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>To make matters worse, the growth of the domestic webtoon market is also slowing down. According to the “2024 Webtoon Industry Survey” report by the Korea Creative Content Agency, the total sales of the domestic webtoon industry in 2023 recorded 2.189 trillion won. Although it exceeded 2 trillion won for the first time since records began, the industry is more concerned that the market will shrink from its peak in 2023, rather than being optimistic. In fact, the growth rate of the domestic webtoon market in 2023 (19.7%) has significantly decreased compared to 2021 (48.6%) and 2020 (64.7%). The number of works registered on domestic webtoon platforms as of last year also decreased by 6.7% to 18,792 from the previous year (20,141).
>Major players have retreated from international markets, with NHN shuttering services in the United States, Britain and France, while Kakao pulled out of Europe, Indonesia, Taiwan and China.
>Meanwhile, data shows readers continue to spend less time on webtoon apps. Naver Webtoon users logged an average of 426 minutes in June, down from 481 minutes in June 2024, according to local analytics firm MobileIndex. Kakao Webtoon fell from 153 to 129 minutes in the same period.