Newsletter Michel Nizon - 2ème saison : Webtoon Entertainment Inc.
Désignation : Webtoon
Code Mnémonique : WBTN
Date de Création : 2005
Bourse américaine : Nasdaq
Date d’Introduction : juin 2024
Cours d’Introduction : ?
Site : webtoons.com
La culture sud-coréenne est omniprésente :
The Korean Wave, also known as Hallyu, is a decades-long trend of the popularization of Korean pop culture on a global scale. These Korean cultural exports began in the 1990s, gained traction in the 2000s and rapidly accelerated in the last decade-plus, with K-pop, K-dramas and other Korean cultural exports entering the global mainstream. For example, music group BTS was named International Federation of the Phonographic Industry Global Recording Artist of the Year for 2020 and 2021; BLACKPINK became the most-streamed girl group in the world on Spotify in March 2023; Squid Game is the most-watched Netflix streaming series of all time; and Parasite won four Oscars, including Best Picture. The new format of web-comics also builds on a rich history of visual storytelling in Korea, having its origins in manhwa, Korean comics. (page 138 du prospectus)
Communauté (+)
En bas de sa page d’accueil de gauche à droite :
Facebook : 3,7 M followers ce vendredi matin
Instagram : 2,6 M de followers
Twitter/X : 710,3 k abonnés
YouTube : 1.54M subscribers
Et en dehors de sa page d’accueil :
LinkedIn : 57K followers
Extrait de son About :
“WEBTOON® is the world's largest digital comics platform, home to some of the biggest artists, IP, and fandoms in comics. As the global leader and pioneer of the mobile webcomic format, WEBTOON has revolutionized the comics industry for comic fans and creators. Today, a diverse new generation of international comic artists have found a home on WEBTOON, where the company’s storytelling technology allows anyone to become a creator and build a global audience for their stories.”
WEBTOON builds community. The final magic of the webcomic format is quite simple: users love it. The ultimate power of WEBTOON lies in the interactions between these users and their favorite creators as fandoms are built around beloved stories. That starts with a highly engaging format – on average users spend thirty minutes on WEBTOON – reading between five and ten of their favorite episodes each day. Users leave feedback and praise for creators, approximately one million posts each month. The resulting community brings together approximately 170 million users each month from over 150 countries in the world, connecting them with 24 million creators. Our roots are in Korea, where half the population visits our platform each month, but our community is truly global. In 2013, we launched in Japan given familiarity with similar content types, and today we have over 20 million monthly users there; our format is quickly gaining popularity with North American users where we have more than 20 million monthly users and 75% of users are Gen Z as of December 2023; and our platform has become truly global with over half of all monthly users outside of these three markets. (page vi du prospectus)
Faisabilité (+)
Content on our platform tells stories created by our creators through multiple immersive formats. On our platform, creators tell long-form stories through our iconic serialized narratives in the form of short-form, bite-sized episodes. This content format results in a habitual behavior with an engaged user base. These stories are told primarily in two ways—web-comics, a graphical comic-like medium, and web-novels, which are text-based stories. The web-comic medium tells stories using a continuous vertical-scroll format that is easily read on mobile devices. For both formats, the serialized release of content is analogous to chapters of a book. These formats are not only accessible and highly engaging for fans, but also easier for creators to create, share and monetize their stories. We are able to further extend the reach, impact and monetization of our content by adapting it into other media formats such as film, streaming series, games, merchandise and print books. Over the past decade, we have adapted over 900 titles, including over 100 streaming series and films, more than 200 books, over 70 games and over 11 million consumer product units as of March 31, 2024. (page 125 du prospectus)
Modèle Économique (+)
Un chiffre d’affaires en augmentation :
Our Paid Content market opportunity implied by our analysis in our Core Geographies is $15 billion, split across $1 billion in Korea, $7 billion in Japan, and $7 billion in North America. (page 10 du prospectus)
We generate revenue in multiple ways. In the year ended December 31, 2023, 80.2% of our revenue was from Paid Content, 11.3% was from advertising and 8.4% was from IP Adaptations. (page 12 du prospectus)
Year Ended December 31, 2022 2023
Revenue : $ 1,079,388 $ 1,282,748
Net income (loss) $ (132,523) $ (144,759) (page 23 du prospectus)
Un potentiel encore inexploré :
We currently generate a substantial majority of our revenues from Paid Content distribution. We also generate a portion of our revenues from online advertising. We plan to strengthen revenue contribution from our other monetization methods, such as monetizing content on our platform via adaptations into film, streaming series and other rich media formats. We currently have various business models for IP Adaptations, including licensing out the rights to adapt content created by certain creators to intellectual property adaptation partners (e.g., studios, publishers, financiers, distributors, producers and potential buyers), participating in the pre-production phase for such adaptations, co-producing or investing in production for such adaptations alongside intellectual property adaptation partners and directly funding the entire project for such adaptations. We are in the early stage of our adaptation business and have a limited track record of, or experience in, generating substantial revenues from such adaptations. If our adaptation initiative does not enhance our monetization ability or enable us to develop new approaches to monetization, we may not be able to substantially increase our revenues or recover any associated costs. In addition, we may in the future introduce new services to further diversify our revenue streams, including services with which we have little or no prior development or operating experience. (page 31 du prospectus)
In recent years, we have grown, and we intend to continue to grow, our business by expanding our presence into new geographic markets. In seeking to expand our operations in geographic markets where we currently have a presence or to expand into new geographic markets where we currently do not have a presence, we expect, as we have in the past, to invest significant resources, incur expenses and face various challenges, including those related to compliance with market-specific laws or regulations, gaining acceptance of our platform, content and products from creators, users and third-party partners, some of whom may be less familiar with our company and our brands or have existing loyalty or relationships with competitors and their brands, the ability to monitor our platform in new and evolving markets and in different languages to confirm we maintain standards consistent with our brands and reputation and expanding our sales force and other personnel in those markets. We cannot predict with certainty the extent to which our platform, content and marketing efforts will be accepted or successful in any particular market, and it is possible that positive returns on our investments in a market will not be achieved for several years, or at all. (toujours page 31 du prospectus)
et une rentabilité atteinte au 1er trimestre 2024 :
You should consider our business and prospects in light of the risks, expenses and difficulties encountered by companies in their early stage of development. We have incurred net losses from our inception until we generated a net income of $6.2 million for the three months ended March 31, 2024. While we generated a net income in the three months ended March 31, 2024, given the significant costs and expenses, including user acquisition costs associated with our business plan, we may not achieve or maintain profitability in the full fiscal year 2024 or future periods. We incurred a net loss of $144.8 million and $132.5 million for the years ended December 31, 2023 and December 31, 2022, respectively. As of March 31, 2024, December 31, 2023 and December 31, 2022, we had an accumulated deficit of $357.1 million, $363.3 million and $212.0 million, respectively. If our user growth does not increase to offset these anticipated increases in our operating expenses, our business, financial condition or results of operations could be adversely affected, and we may not be able to achieve or maintain profitability. These efforts may be more costly than we expect and may not result in increased revenue or growth of our business. In addition to the expected costs to grow our business, we also expect to incur significant additional legal, accounting and other expenses as a newly public company. (page 34 et 35 du prospectus)
Le “+” à la fin de sa note est en raison du parcours professionnel de son fondateur/CEO :
Our founder, Junkoo Kim, started WEBTOON in 2005 while he was working as a search engineer at NAVER, the largest internet company in Korea. Junkoo was a lifelong lover of comics and their rich and vibrant worlds and diverse characters. He wanted to create a platform that empowered creators to share stories and for fans, like himself, to discover this unique content. (page 124 du prospectus)
Webtoon Entertainment Inc. est une filiale de NAVER.
Elle reçoit la note maximale Ka+. Vous pouvez télécharger/lire son Certificat de Fast-Kchehcking ici.
Cordialement.
Michel Nizon
Cofondateur/CEO Kchehck, Inc.
PS : N’investissez que dans des Ka+.
Avertissement
Cette newsletter est publiée par Kchehck, Inc qui, selon sa propre méthode brevetée et validée, évalue sur 3 critères principaux, principalement extra financiers, souvent des entreprises de moins de 10 ans en croissance et présentes principalement sur le Nasdaq. Ces analyses ne peuvent constituer en aucun cas des conseils d’achat ou de vente d’actions des sociétés ainsi étudiées mais exclusivement une source d’information supplémentaire pour nourrir votre réflexion entrepreneuriale et micro économique. Les analyses kchehck sont strictement réservées aux investisseurs particuliers pour un usage personnel, et sont interdites aux usages professionnels par des investisseurs institutionnels.