WEBTOON Entertainment (WBTN) 45th Annual William Blair Growth Stock Conference summary

Business overview and global reach

• Achieved 153 million active users, with the majority outside Asia, and product-market fit in 150 countries.

• Over 24 million global creators contribute user-generated content, curated by AI, with 120,000 new stories daily.

• 50% population penetration in South Korea; rapid expansion in Japan, now the top consumer app by revenue.

• 107 million monthly active users are outside Asia, with a 19% growth in North American webcomic app MAU.

• Platform enables creators to publish globally in multiple languages and genres, driving international success.

Financial performance and monetization

• 2024 GAAP revenue reached $1.35 billion, with 13% constant currency growth and strong adjusted EBITDA margin.

• Monetization is primarily through micropayments ($0.15–$0.70 per episode), with 14% paying ratio in Korea, 10% in Japan, and under 5% elsewhere.

• RPU is $6–$8 in Korea, $6 in rest of world, and $23 in Japan.

• Paid content accounts for about $1 billion of revenue; advertising is 12%, and crossover IP is 8%.

• Creators earn nearly $50,000 on average, with top earners making up to $1 million annually; $2.8 billion has been paid to creators.

Business model and growth strategy

• Focused on a self-reinforcing flywheel: user-generated content, AI curation, and global distribution.

• Advertising model is being expanded outside Korea, with high engagement and relevance for users.

• North America is a key growth area, with 2025 as a foundation year for ad platform development.

• App-based webcomic MAU is the main driver of paid content revenue and product innovation.

• Every dollar of paid content and advertising outside Korea improves EBITDA margin.