Terapin Studiosheadquartered in the United States digital content produceracquired The toomicsone of the top 5 webtoon platforms in South Korea, having raised $93 million from Affirma Capital and NPX Private Equity.
According to the announcement, Affirma Capital has invested $38 million in Terapin Studios in a $93 million co-investment with NPX Private Equity, a Korea-based private equity firm.
Toomics offers webtoon series in 10 languages around the world, including Korean, English, French, Spanish, German, and Chinese. Toomics generated over $50 million in revenue and continued to post steady profit in 2021.
Due to the recent rapid expansion of global operations, the revenue contribution from the ex-Korean business has nearly quadrupled over the past 3 years to over 70% in 2021.
Following the acquisition, Toomics is expected to become a central part of the digital content value chain under the Terapin umbrella.
Another key subsidiary of Terapin is Copin Communications Inc. (“Copin”), one of Korea’s largest webtoon production studios which has internalized the development of original intellectual property in the form of web fiction and webtoons.
Based on artificial intelligence technology jointly developed with its subsidiary, Copin has an industry-leading production system characterized by process automation. Copin is on track to be able to create over 100 webtoon series each year with minimal reliance on a few creators.
Through its subsidiaries and investments, Copin also converts original intellectual property into a variety of forms of digital content such as television shows, animations, web dramas and games in order to realize opportunities to source single and multiple use (OSMU).
Copin’s strong production capabilities in the romance and fantasy genres should serve as an effective tool
leverage when expanding globally.
“In the rapidly changing global digital content market, Korean content has received significant attention from consumers around the world. It is not a temporary fad but an age-old trend that reflects the potential Korean content to continuously appeal to global consumers,” said Samuel Hwang, CEO of Terapin Studios.
Terapin Studios is a company that operates globally in the field of games, dramas and animations based on the intellectual property of webtoons, a new type of media in Korea. With its vision to become a global content leader, Terapin Studios plans to take content production to the next generation, creating immersive experiences in the form of games, metaverses and NFTs.
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