Storytelling incubator Wattpad is getting bought for over half a billion dollars

Final week, we instructed you the way Wattpad has develop into a spot the place budding authors can sometimes turn their work into Hollywood film and TV, with Hulu, Netflix and others adapting Wattpad writers’ labors into titles like The Kissing Sales space and Mild as a Feather. Nevertheless it appears like Wattpad could now not be making an attempt to develop into an leisure tastemaker all by itself — South Korean net firm Naver is shopping for Wattpad for over $600 million, the company announced today.

Whereas particulars are scarce, it looks as if Naver already sees Wattpad as a pure pairing with one in every of its different manufacturers — Webtoon, a web-based webtoon publishing portal that equally permits artists to add their very own work and equally spawns TV and anime variations.(Right here’s a handy list of those adaptations from Wikipedia.)

Wattpad’s press launch explicitly mentions Webtoon, and Webtoon was the one to issue a press release on behalf of its father or mother firm Naver as effectively. Right here’s how Webtoon describes the buyout:

With the backing of Korean expertise big, NAVER, WEBTOON and Wattpad will collaborate to create a stronger and linked ecosystem throughout visible and textual storytelling content material, with a mixed reader base of over 160 million month-to-month customers globally. WEBTOON’s revolutionary monetization mannequin and Wattpad’s large library of various tales will present every potential affiliate with new levers for development, making a stronger basis to fund an aspiring era of younger, inventive expertise.

Naver is a well-liked search engine in South Korea, and competes with the likes of Google and Fb in different methods too. Essentially the most notable might be Line, a messaging app whose associated services have helped make it the dominant social media firm in Japan.

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