Webtoon files for IPO—and reveals new information about how much creators get paid

Web comics are more than a fun diversion for people as they go about their online day. For Webtoon Entertainment, one of the top online platforms for comics, they could soon be worth hundreds of millions of dollars as it prepares to go public.



On Monday, the Los Angeles-based company filed an S-1 registration statement with the Securities and Exchange Commission (SEC), announcing plans to raise up to $315 million via an IPO. Webtoon plans to offer 15 million shares for between $18 and $21 each.



Here’s a closer look at the planned Webtoon IPO and the company.



What is Webtoon Entertainment?



Founded two decades ago, Webtoon has grown into one of the largest platforms for short-form digital comics. The collection, which includes a healthy selection of Asian Manga and Manhwa series, is available in nine languages, and Webtoon lets both professional artists and amateur cartoonists appear on the same platform. It’s currently available in more than 150 countries and has in excess of 169 million monthly average users. It also appeared on Fast Company ’s list of the  World’s 50 Most Innovative Companies of 2023 .



It has many successful franchises, including Lore Olympus , which has been converted into a half-dozen print books (some of which were New York Times bestsellers) since it was launched by reader-turned-creator Rachel Smythe. As of March 31, 2024, it had more than 1.7 billion cumulative page views, and it is currently being adapted into an animated streaming series.



How much do creators make on the platform?



The company did not break down what amateurs make, but some professionals who have made it their online home have seen lucrative returns. According to the filing, Webtoon says professional creators earned an average of $48,000 each last year, with 483 creators making $100,000 or more and the top 100 creators earning an average of $1 million each.



How many comics are available on Webtoon?



Webtoon has 55 million titles in its catalog. Over the past 10 years, the company says that more than 100 different streaming series, films, and animated series have been released based on stories born on the platform. Additionally, more than 200 web comics and web novels have been published in print. And its IP has resulted in more than 70 published games. In 2023, Webtoon sold more than 1.6 million units of consumer products that featured its characters.



Who is the average user on Webtoon?



Webtoon says 90% of its 169 million users ( which skews toward Generation Z ) have been members for at least one year—and the majority, it says, spend anywhere from 30 to 120 minutes a day on the platform. More users spend an hour per day on Webtoon, it says, than those who spend an equal amount of time on Facebook, Reddit, Instagram, or X (formerly Twitter).



Who are the current major stockholders in the company?



South Korean tech giant Naver holds a majority interest in Webtoon, with more than 71% of the shares. LY Corporation, a Japanese internet company, holds a 28.7% share. Naver will remain firmly in control following the Webtoon IPO, with between 62% and 63.4% of the shares, depending on how many shares the underwriters choose to purchase. Founder and CEO Junkoo Kim, who launched the company as a side project at Naver when he was a search engineer, holds 3.4% of the shares.



Where will Webtoon trade and what symbol will it use?



Webtoon Entertainment will list on the Nasdaq Global Select Market and trade under the symbol “WBTN.”



Is Webtoon profitable?



No. Webtoon posted a new loss of $145 million on revenues of $1.28 billion in 2023, according to the filing.