WEBTOON Entertainment (WBTN) Raymond James TMT and Consumer Conference summary

Business overview and market position

• Operates a global digital entertainment platform with 170 million monthly active users and 24 million creators, focusing on sub-25-year-olds.

• Achieved $348 million in Q3 revenue and $20 million positive net income, with 13.5% constant currency revenue growth.

• 60% of users are outside Korea and Japan, with strong engagement and loyalty, especially among Gen Z and Gen Alpha.

• High household penetration in Korea (50%), leading app in Japan, and significant growth potential in rest of world with sub-5% penetration.

• Users spend 30-60 minutes daily, with over 70% in North America preferring the platform over competitors.

Regional performance and currency dynamics

• Korea is a mature market with high penetration; Japan is rapidly growing with high revenue per user but lower penetration.

• Rest of world markets are early-stage but show strong habituation and organic growth.

• 80% of revenue is exposed to Korean won and Japanese yen, causing USD-reported volatility, but constant currency growth remains strong.

• Every 5% USD move against won/yen impacts reported revenue by $20 million but only $2 million in Adjusted EBITDA.

• Guidance is based on FX rates at quarter-end, with recent volatility not reflecting underlying business health.

Creator ecosystem and content strategy

• 24 million global creators use AI and data tools to publish 120,000 new stories daily.

• Platform supports creators in multiple languages, enabling global reach and professional opportunities.

• Success stories include creators crossing over to bestselling books and feature films.

• The platform is positioned as a solution for evergreen content, supporting both internal and external media needs.