There are expectations that Soosung Webtoon will benefit from the recent strength of the dollar.
According to Soosung Webtoon on the 30th, over 80% of the webtoon revenue from its subsidiary Toomics comes from overseas. A representative from Soosung Webtoon noted, "As of July this year, there are over 25 million members in English-speaking countries, and if the exchange rate rises, the revenue in won will also increase accordingly."
Toomics recorded a revenue of 57.4 billion won and an operating profit of 10.3 billion won last year. The company expects this year's revenue to reach 60 billion won and operating profit to 11.5 billion won. The webtoon platform Toomics currently has over 60 million global members, providing services in 11 languages, including English, Chinese, Japanese, French, and Spanish.
While the improvement in Toomics' performance can be attributed to the growing demand and interest in K-webtoons, the strong dollar exchange rate is also noted to be playing a significant role. Analysts suggest that the $7 subscription for unlimited service is driving stable revenue and attracting new members.
A representative from Soosung Webtoon stated, "We are working to strengthen our competitiveness in the global content market and to pursue sustainable growth," adding that "changes in the foreign exchange market will present important opportunities for our global business expansion."
Meanwhile, Soosung Webtoon currently holds a 70.2% equity stake in Toomics and plans to secure additional equity by the first quarter of next year, making Toomics a wholly-owned subsidiary. Soosung Webtoon aims for a consolidated revenue of 130 billion won and an operating profit margin of 15% by 2025.