storytelling-incubator-wattpad-is-getting-bought-for-over-half-a-billion-dollars

Last week, we told you how Wattpad has actually ended up being a place where budding authors can in some cases turn their work into Hollywood movie and TELEVISION, with Hulu, Netflix and others adapting Wattpad writers’ labors into titles like The Kissing Booth, Light as a Plume and After We Clashed It looks like Wattpad might no longer be trying to become an entertainment tastemaker all on its own– South Korean web company Naver is buying Wattpad for over $600 million, the companies announced today.

While information are scarce, it looks like Naver currently sees Wattpad as a natural pairing with among its other brands– Webtoon, an online webtoon publishing website that likewise enables artists to publish their own work and likewise spawns TELEVISION and anime adaptations.( Here’s a convenient list of those adjustments from Wikipedia.)

Wattpad’s news release clearly discusses Webtoon, and Webtoon was the one to provide a press release on behalf of its parent company Naver also. Here’s how Webtoon explains the buyout:

With the backing of Korean innovation giant, NAVER, WEBTOON and Wattpad will team up to produce a more powerful and connected community throughout visual and textual storytelling material, with a combined reader base of over 160 million month-to-month users worldwide. WEBTOON’s ingenious money making design and Wattpad’s massive library of diverse stories will offer each prospective affiliate with brand-new levers for development, developing a stronger foundation to money an ambitious generation of young, creative talent.

Nevertheless, Wattpad co-founder Allen Lau tells BetaKit that his business will continue to operate individually.

Naver is a popular search engine in South Korea, and competes with the similarity Google and Facebook in other methods too. The most noteworthy is most likely Line, a messaging app whose associated services have actually assisted make it the dominant social networks business in Japan.

Update, 8: 38 PM ET: Added info from BetaKit about how Wattpad plans to run separately.

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