WEBTOON Entertainment (WBTN) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Platform overview and user engagement

• Over 24 million creators use the CANVAS platform, enabling global storytelling and creator success stories like Lore Olympus being adapted by Amazon Prime.

• 163 million monthly active users spend 30-60 minutes daily, with an average ARPU of $12, and the business operates in over 150 countries with $1.4 billion in annual revenue.

• Positive operating cash flow and dominant positions in Korea and Japan, with Japan now contributing about 45% of total revenue and showing strong ARPU and user growth.

• Gen Z and Gen Alpha drive engagement, seeking original stories and community, supported by partnerships with major IP holders like Disney and IDW.

• AI personalization and technology investments are expanding successful features from Korea to other markets, with leadership changes to accelerate global growth.

Growth levers and market expansion

• Korea shows 50% market penetration with continued MPU and ARPU growth, leveraging a unique content generation engine and community features.

• Japan, with under 20% penetration, has high ARPU and a strong digital content culture, positioning it as a major future growth engine.

• Both Korea and Japan have significant room for further growth in users and revenue.

Strategic partnerships and content ecosystem

• Partnerships with Disney, Warner, and IDW enhance the platform's appeal for creators and consumers, with top creators earning over $1 million annually.

• Disney collaboration includes 12 reformatted titles and a new consumer app launching by year-end, expanding access to 35,000+ stories.

• AI is used to fight piracy, personalize recommendations, and identify potential hits for adaptation, strengthening the platform's ecosystem.

• 20 anime projects are in development in Japan, with plans for broader content distribution across platforms.