WEBTOON Entertainment (WBTN) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Global reach and user demographics

• Platform operates in over 150 countries with 160 million monthly active users, achieving 50% household penetration in Korea and 15% in Japan.

• Largest demographic is Gen Z (18-25), with significant Gen Alpha engagement; content is globally consumed, not just by Asian audiences.

• 77% of North American users say the content is exclusive, and 71% rate it as the best compared to platforms like TikTok and Netflix.

Content creation, curation, and monetization

• 24 million creators contribute 120,000 new stories daily, curated by AI and technology for quality and relevance.

• 80% of revenue comes from micro-payments ($0.15-$0.70) for paid content, with advertising contributing 12% and crossover IP 8%.

• Creators are incentivized by global reach and potential for breakout success, with $2.8 billion paid out to creators from 2017-2023.

Business model and financial performance

• Achieved 13% constant currency revenue growth and 5% adjusted EBITDA margin in the last year, with positive operating cash flow.

• Gross profit margin reached 23.2% in Q4, rising to 24.2% after adjustments, driven by content mix and international expansion.

• Sub-5% household penetration in most markets signals significant growth potential, especially outside Korea and Japan.