Lee Jong-in, CEO of Bontobe, boldly entered the entrepreneurial front to commercialize healthcare technology he was researching during his Ph.D. program in computer science. However, he felt the high barriers to entry in the medical ecosystem. He noted, "While there was an advantage in securing objective data on the frequency and intensity of scratching among atopic patients, doctors lacked the motivation to actually use it."
Determined to change the direction of the business, CEO Lee discovered a new area thanks to the interests of a team member who dreamed of being a character artist. At that time, there were many creators selling drawings on social media, and he noticed the inconveniences they experienced. This was the moment when 'Character Illustration Artist Market Twenty' was revealed to the world.
"In the past, artists often posted and sold their drawings on platforms like Instagram and other social media. They only sold products for specific periods and used services provided by existing large portals to receive orders. However, they felt uncomfortable due to the lack of functions for inventory management and confirmation of payments. I thought it would be good to solve this problem, so I started developing the service."
CEO Lee and his team developed an initial model over two months. They added artist-friendly functions such as inventory management and payment confirmation procedures, receiving positive reactions among artists. A transaction worth 30 million won occurred within about four days. It was the moment he confirmed the market potential.
"Word-of-mouth among artists began to bring people in. Currently, there are 5,000 registered artists, and the total membership has reached about 400,000. The majority of members are women in their mid-20s. At one point, we recorded a monthly transaction amount of 700 million won, but in the early days, there was no revenue model. After much consideration, we devised a structure where we take a portion of the payment amount as a commission by introducing a payment system within the app."
Currently, Twenty's annual transaction amount is 10 billion won, and Bontobe's revenue is about 400 million won. Considering that many artists engage in this as a side job, Twenty offers a 'sales period setting' feature. The artists, who are also sellers, can produce and deliver products for only a specific period, allowing them to balance their main job and creation. T-shirts, stickers, stationery, and smartphone cases featuring characters drawn by artists are actively traded on Twenty. The repurchase rate based on the last six months stands at 65%.
"Only artists who hold the copyright to their own characters can enter Twenty. Those who commercialize existing characters cannot join the platform. Recently, we are also developing a Print-On-Demand (POD) system that allows consumers to have customized products made according to their wishes when artists upload character designs to us. This allows artists to focus on creation while consumers can experience 'unique character products.'"
CEO Lee envisions a future where one million creators are active on Twenty. When an artist uploads their work, Twenty produces and delivers consumer-customized products, creating a cycle where various characters and goods lead to further consumption.
"The essence of this market is diversity. In the past, there were characters that represented an era, but now there are many nameless characters. If the transaction amount is 10 billion won, it means that everyone's preferences have changed, and they will continue to change in the future. The vessel that can embrace this diversity is 'Twenty.' I believe that Twenty can fit well in countries like Thailand and Japan, where character consumption is vibrant."