They conquered the toughest comics market in the world. Now they are taking aim at the home of Marvel and DC.
It is one thing to grow in emerging markets where digital disruption is expected. It is something entirely different to walk into the most entrenched, tradition-bound comics market on the planet… and take the crown.
That is exactly what Webtoon Entertainment Inc. (NASDAQ: WBTN), the world’s largest digital comics platform with roughly 156 million monthly active users — has just done. A pioneer of the vertical-scroll, mobile-first comic format and a subsidiary of South Korea’s Naver, Webtoon has built a global storytelling ecosystem that spans original series, user-generated content, and blockbuster IP adaptations.
In Japan — a $5+ billion manga stronghold — Webtoon’s LINE Manga didn’t just compete. It dethroned Kakao’s Piccoma to become the #1 grossing app across all iOS and Android categories in H1 2025. That is the equivalent of beating Starbucks in Seattle. Proof that the model doesn’t just work in niche corners, it dominates in mature, hyper-competitive arenas.
The question now is simple: with Japan conquered, can $WBTN unlock even greater growth in the one market that could rewrite its entire story? Let’s dive in.
From Tokyo to Times Square
If $WBTN can topple Piccoma in Japan, what does that say about its odds in North America? The U.S. may be the spiritual home of the comic book, but it’s also a market still dominated by paper, where Marvel and DC rule the shelves. Webtoon’s answer: don’t fight the cultural tide — ride it.
Enter Disney. In one of the largest publishing partnerships Disney has ever announced, Webtoon now has licensing rights to 100+ iconic franchises — Marvel superheroes, Star Wars, Disney Princesses, even Alien. The plan is as bold as it is simple: put Spider-Man, Avengers, and other household names into the same vertical-scroll, microtransaction model that already works in Asia.
In other words, this isn’t about convincing U.S. readers to abandon what they know. It’s about delivering what they already love in a frictionless, mobile-native format. The dedicated Disney section in the English app launches August 2025, and it could instantly erase the awareness gap that foreign media often faces in America.
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Numbers to Match the Narrative
Webtoon’s latest financial results show that the growth story is already accelerating:
Q2 2025 revenue: $348.3 million, up 8.5% YoY (5.5% constant currency), driven by Paid Content, Advertising, and IP Adaptations.
Net loss: Narrowed sharply to $3.9 million from $76.6 million a year earlier.
Adjusted EBITDA: $9.7 million, above guidance, with a 2.8% margin.
Cash: $581.5 million, plus $12.1 million in short-term deposits — zero debt.
IP licensing/adaptations revenue: +42.6% YoY in Q2, fueled by hit cross-media content.
Creator economy scale: Over $2.8 billion paid to creators since 2017, ensuring top talent and sticky user engagement.
User base: ~156 million MAUs worldwide, with only 15% in Korea, 12% in Japan, and 73% spread across the rest of the world — proof the platform is globally diversified.
Founder and CEO Junkoo Kim put it simply:
“WEBTOON Entertainment has become the global destination for comics of all kinds. From exclusive Originals to fan-favorite titles from some of the world’s biggest entertainment franchises, our platform offers an unparalleled breadth of content.”
Looking ahead, Q3 guidance calls for constant-currency revenue growth of 9.4%–12.2% ($380–$390 million), and Adjusted EBITDA of $2.0–$7.0 million.
The Final Missing Leg of the Growth Story
Webtoon already has 80 million MAUs in its English-language app. The Japanese victory proves the model can extract high ARPU from mature, print-loving audiences. The U.S. is the final missing leg.
Consider this: if even a fraction of Marvel and DC’s print readership migrates to Webtoon’s mobile platform, the revenue impact could be seismic. The freemium “Coins” system has already proven to convert casual readers into paying superfans — and U.S. comic fans are no strangers to spending on collectibles, bonus issues, and exclusive storylines.
The addressable market is expanding: the global digital comics market is forecast to grow at 6.8% CAGR to $12.5B by 2030, and Webtoon’s proven ability to dominate Japan’s $5+ billion comics market shows it can take a disproportionate share of that growth.
Analysts are taking note. Evercore ISI recently raised its target from $20 to $23, citing the Disney deal’s potential to accelerate U.S. adoption. The consensus 12-month price target sits around $14.80, with a range of $9.00 to $23.00 — and that’s before factoring in new IP launches.
Why This Matters Now
Investors don’t have to wait long for catalysts. Management is set to present at the Deutsche Bank Technology Conference (Aug 27, 2025) and Goldman Sachs Communacopia + Tech (Sept 10, 2025) — platforms that could attract new institutional interest. And history shows the market reacts: the stock jumped ~56% in a single day on Q2 earnings and Disney news.
The Japanese playbook localize, integrate cultural touchstones, and relentlessly monetize is now being adapted for the most lucrative comic market left to conquer.
They have the proof. They have the partners. And now, they have the stage.
If Japan was the proving ground, the U.S. could be the victory lap — and the next 12–24 months will show whether Webtoon can turn Marvel fans into mobile super-spenders. For investors, that’s a storyline worth following closely.
