Webtoon Entertainment, the U.S. headquarters of Naver Webtoon, recorded 492.1 billion won in revenue in the fourth quarter, continuing its growth trend; however, the operating loss expanded to 38.6 billion won compared to the previous year.
Webtoon Entertainment announced on the 25th (local time) its fourth quarter and annual results for 2024. Last year, annual revenue was 1.84 trillion won ($1.35 billion), a 5.1% increase from the previous year, and a 13.0% growth when calculated at the same exchange rate. However, the annual operating loss grew to 137.3 billion won ($169.99 million) compared to the previous year.
Fourth quarter revenue was 492.1 billion won ($352.8 million), marking a 5.6% increase compared to the same period last year, with a 10.4% growth at the same exchange rate. In contrast, the fourth quarter operating loss expanded to 38.6 billion won ($27.76 million).
Webtoon Entertainment noted that the steady growth of paid content and advertising revenue drove the increase in revenue last year. In particular, revenue from the Japanese market rose to 883.6 billion won ($648.2 million), surpassing Korea to become the largest revenue region.
Kim Jun-goo, representative of Webtoon Entertainment and Naver Webtoon, stated, "We achieved solid performance across all institutional sectors, including paid content, advertising, and IP business," and added, "This year, we will continue to drive sustained growth in the global market through service improvements and revenue model enhancement."