Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Webtoon IP gains traction in Hollywood, emerging markets
The cover page of webtoon “ShootAround,” serviced by Webtoon Entertainment / Captured from Webtoon Entertainment website
By Baek Byung-yeul
Korean webtoon companies are expanding their presence in the global content market, as entertainment studios increasingly seek proven intellectual property (IP) with established fan bases for film and streaming adaptations, according to industry officials, Thursday.
“Global studios are showing strong interest in webtoon IP because the stories already come with well-developed narratives and proven popularity,” an official from the local webtoon industry said.
The trend is reflected in a growing number of overseas adaptation projects involving webtoon and web novel IP.
Webtoon Entertainment, the parent company of Naver Webtoon, recently confirmed that its English-language original webtoon "ShootAround" will be adapted into a live-action film in the United States.
The zombie horror-comedy series has accumulated around 28 million views globally. The screenplay will be written by Ayanna K. White, who previously participated in Apple TV+’s "Severance" and Netflix’s "The Night Agent." The project will be developed by its in-house studio, Webtoon Productions, together with U.S.-based Lion Forge Entertainment.
The move comes as Webtoon Entertainment expands partnerships with major global players including Disney, Prime Video and Warner Bros. Animation, to expand its role beyond an online comics platform into film, series and animation production.
Among its upcoming projects is the animated "Lore Olympus," an adaptation of the English-language original webtoon of the same name. The series, which won multiple major U.S. comic awards, is being co-produced with the Jim Henson Company and will be released through Prime Video.
The company is also involved in projects based on Wattpad IP. "Chasing Red," one of the platform’s most-viewed titles with over 261 million reads, recently secured distribution deals across major global markets. Another adaptation, "Love Me, Love Me," debuted on Prime Video in February and quickly climbed to the No. 1 spot globally, leading to a sequel announcement within weeks of its release.
Industry observers say the timing is critical. Following the pandemic and the 2023 Hollywood strikes, global studios have reduced overall production volumes while increasingly shifting investment toward commercially validated IP.
According to CNBC, the number of films produced and released in Hollywood fell to 94 in 2024, down 20 percent from 2019, while box office revenues dropped 23 percent over the same period.
The cover of Kakao webtoon “Stay Together or Not” (tentative translation) / Courtesy of Kross Pictures
The globalization of webtoon IP is also expanding beyond the U.S. market.
Kross Pictures, a local drama and movie production company, recently completed filming for the Indian series "Love Always" (working title), based on the Kakao webtoon “Stay Together or Not” (unofficial translation). The show is scheduled to be released later this year through India’s streaming platform JioHotstar, becoming the first officially remade Korean webtoon IP in India.
Kross Pictures has steadily expanded its presence in India since establishing a local subsidiary in 2015. Its previous projects include "Janne Jaan," which topped Netflix India’s movie rankings, and "Oh! Baby," a remake of “Squid Game” director Hwang Dong-hyuk’s 2014 movie “Miss Granny,” which led the local box office for two consecutive weeks.
With global studios increasingly prioritizing established IP, industry watchers say webtoons are likely to see further expansion into films, series and other entertainment formats.
“When globally popular webtoons are adapted into films or series, the existing fandom can help boost early awareness and attract viewers, making them more appealing to production companies,” the industry official added.