Inc. and Jakga Company Inc. Specific revenue breakdowns by geography are not detailed in the excerpts provided.
Source: SEC 10-K, filed 2026-03-05
Financial Snapshot
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