Korean webtoon platform Toomics acquired for $160M

Terapin Studios, a U.S.-Korean media business backed by private equity firm NPX Capital, has acquired Korean webtoon platform Toomics Global for $160 million.

Why it matters: Webtoons are not only popular forms of media — Toomics has more than 60 million subscribers — but also are IP generators that have extended to movies and TV.

• The global webtoons market is projected to generate $56.1 billion by 2030, up from $3.7 billion in 2021, according to Allied Market Research.

Details: Terapin Studios plans to use the IP of webtoons to develop animations, films, merchandise, games and NFTs, the company said.

• The company noted that Netflix's upcoming miniseries "Black Knight" is based on a Toomics webtoon. Variety, which first reported the acquisition news, said webtoon IP has led to Netflix's "All of Us Are Dead" and "Itaewon Class," Disney+'s "Moving" and "Dr. Brain" for Apple TV+.
• "This acquisition is especially meaningful as more Korean IP, which have a proven track record of international success, can now enjoy the infrastructure, funding and support at a global level under the platform of Terapin Studios," Terapin Studios COO Jonghyun Kah said.
• Variety reported that Terapin also acquired Korean webtoon producer Copin Communications in February.