Naver to Acquire Storytelling Platform for 653.3 bln Won

Ruben Fields
January 21, 2021

The Canadian-based storytelling company Wattpad will be acquired by South Korean internet giant Naver for $660 million. Naver is expected to acquire Wattpad in a cash and stock transaction valued at more than an estimated United States dollars $600 million, subject to customary adjustments and other terms.

Naver is a powerful company with an estimated $12.3 trillion in assets and many diverse affiliates, including the mobile messenger LINE and WEBTOON, a digital publishing platform similar to Wattpad but for comics. Combined with Naver Webtoon, which has 72 million monthly users, the acquisition would allow Naver to expand its global content business in a more stable and efficient way, the company said in announcing the deal.

"Co-founders Allen Lau and Ivan Yuen, and your complete crew at Wattpad, have created one thing particular, and we're grateful to have Allen and Ivan proceed to lead this incredible firm for us post-acquisition", Naver CEO Seong-Sook Han stated in asserting the deal. The service attracts more than 90 million users which consume 23 billion minutes on the platform per month, Naver said. "Both Wattpad and Webtoon care most about helping creators tell their story their way, and both represent world-leading collections of inspired, imaginative storytelling IP".

The deal will close in the second quarter of 2021 pending regulatory approval. Naver Webtoon reached 10 million monthly active users in the U.S.in 2019. To this point, round 1,500 Wattpad tales have been printed as books or tailored for TV and movie.

Now there are 1,500 Wattpad stories that have been published as books.

In recent years, Wattpad has raised US$117.8 million from private investors across Asia and North America.

The company partnered with Collective Pictures to create "Float" that is based on the story written by Kate Marchant on the Wattpad platform.

Fulham’s early goal sparked United into life, says Solskjaer
Most important was the win today. "No we didn't know about the Manchester City result, we just knew we had to get our result". We've all been accustomed to seeing Joe's quality, his technical quality. "In the second half we had some big opportunities".

Wattpad aims to create social communities around stories for both amateur and established writers.

Her stories were eventually made into books and a film series, which encouraged Wattpad to start book publishing and studio entertainment divisions.

Wattpad also owns Wattpad Studios that is responsible for making films.

"Wattpad doesn't have many ways of generating profit".

Naver is a popular search engine in South Korea, and competes with the likes of Google and Facebook.

That's not to say things will remain the same, as Wattpad intends to continue its explosive growth as a full-on global media company. In 2018, Naver was ranked as the 9th most innovative company by Forbes and top 6th Future 50 company by Fortune magazine.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER