[HanCinema's News] Webtoon Business Booming Thanks to Drama Adaptations

In 2018, South Korean webtoons were a 400 million dollar market. By 2019, South Korean webtoons had become a 550 million dollar market. And in 2020, they had exploded into an 850 million dollar market. The exact reasons for this are complex and multifaceted, but a major reason for the boom has been the increasing popularity of webtoons as fodder for drama adaptations. Netflix paid big for the rights to "Sweet Home" from 2020 as well as "D.P" and "Hellbound from this year.

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Netflix isn't the only platform to recognize the value of webtoons as intellectual property. TVing bought the rights for serial dramas based on "Work Later, Drink Now" and "Yumi's Cells" with both shows now being confirmed for second seasons. While webtoons have always been relatively easy to translate for international audiences, the rise of international streaming has greatly expanded the market potential for such adaptations.

Such developments are not entirely new. The television drama "Incomplete Life" from 2014 was a huge hit, and was based on the webtoon "Misaeng" which popularly depicted office politics in terms of Go metaphors. "Along With the Gods: The Two Worlds" and "Along With the Gods: The Last 49 Days" were also films adapted from a fantasy webtoon, and were major box office successes. "Along with the Gods 3" and "Along with the Gods 4" are also in development.

The trend also shows no signs of slowing down. "A DeadbEAT's Meal" premiered two weeks ago on TVing and has started airing on YouTube as of Christmas Eve. "Dr. Park's Clinic" will begin airing on TVing this coming January 14th. "All of Us Are Dead" is expected from Netflix sometime in January.

Written by William Schwartz