Korean entertainment companies expected to use fanfiction as a marketing tool

[satoori]

One-source multi-use of webtoons and videos using web novel IP will also be possible. Various synergies are expected, such as the use of fan fiction as a marketing tool for enterprise investment companies such as YG and SM.

 

Spoiler

NAVER acquires North America's largest web novel platform, synergy 'UP'-Samsung

Samsung Securities predicted on the 21st that synergy will increase due to the acquisition of North America's largest web novel platform.

On the previous day, Naver announced through a public announcement that it has decided to acquire a 100% stake in North America's largest web novel platform "Wattpad Corporation" for $600 million (about 652 billion won).

This deal is the largest ever investment following the exchange of shares between Mirae Asset Daewoo (500 billion won) and CJ Group (600 billion won).

Wattpad is a social storytelling platform launched in Canada in 2006, it's service allows established and amateur writers to freely post and share. As of last year, it has grown into a platform that has nearly 1 billion stories and 90 million monthly active users (MAU).

This acquisition is expected to contribute to enhancing competitiveness of global contents among Naver's new businesses. Oh Dong-hwan, a researcher at Samsung Securities, said, "After the acquisition, sales can be improved by applying a Korean-style partial paid profit model." "One-source multi-use of webtoons and videos using web novels IP (Intellectual Property Rights) will also be possible."

Researcher Oh said, "We expect various synergies such as using fan fiction genre novels as marketing means for enterprise investment companies such as YG and SM." "This acquisition is positive from a long-term perspective."

"The mid- to long-term competitiveness of the global content business due to the acquisition of Wattpad is expected to offset the acquisition cost," he said. "This year's performance in the global content sector, along with commerce, will drive Naver's stock price rise."

source: naver
https://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=001&oid=008&aid=0004531818

 

 

   

[satoori]

in case you missed it..

https://onehallyu.com/topic/831048-wattpad-to-be-acquired-for-600-million-by-parent-company-of-webtoon-naver/

 

[hungerbee27]

[satoori]

Naver working hard, I see... they invested in YG in the past...and last year invested in SM. Also there's been reports (unconfirmed) about the possibility of Bighit and Vlive (Naver) teaming up to create some sort fancafe/streaming platform.

Companies using fanfication doesn't really seem like such a far reach tbh. They've been using fanservice since forever. Many idols are very aware of it. At the end of the day, it's business. Anything that benefits the company financially is a win. (e.g. it's interesting how idols acting in BL movies is becoming a trend  recently..)

Even here in US, it's used. For example, one of my favorite shows Supernatural have referenced it several times in the series. As we all know fanfiction is a huge part of the fandom culture. And fandoms are everywhere in entertainment.

 

edit: Let's see if Kpop companies will go overboard tho..lol mess XD

Edited January 21, 2021 by satoori

[satoori]

3 minutes ago, hungerbee27 said:

[rananicolee]

Ya'll give me a prompt, a fake name and I'll sell it to a company. 

[Taecoholic]

The degree of stupidity ... Turn Wattpad to a paid platform and they will lose millions of users per second lol

[felidae]

Right in the middle of rps controversy

Is this what we call "uno reverse"?

[satoori]

1 hour ago, Taecoholic said:

The degree of stupidity ... Turn Wattpad to a paid platform and they will lose millions of users per second lol

Yea 100% paid would be different..but sounds like it will be partial paid:

"applying a Korean-style partial paid profit mode."

I don't know what all that entails, but for example with webtoons some are free while others are not. So I guess, it will be up to the writers. Lol who knows.

4 minutes ago, felidae said:

Right in the middle of rps controversy

Is this what we call "uno reverse"?

exactly lol ><

tho the controversy isn't popular with the public and mostly just among a niche of fandoms.

also in general i doubt korea was actually going to take away the freedom to write fanfics.

 

[oden]

me during covid season...

 

tank u people who constantly use the internet 

 

[lighterxx]

Incels: don't write FF it is INSULTING

companies: let's buy a huge fanfic writing platform to ENCOURAGE FANFICS

Oh how turns are tabled 

 

Edited January 21, 2021 by lighterxx

[YooJeong]

3 hours ago, satoori said:

 

Companies using fanfication doesn't really seem like such a far reach tbh. They've been using fanservice since forever. Many idols are very aware of it. At the end of the day, it's business. Anything that benefits the company financially is a win. edit: Let's see if Kpop companies will go overboard tho..lol mess XD

....maybe this means it's time to put my creative writing skills to use in a ~different~ way 

52 minutes ago, lighterxx said:

Incels: don't write FF it is INSULTING

companies: let's buy a huge fanfic writing platform to ENCOURAGE FANFICS

Oh how turns are tabled 

 

lmaooooo

[Thatoneuser]

3 hours ago, rananicolee said:

Ya'll give me a prompt, a fake name and I'll sell it to a company. 

I'll translate for you

[Mami3chan]

sounds like pro wrestling reminds me of WWE haters who be like WWE is fake and soon we gonna have Kpop is fake 

[satoori]

6 hours ago, YooJeong said:

....maybe this means it's time to put my creative writing skills to use in a ~different~ way 

lol fighting~! 

[Josaline]

9 hours ago, satoori said:

Yea 100% paid would be different..but sounds like it will be partial paid:

"applying a Korean-style partial paid profit mode."

I don't know what all that entails, but for example with webtoons some are free while others are not. So I guess, it will be up to the writers. Lol who knows.

exactly lol ><

tho the controversy isn't popular with the public and mostly just among a niche of fandoms.

also in general i doubt korea was actually going to take away the freedom to write fanfics.

