RIDI Corporation, the South Korean digital content company and parent of the webtoon platform Manta, announced a record-high revenue of 235.4 billion KRW (approximately $161 million USD) for the fiscal year ending December 31, 2024. Despite this growth, the company reported an operating loss of 12.9 billion KRW (about $8.8 million USD).
The surge in revenue is largely attributed to the success of Manta, RIDI’s subscription-based webtoon service launched in 2020. Manta has gained significant traction, particularly in international markets like the U.S., Mexico, and Spain, where it has become the number one comics app on Google Play. The platform offers unlimited access to a diverse range of webcomics for a monthly fee, a model that has resonated with global audiences.
In 2023, Manta expanded its in-house production capabilities through Manta Studios, aiming to create original content and adapt existing works into webcomics. This strategic move is designed to diversify offerings and strengthen the platform’s position in the competitive digital comics market.
RIDI’s operating loss is partly due to increased investments in content creation and global expansion efforts. The company has been actively pursuing growth opportunities beyond South Korea, with Manta’s successful entry into the U.S. market being a notable example. Industry observers suggest that these strategic investments may position RIDI for future profitability and potential status as a unicorn startup, especially as it competes with larger entities like Naver and Kakao in the global webtoon and web novel markets.
While the operating loss presents a challenge, RIDI’s record revenue and strategic initiatives reflect its commitment to long-term growth and market diversification.
Source(s): ANN, AOL, Korea Economic Daily
