Digital Comic Company Webtoon Launches IPO as It Aims for Inroads into Hollywood
"Today is the starting point," said founder Junkoo Kim.
Webtoon already changed the face of 21st century comics by pioneering the mobile webcomic format. Yesterday, the company took a major step toward global and Hollywood domination by launching its initial public offering on the Nasdaq.
With a ticker symbol of WBTN, the company, backed by South Korean tech titan Naver, quickly gained a valuation of over $2.7 billion. It’s a major milestone for the Los Angeles-based company that Junkoo Kim launched in 2005. The platform produces content that then comes out in installments or “episodes,” with Webtoon now boasting 170 million active monthly users.
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