Naver Webtoon, Disney to create comics platform

Employees of Webtoon Entertainment celebrate in Times Square as the company holds an initial public offering at the Nasdaq Market Site in NY, June 27, 2024. Reuters

Webtoon Entertainment, the U.S. parent company of Naver Webtoon, will partner with the Walt Disney Company to create a new digital comics platform.

The webtoon company announced Tuesday (local time) that it had signed a nonbinding term sheet with Disney to develop the new platform, which will house comics from Disney’s studios — Marvel, Star Wars, Disney, Pixar and 20th Century Studios.

The platform will allow fans to access a library of 35,000 Disney comics, ranging from classics to latest releases, in one place for the first time. Until now, Marvel Unlimited was Disney’s only dedicated comics platform, and it only offered Marvel titles.

Webtoon Entertainment will develop and operate the platform, which will provide comics in both vertical scrolling and traditional formats.

“This new platform combines our product and technical expertise with Disney’s vast titles, offering fans around the world a new way to discover and enjoy Disney’s legendary characters and stories,” Webtoon Entertainment CEO Kim Jun-koo said.

“It is truly an honor to partner with Disney, a company with one of the greatest storytelling legacies, to shape the future of digital comics. This collaboration is both a pivotal step in our global business expansion and the foundation for even greater partnerships with Disney in the future.”

Along with Disney’s titles, the platform will also include some Naver Webtoon original series that are currently available on its English service. Subscribers of streaming platform Disney+ will have access to the curated selection of comics on the new platform as part of their membership, at no additional cost.

Aiming for global distribution, the platform will later offer selected works in localized versions through Naver Webtoon’s Korean and Japanese services.

These works will join the previously announced 100 Disney franchise titles, which are set to be adapted into vertical-scroll webtoons and offered on Naver Webtoon.

“Through our expanded relationship with Webtoon Entertainment, the global leader in digital comics, we’re opening doors to new audiences and deepening fan engagement,” said Josh D’Amaro, chairman of Disney Parks, Experience and Products.

Along with the partnership for the digital platform, Disney also signed a nonbinding term sheet to acquire a 2 percent equity stake in Webtoon Entertainment.

Soon after the announcement of the equity investment, Webtoon Entertainment’s stock price surged by 90 percent in after-hours trading, climbing to $28.48. This marks the first time the stock has risen above its initial public offering price of $21, after previously dropping to half its initial value.