KAKAO ENTERTAINMENT MERGES US-BASED DIGITAL STORYTELLING PLATFORMS TO ACCELERATE GROWTH IN NORTH AMERICA

Seoul, South Korea, Might 19, 2022 /PRNewswire/ — Kakao Leisure, Korea’s main supplier of in style cell content material platforms, at the moment introduced the merger of its North America subsidiaries Tapas Media and Radish Media, making a digital publishing platform with over 100,000 creators telling over 100,000 tales. The merger of those main digital publishers creates a synergistic group of storytellers within the North American market whereas increasing Kakao Leisure’s world IP worth chain.

The merger settlement was unanimously accepted by the Board of Administrators of Tapas Media and Radish Media, with Radish Media because the surviving firm.

The merger will drive Kakao Leisure’s world development, offering an umbrella for 3 present digital storytelling platforms: Tapas, Radish and Asian fantasy fiction platform Wuxiaworld™. Founder and CEO of Tapas, Chang Kim, will function CEO of the brand new firm, which has but to be named, and can proceed as head of worldwide technique at Kakao Leisure. Kim supplies perception into the US market whereas persevering with to concentrate on growing authentic mental property. The three platforms will complement one another underneath a unified path and imaginative and prescient however will proceed to function independently after the merger.

“I am very excited concerning the problem introduced by the super-competitive world leisure market, and I do know this merger positions us effectively with the momentum we have to solidify all of our capabilities and keep our aggressive edge as a powerhouse of IP content material,” Kim mentioned. . “We sit up for persevering with our modern storytelling journey and reaching new audiences with compelling tales throughout a number of classes.”

“The settlement will enable Kakao Leisure to take a giant step ahead within the nascent Ok-content {industry} and supply thrilling new alternatives within the North American storytelling market,” mentioned Jinso Lee, CEO of Kakao Leisure. “Tapas, Radish and Wuxiaworld™ every convey an enormous vary of content material IPs, and once we convey them underneath one banner with Kakao Leisure’s confirmed skill to generate and monetize authentic tales, it would pave the best way for development. and to an unprecedented era extra success tales.”

Lee continues, “Kakao Leisure is a key participant within the development of storytelling globally. With our experience in IP content material and the distinctive content material creation capabilities of the brand new firm, we’ll speed up our efforts to turn out to be a dominant regional and world participant out there over the subsequent three years.”

Kakao Leisure makes a speciality of maximizing the lifecycle of digital tales. He first created the novel-to-comic mannequin, which took net novels and efficiently tailored them into webtoons to succeed in a wider viewers. Previous hits embody “Solo Leveling”, “A Enterprise Proposal”, and “What’s Flawed with Secretary Kim?” With this merger, the brand new firm is not going to solely proceed to leverage the novel-to-comic guide mannequin, but additionally increase into different areas corresponding to Hollywood Films, TV Exhibits, Video games, Metaverse, and NFTs. For instance, Radish plans to introduce audiobooks of its best-selling authentic tales, focusing on North America rising audio content material market.

Primarily based at Angels, Tapas is a pioneer of cell storytelling platforms in the US and has discovered success within the rising market of cell tales with over 9.5 billion web page views of 103,000 authentic sequence – each webcomics and net novels. Tapas’ (Ink) microtransaction-based digital foreign money permits readers to instantly assist their favourite creators and tales, producing income for creators. Tapas noticed its income improve tenfold year-on-year in 2021, averaging greater than $2 million per 30 days for creators, making it one of many prime three grossing comedian guide apps in the US.

About Kakao Leisure

Kakao Leisure Corp. is a worldwide leisure firm affiliated with main Korean expertise firm Kakao Corp. Kakao Leisure combines the complete worth chain of the leisure {industry}, by way of its Story, Media and Music companies. Kakao Leisure’s Story enterprise operates “kakaopage” and “Kakao Webtoon”, two main cell content material platforms that present customers with an providing of greater than 80,000 story IPs each domestically and internationally. the stranger. Collectively, these platforms keep probably the most complete library of authentic content material in Korea. Kakao Leisure’s industry-leading music enterprise is led by “Melon”, Korea’s No.1 music streaming platform. That is along with the corporate’s sturdy music manufacturing functionality, which releases over 1,200 new tracks annually. Its Media enterprise has a diversified video manufacturing capability for cell, TV and cinema with 80 prime Korean creators and 150 globally acclaimed Korean celebrities underneath administration. Primarily based at Seoul, South KoreaKakao Leisure’s world footprint covers Korea, Japan, North America, Higher China, South East Asiaand India and grows quickly.

About Tapas Media

Based in 2012, headquartered in Angels with key world operations in SeoulSouth Korea, Tapas Media is among the quickest rising webcomic and novel digital publishing platforms in North America. Tapas has created a group of over 10M registered customers with tales from 69,000 creators and printed over 103,000 tales up to now. Tapas has a number of partnerships on numerous media platforms together with Scholastic, Andrews McMeel Publishing, Yen PressZoic Studios, Vault Comics, BOOM!, Ten Velocity ​​Press (Penguin Random Home), Kakao Leisure, Podium Audio, Frolic Media, madison wells, Netmarble, and extra. Tapas Media is the winner of the 2020 Ringo Award for Favourite Editor and acquired its first Eisner nominations in 2021. In 2021, Tapas Media partnered with Kakao Leisure to increase its world storytelling footprint. For extra info, please go to Tapas.

About Radis Media

Radish is a cell fiction platform for serialized storytelling, offering the literary equal of an addictive TV drama sequence. Its large number of tales are printed and skim in small installments, optimized for the smartphone reader. Radish is revolutionizing the best way tales are consumed and produced. Readers can entry 1000’s of cleaning soap operas from all genres and join instantly with their favourite storytellers in reside group chat rooms. Newbie authors can publish their very own authentic tales by way of user-submitted content material, and Radish additionally produces Radish Originals, cleaning soap operas in a wide range of genres designed particularly for its cell platform and written by a gifted group of cleaning soap opera writers. , authors and The creators of Radish’s content material group. Designed to be each user-friendly and author-friendly, Radish strives to convey readers the most recent and best in entertaining and various serial fiction whereas offering authors with modern methods to construct readers and monetize their work. For extra info, go to www.radisfiction.com

SOURCE Kakao Leisure Corp.

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