The Future of Content IP: Expanding Across Genres and Platforms

The Future of Content IP: Expanding Across Genres and Platforms

In recent news, it has been reported that Naver Webtoon, a popular webcomic platform, has postponed the establishment of its European subsidiary. This decision is seen as a strategic move by Naver to focus on its core markets of North America and Japan, rather than immediately expanding its presence in Europe. This comes as no surprise, as Naver's content business reported a deficit of 36.99 billion won last year, with Naver Webtoon being the main contributor to this loss. The promotion efforts to expand its user base in North America and Japan have resulted in significant losses, with Japan recording a deficit of 9.9 billion won and the US recording a deficit of 21.8 billion won in the second quarter of last year. The combined deficits from other regions such as Europe, Taiwan, and Indonesia amounted to 15.7 billion won. It seems that Naver Webtoon is now opting for a strategy of "select and concentrate" by focusing on its key markets.

In the world of content creation, there is a symbiotic relationship between different mediums, such as movies and games. When stories and characters are developed across various platforms, the universe of the content expands, fanbases grow, and revenue multiplies. Unlike traditional content that often dissipates after a single consumption, well-crafted intellectual properties (IPs) have the potential to create long-term and diverse value through transmedia storytelling. The expansion of genres within the content industry is actively taking place, mirroring the collaborative efforts seen in games and movies. Web novels are adapted into webtoons to reach a wider audience, and webtoons are transformed into dramas. Movies and animations are created based on existing IPs to generate multiple revenue streams. More recently, the trend has gone beyond these adaptations, with the exploration of transmedia storytelling to expand IPs into different genres. Instead of solely relying on the popularity of the original work, this strategy involves incorporating storytelling techniques and characters that best suit the new genre, ultimately increasing the value and profitability of the content IP.

At our company, we have taken inspiration from the universe of the movie "Fabricated City" to create a webtoon called "Forgery Academy," where high school students combat social injustice. We are also in the process of planning a drama based on this webtoon. Additionally, we are developing an animation that depicts the childhood stories of the characters from the drama "Tale of the Nine-Tailed," and exploring the possibility of creating a connected storyline across different mediums, such as movies, webtoons, and games, based on a popular game.

As the content industry continues to evolve, it is crucial for creators and platforms to embrace the potential of transmedia storytelling and genre expansion. Here are three actionable pieces of advice for those looking to thrive in this ever-changing landscape:

1. Embrace Collaboration: Seek opportunities to collaborate with creators from different mediums. By combining the strengths and unique storytelling techniques of various genres, you can create a more immersive and engaging experience for your audience.

2. Think Beyond Adaptation: Instead of simply adapting existing works, explore ways to expand your IP into new genres. Consider how your story and characters can be reimagined and tailored to suit different mediums, while still maintaining the essence of the original work.

3. Engage with Your Fanbase: Actively interact with your fanbase and listen to their feedback. This will not only help you understand their preferences and expectations but also provide valuable insights for expanding your IP into new genres and platforms.

In conclusion, the future of content IP lies in its ability to transcend genres and platforms. By embracing collaboration, thinking beyond adaptation, and engaging with your fanbase, you can unlock the full potential of your IP and create a rich and interconnected universe that captivates audiences across various mediums. As the content industry continues to evolve, it is essential to stay adaptable and open to new possibilities. With the right strategies and a creative mindset, you can navigate this ever-changing landscape and thrive in the world of transmedia storytelling.