WEBTOON Entertainment, a leading platform in the digital comics industry, has reported a significant net loss of $92.97 million for the fourth quarter of 2024, despite achieving a revenue increase of 5.6% to $352.85 million compared to the same period in the previous year.
For the full year, WEBTOON’s total revenue reached $1.35 billion, marking a 5.1% increase from the prior year. However, the company faced a net loss of $152.9 million, up from $144.8 million in the previous year. This increase in losses is attributed to higher general and administrative expenses, including costs associated with being a public company, and increased impairment losses on goodwill.
Despite these challenges, WEBTOON reported an Adjusted EBITDA of $67.9 million for the full year, representing a 685% increase year-over-year. This improvement is a result of strong gross profit and effective cost controls.
The company’s balance sheet remains strong, with cash and cash equivalents totaling approximately $572 million and no debt.
Junkoo Kim, Founder and CEO of WEBTOON Entertainment, expressed optimism about the company’s future, stating that 2024 was an exciting year as WEBTOON became a public company and expanded the global influence of its creators and intellectual property. He emphasized the company’s commitment to delivering strong financial results and executing its growth strategy effectively.
Looking ahead, WEBTOON aims to continue its growth trajectory by focusing on expanding its content offerings, enhancing user engagement, and exploring new monetization strategies to improve profitability in the coming quarters.
