Successful listing is boon for bid to become IP powerhouse Naver's webcomic subsidiary, Webtoon Entertainment, made a successful debut on the Nasdaq. Boosted by strong demand from institutional investors, the company concluded its first trading session on Wall Street last Thursday with a 10 percent increase in share value, closing at $23 per stock on the Nasdaq. The company was valued at $2.7 billion just before listing. However, the share price declined to $21.58 by Monday's close. As Nasdaq is home to the world's leading technology businesses, Webtoon Entertainment's listing there bodes well for its ambitions to become a dominant intellectual property (IP) force. Based in Los Angeles, Webtoon Entertainment is the parent company of Naver Webtoon. The Korean web portal giant Naver holds a 63.4 percent stake in Webtoon Entertainment. It reflects a business strategy that integrates Naver's extensive user base with content produced by both amateur and established webtoon creators. This coincides with recent concerns about Korea's manufacturing capabilities. Webtoons, a uniquely Korean form of digitally crafted short-form comics tailored for mobile devices, serve as the cornerstone of this endeavor. Additionally, the platform provider is the second Korean company to debut on Nasdaq, following Gravity, a Korean video game developer and publisher, in 2015. The appeal of webtoon scripts lies in their potential to generate original source material that can be adapted into derivative works such as dramas and movies. Examples include "Concrete Utopia" and the recent blockbuster drama "Lovely Runner," which propelled its lead actors Byeon Woo-seok and Kim Hye-yoon to Asian stardom. Korea's webtoon industry owes its current stature to a steadfast fan base cultivated over time. Those who came of age in the latter part of the 20th century might recall the so-called "manhwa-bang" or comic book lounges. The industry transitioned online in 1998 through blogs, smartly embracing digitalization around the 2000s. A pivotal adv ancement was the adoption of vertical panels with scrolling functions. Naver Webtoon currently has 170 million monthly active users (MAU) in over 150 nations. Statistics show that Naver Webtoon has 24 million content creators and 7.8 million users who subscribe monthly. Naver Webtoon and Webtoon Entertainment founder and CEO Kim Jun-koo's statement, "Anyone with a story to tell can publish on Webtoon Entertainment and reach millions," highlights the widespread appeal of webtoons among international fans. This sentiment was particularly evident to Korean creators who were also present in New York, where they told the media they were pleasantly surprised and deeply gratified by the enthusiastic reception from fans worldwide. Other Korean content has been making significant strides recently. The hugely popular girl band, NewJeans, performed in late June to a packed Tokyo Dome in Japan, marking their first concert and fan meeting less than two years after their debut. Concurrently, the government has been proac tive, committing to allocate approximately 5 trillion won ($3.6 billion) in policy financing through 2027 to support Korean content, including webtoons. Further improvements could be made by enhancing the working conditions for content creators. It is essential for both content creators and policymakers to play their respective roles in this evolving landscape. Webtoon Entertainment's successful listing on Nasdaq is seen as a source of optimism for other Korean companies planning to follow suit, such as travel platform Yanolja and crypto giant Dunamu. This achievement underscores the potential for growth driven by content, which could significantly benefit the Korean economy amid concerns that the country's traditional manufacturing strength may be weakening. More Korean tech companies opting for IPOs on New York exchanges, drawn by greater liquidity and business-friendly regulations, suggests a need for Korean stock exchange regulators to reassess and enhance competitiveness. Source: Yonhap News Agency