Last week, Naver, the South Korean internet conglomerate, announced the acquisition of Wattpad in a transaction valued at more than an estimated USD $600 million. The acquisition is expected to close in Q2 2021.
It has been an incredible roller coaster ride. So grateful that we have a fantastic outcome for everyone involved in this action-packed thriller!
The acquisition is all about accelerating Wattpad’s growth and taking our business to the next level. It is a match made in heaven because it aligns Wattpad and Naver’s WEBTOON, a leading digital comic publisher, under the same umbrella. Wattpad’s multi-platform stories are already available across audio, book, TV, and film formats. By joining forces with WEBTOON, our combined audience has almost doubled to 160 million people overnight. In one stroke, we also gain expertise in new formats like digital comics and animation. As a result, our entertainment ecosystem has greatly expanded. The synergy is so obvious.
The last few days certainly feel like winning the Oscar. The next step is to win the real one! Yesterday was the Season 1 finale of The Wattpad Story. Today is the first episode of Season 2.
We’re not done yet!