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Ridi Sees Strong Growth as Global Webtoon Business Gains Traction

Source: Ridi

Ridi has reported its best financial results, with consolidated revenues of KRW 211.1 billion ($160.9 million) and net income of KRW 44.8 billion ($34.2 million) in total 2022, up 19% year-on-year.

Ridi’s operating loss of KRW 36 billion ($27.4 million) is due to aggressive investment in IP acquisition and marketing.

Ridi’s 2022 performance marks its 14th consecutive year of revenue growth.

Last year, the company expanded its IP business, including Noble Comics and video production, in response to the growing K-Webtoon trend.

Additionally, with the divestiture of its subsidiary LAFTEL in November 2022, the company secured its cash flow amid the global economic downturn.

Ridi received KRW 120 billion ($100 million) in investment from Singapore’s GIC and others, demonstrating its content business’s competitiveness by becoming the first content platform startup unicorn with an enterprise value of KRW 1.6 trillion ($1.22 billion).

Manta, Ridi’s global webtoon subscription service, surpassed 8 million downloads within two years of its launch.

Ridi plans to continue discovering the original IP and solidifying its position as a global content company through various partnerships.

Founder and CEO Kisik Bae emphasized Ridi’s focus on strengthening the competitiveness of crucial IPs and expanding its international webtoon business beyond Korea.

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