Naver Webtoon to enhance global biz with new exec for US IPO

Naver Webtoon Ltd., the world’s top digital comics provider, aims to ramp up its global business with the appointment of a new executive ahead of an initial public offering next year.

Naver Webtoon, the digital comics and web novel platform of South Korean online giant Naver Corp., said on Thursday it has unveiled a business plan for 2024 that includes a US listing, to ramp up future expansion, platform growth and product development.

Webtoon Entertainment Inc., Naver Corp.’s US subsidiary with a 100% stake in Naver Webtoon, has named David J. Lee, a consumer and tech industry expert, as its chief financial officer and chief operating officer.

Lee is poised to take charge of and unify the global finances and operations of Webtoon, Wattpad and Wattpad Webtoon Studios, Webtoon Entertainment said. Naver Corp. acquired Wattpad, the world’s largest web novel platform, in 2021.

The veteran finance and operations executive was previously the COO & CFO of Impossible Foods Inc., and a senior vice president for Best Buy Co. and Del Monte Foods Inc.

“Webtoon [Entertainment] attracts over 175 million monthly active users and has the potential to significantly increase its fan base as the market expands from Asia to Europe and the US,” Lee said in a statement.

As part of its global expansion, Naver Webtoon plans to turn popular content into films or drama series.

Netflix Inc., the world’s No. 1 streaming platform, is scheduled to release The 8 Show next year based on the popular Korean digital comics "Money Game" and "Pie Game," which were serialized on Naver Webtoon from 2018 to 2021.

The series is expected to become another box-office hit, with K-content similar to "Squid Game," Netflix’s biggest show ever, industry sources in Seoul said.

Write to Ji-Eun Jeong at jeong@hankyung.com
 
Jongwoo Cheon edited this article.