 

Wattpad already has a partial paid section right now. They sell tokens to readers, and with these tokens, readers buy stories of people who have posted their stories for a fee. Wattpad and the author divide the money earned, and if this work makes a publishing deal, Wattpad gets a share of it. Will Naver develop this system or change it and spread it throughout Wattpad? It would be nonsense to spread this system all over Wattpad. Because people want to buy stories from autors whose stories they have already read and trust their writing abilities. Also, if they take over the rights of each published story, it will cause many authors to flee from the site. Only 5 million people try writing on Wattpad, the remaining 90 million are just readers. I think Naver should focus on accounts with high readers and follower counts and not restrict other emerging new writers in this way.

[satoori]

44 minutes ago, Josaline said:

Wattpad already has a partial paid section right now. They sell tokens to readers, and with these tokens, readers buy stories of people who have posted their stories for a fee. Wattpad and the author divide the money earned, and if this work makes a publishing deal, Wattpad gets a share of it. Will Naver develop this system or change it and spread it throughout Wattpad? It would be nonsense to spread this system all over Wattpad. Because people want to buy stories from autors whose stories they have already read and trust their writing abilities. Also, if they take over the rights of each published story, it will cause many authors to flee from the site. Only 5 million people try writing on Wattpad, the remaining 90 million are just readers. I think Naver should focus on accounts with high readers and follower counts and not restrict other emerging new writers in this way.

Base on what you're saying, sounds like the system Wattpad has currently is similar to Naver's Webtoon™. Basically leave it up to writers/artists to decide what content of their own will be free or not. (Disclaimer: I don't read webtoons often, but I remember using the app for BTS's Save Me webtoon)

Webtoon™ is doing very well for itself. Literally created a new market globally. However, I suspect some authors will flee this new Wattpad naturally tbh. But I can see Naver gaining others too. I could be wrong, but in general, I feel the main reason for the acquisition is to create a main hub for freelance Korean writers also and Koreans who simply like writing for fun (e.g. fanfiction).  Because that's exactly what Webtoon™ did for many cartoon artists in Korea.  It's not a coiciende webtoons have been popular for a few years now in Korea.  Recently they're even influencing dramas and movies.  Another advantage about being with Naver is having the translation department. Korean writers will be able to gain even more fans. We all know the target will be Kpop fans. 

(OT: IF only this site was around back in 2016/2017 when #킬러jk AU was the trend. I would have loved to read the different fics from K-Armys)

 

[Josaline]

2 hours ago, satoori said:

Base on what you're saying, sounds like the system Wattpad has currently is similar to Naver's Webtoon™. Basically leave it up to writers/artists to decide what content of their own will be free or not. (Disclaimer: I don't read webtoons often, but I remember using the app for BTS's Save Me webtoon)

Webtoon™ is doing very well for itself. Literally created a new market globally. However, I suspect some authors will flee this new Wattpad naturally tbh. But I can see Naver gaining others too. I could be wrong, but in general, I feel the main reason for the acquisition is to create a main hub for freelance Korean writers also and Koreans who simply like writing for fun (e.g. fanfiction).  Because that's exactly what Webtoon™ did for many cartoon artists in Korea.  It's not a coiciende webtoons have been popular for a few years now in Korea.  Recently they're even influencing dramas and movies.  Another advantage about being with Naver is having the translation department. Korean writers will be able to gain even more fans. We all know the target will be Kpop fans. 

(OT: IF only this site was around back in 2016/2017 when #킬러jk AU was the trend. I would have loved to read the different fics from K-Armys)

 

As I understand Naver's acquisition of Wattpad is not aimed at Koreans,  but worldwide. There are many studios worldwide that Wattpad has contracted with. Naver aims for a worldwide reach. If they take a world-wide platform and try to turn it into something local, they will definitely cause the platform to disappear. So it doesn't really matter what Koreans think or do. What matters is what kind of changes Naver will make on Wattpad that will affect writers and readers around the world.

[satoori]

1 hour ago, Josaline said:

As I understand Naver's acquisition of Wattpad is not aimed at Koreans,  but worldwide. There are many studios worldwide that Wattpad has contracted with. Naver aims for a worldwide reach. If they take a world-wide platform and try to turn it into something local, they will definitely cause the platform to disappear. So it doesn't really matter what Koreans think or do. What matters is what kind of changes Naver will make on Wattpad that will affect writers and readers around the world.

It seems perhaps you've misread my comment.

Webtoon was/is "aimed "for worldwide too. I didn't' say the acquisitions is only for Koreans, I gave a "main reason" for why Naver probably "acquired" specifically Wattpad. Naver could have easily created a platform of their own, yet they went with one already up running and known internationally. Basically a big part of the international promo work is out of the way, since many already know the name Wattpad globally - which translates for a business as "less marketing cost". However on the Korean end that's where in the beginning Naver will be doing more work. (perhaps eventually they will use celebrities and entertainment companies to help too ) Like I said IF the "main reason" is to help make a main hub for Koreans then it's a REALLY smart plan. For starters, anything associated "Korea" nowadays seem to be popular globally too.. drama/shows, music, games, etc. Again, being a main hub for Korea doesn't mean it's not welcomed to global writers and readers either. 

 

 

 

Side note: Here's Naver's Webtoon for viewers who don't know what it is: https://www.webtoons.com/en/

 

 

Edited January 21, 2021 by satoori