Social storytelling platform Wattpad, and digital comics Webtoon, will merge their studio division to develop Wattpad Webtoon Studios, which will create another space for stories in new formats.
The parent company of both platforms, Naver, commits $100 million for development and production financing, after completing the acquisition of Wattpad last May.
“We’re bringing a new era of diverse voices and incredible IP to audiences and an industry looking for both,” said Aron Levitz, president of Wattpad Webtoon Studios in a press release Thursday.
Wattpad Webtoon Studios currently has over 100 television and film projects in development or production with global partners, and a slate of books and international imprints.
The companies said that publishing will remain a “key component” under the Wattpad Webtoon Studios with the first volume of Lore Olympus by Rachel Smythe in the queue for publishing in October.
The new platform will reach a wider audience and provide more opportunities for creators, especially for young adult fiction and comic adaptations, with global partnerships in Asia, America, and Europe.
This studio umbrella may strengthen the performance of the South Korean company, Naver, in intellectual property, digital comics, and web novels.
Wattpad earlier reassures writers that the acquisition will not change its core application as it will continue operations independently.
(Images from Wattpad)