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

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

Storytelling incubator Wattpad is getting purchased for over half a billion {dollars}

Final week, we informed you the way Wattpad has grow to be a spot the place budding authors can generally flip their work into Hollywood movie and TV, with Hulu, Netflix and others adapting Wattpad writers’ labors into titles like The Kissing Sales space, Gentle as a Feather and After We Collided. Nevertheless it seems to be like Wattpad might not be making an attempt to grow to be an leisure tastemaker all by itself — South Korean internet firm Naver is shopping for Wattpad for over $600 million, the businesses introduced right this moment.

Whereas particulars are scarce, it looks like Naver already sees Wattpad as a pure pairing with certainly one 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 diversifications.(Right here’s a helpful record of these diversifications from Wikipedia.)

Wattpad’s press launch explicitly mentions Webtoon, and Webtoon was the one to difficulty a press launch on behalf of its dad or mum firm Naver as properly. 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 modern monetization mannequin and Wattpad’s large library of numerous tales will present every potential affiliate with new levers for progress, making a stronger basis to fund an aspiring technology of younger, artistic expertise.

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

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