Korean webtoon and web novel content company RIDI corporation announced that it has recorded sales growth for 43 consecutive quarters from the fourth quarter of 2010 to the second quarter of this year. RIDI attributes its earnings growth to overseas business expansion and keeping pace with changes in the content market.
The Korean startup launched ten years ago, says its growth is because of its focus on securing new growth engines such as webtoons, web novels, and animations, rather than settling for the number one e-book company. In particular, it successfully entered the North American market in 2020 with the Manta webtoon subscription service.
The Korean webtoon platform saw an increase in consumption of serial content such as webtoons and web novels. In the second quarter of this year, sales also increased by more than 30% compared to the same period in 2020, continuing explosive growth. RIDI has been gaining customers because of its continuous efforts in introducing new genres every month while creating synergy between contents by turning popular web novels into webtoons.
Korean webtoon popularity in the US helps growth
RIDI’s entry to the USA with Manta, a global webtoon subscription service launched in November last year, has solidified its position by exceeding 1 million downloads in six months based on verified content and subscription model. RIDI plans to expand the scope of growth in the second half of the year by securing IP and strengthening global marketing. While increasing investment in original content, it plans to speed up IP expansion. ‘Manta’ is also targeting brand awareness and customer expansion based on full-scale local marketing.
“We have achieved innovative growth every quarter by discovering new opportunities in the rapidly changing content market over the past 10 years and making bold investments,” said Bae Bae-sik, CEO of RIDI. We will focus all our capabilities to leap forward.”
Meanwhile, to secure excellent talent in line with the pace of global business growth, RIDI has been aggressively hiring employees since July of by guaranteeing a 30% increase in salary for experienced employees.
Read more about Korean webtoon and web novels,
- Top Korean webtoon startups that are emerging winners in 2021
- Love Reading? Then check these Korean startups that are catering to avid readers
- Top 5 Korean Webcomics companies that are giving the audience addictive content
- Korean webtoon creation platform Toon Square attracts investment for ‘Tooning’
