Naver Webtoon to form JV with Japan’s TBS for original IP

Naver Webtoon Corp., the digital comics and novel platform of South Korea’s online portal giant Naver Corp., has agreed to set up a joint venture with Japan’s television broadcaster TBS to foster original intellectual property.

Naver Webtoon said on Monday it will establish the JV dubbed Studio TooN in South Korea later this month with TBS and a Japanese webtoon producer SHINE Partners.

Studio TooN plans to create original webtoons and videos through a combination of Naver Webtoon’s global services and networks, SHINE’s webtoon production know-how, as well as TBS’ capabilities to turn content into video products.

“Through the foundation of the JV, we will provide various interesting content in cooperation with TBS, which has excellent production capacities,” said Naver Webtoon CEO Kim Jun-koo.

TBS is one of the major broadcasters in Japan, producing a wide range of programs such as news, dramas, entertainment shows, sports and animated content. Studio TooN is TBS’ first JV in South Korea.

ORIGINAL WEBTOONS AND VIDEOS

The Japanese broadcaster is poised to produce and air videos based on original webtoons created by the JV, while Naver Webtoon is set to distribute those digital comics through its global networks. In addition, the South Korean company aims to foster the IP business through cooperation in the content sector with TBS.

“Webtoons are in the spotlight as core original IP in Japan as interest grows in creating videos based on webtoons,” said a Naver Webtoon source.

Naver Webtoon is the country’s leading digital comics player with about 700,000 works after starting the business there in 2013 through LINE Manga, its service in Japanese.

Naver Webtoon became the No. 1 webtoon provider in terms of transaction volume with the acquisition of eBOOK Initiative Japan Co. last year. It will foster lineups of Japanese original webtoons further this year.

Last week, Naver unveiled a plan to launch a drama production studio in Japan with South Korean entertainment powerhouse CJ ENM Co. and its drama production house Studio Dragon Corp.

Write to Seung-Woo Lee at leeswoo@hankyung.com
Jongwoo Cheon edited this article.