WEBTOON Entertainment (WBTN) Goldman Sachs Communacopia + Technology Conference summary

Business overview and platform growth

• Operates a global digital storytelling platform with 170 million monthly active users and 24 million creators, offering up to 120,000 new stories daily in a unique vertical scrolling format.

• Strong presence in Korea (50% household penetration), growing in Japan (15%) and rest of world (5%), with significant Gen Z engagement, especially in North America.

• Average user engagement is 30-60 minutes daily, with 41% ARPU growth and 2% MAU growth in the rest of world in the first half of the year.

• Platform enables amateur creators to publish easily, leveraging data and AI to identify and promote hits globally.

• Notable IP adaptations include Netflix and Amazon Prime hits, with crossover content driving platform engagement.

Competitive positioning and user demographics

• Recognized as the global leader in webcomics, enabling creators to achieve global reach instantly.

• 75% of North American users are Gen Z, with 77% stating they can't find similar stories elsewhere and 97% rating the experience as more fun than alternatives.

• Platform's serialized format and unique content flow differentiate it from social networks and mobile games.

Revenue segments and monetization strategy

• Revenue is primarily from paid content (80%), with advertising (11%) and crossover IP as smaller but growing segments.

• Paid content model allows users to pay per episode, driving long-term engagement and revenue growth without heavy top-of-funnel investment.

• Advertising is in early stages, with double-digit growth in rest of world and triple-digit growth in Japan, and significant future potential as ad tech and direct sales scale.

• Crossover IP provides upside as stories become hits on external platforms, reinforcing the platform's flywheel.