Naver Buys Wattpad for $593.6M, Creating Global Storytelling Giant
South Korean internet giant Naver is bolstering its global presence with a $593.6 million acquisition of Toronto-based storytelling platform Wattpad. The deal, valued at over half a billion dollars, brings together Naver's Line Webtoon and Wattpad, creating a storytelling powerhouse with over 160 million monthly users worldwide.
Wattpad, founded by Ivan Yuen and Allen Lau, has carved out a significant niche in the digital storytelling space. With over 90 million users spending more than 23 billion minutes each month on its platform, Wattpad has become a go-to destination for original stories. Naver, known for its popular search engine in South Korea and competing with tech giants like Google and Facebook, sees this acquisition as a strategic move to strengthen its North American business and diversify its global content offerings.
Line Webtoon, Naver's content platform, is already home to creator-owned content across various genres. By connecting Wattpad's textual storytelling with Line Webtoon's visual content, Naver aims to create a comprehensive ecosystem for storytellers and readers alike. This merger will bring together a vast array of content, from romance and fantasy to other popular genres, catering to a global audience with services in multiple languages.
The acquisition of Wattpad by Naver is expected to close in the second half of 2022, subject to regulatory approvals. Upon completion, this deal will merge two prominent storytelling platforms, creating a powerhouse in the digital content space and further expanding Naver's global footprint.
