Naver Webtoon business profile: WEBTOON Entertainment revenue and IP adaptations
WEBTOON Entertainment's IP Adaptations line is where webtoons become anime, but it is the smallest of three revenue streams.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: WEBTOON Entertainment Inc., the company behind the Naver Webtoon and WEBTOON platforms, is a Nasdaq-listed global webcomics company majority-owned by NAVER Corporation. For the full year 2025, it reported total revenue of $1.38 billion, a net loss of $373.4 million, and adjusted EBITDA of $19.4 million. The company operates three revenue streams: Paid Content, Advertising, and IP Adaptations. It does not break out anime-specific revenue, but its IP Adaptations stream includes licensing webtoon IP for animation, drama, games, and publishing. WEBTOON Entertainment reported approximately 160 million monthly active users.
What WEBTOON Entertainment is and who owns it
WEBTOON Entertainment Inc. is the global entertainment company that operates the WEBTOON webcomic platform, the Wattpad webnovel platform, LINE Manga, eBookJapan, and production units WEBTOON Productions, Studio N, and Studio LICO. The company was spun out of NAVER Corporation and began trading on Nasdaq under the ticker WBTN. NAVER Corporation remains the majority stockholder.
The company's platforms are available globally and support both creator-owned original content and user-generated content through the CANVAS program. WEBTOON Entertainment says its adaptations appear on Netflix, Prime Video, Crunchyroll, and other screens worldwide.
Revenue streams and segment definitions
WEBTOON Entertainment reports revenue in three streams. Paid Content includes payments from users to unlock episodes early or access exclusive content. Advertising includes display and video ads served on the platforms. IP Adaptations includes revenue from licensing webcomic and webnovel IP for animation, drama, film, games, merchandising, and publishing.
For 2025, Paid Content revenue was $1.09 billion, Advertising revenue was $164.3 million, and IP Adaptations revenue was $131.0 million. IP Adaptations was the fastest-growing stream, up 31.8% year on year, but it remained the smallest contributor at 9.5% of total revenue.
Full-year 2025 financial results
Total revenue grew 2.5% to $1.3827 billion in 2025. On a constant currency basis, revenue grew 3.9%. Net loss widened to $373.4 million from $152.9 million in 2024, driven by goodwill impairments. Adjusted EBITDA fell to $19.4 million from $68.0 million in 2024, reflecting lower gross profit and higher marketing expense.
The company ended 2025 with cash and cash equivalents of approximately $581.8 million and no debt. Cash flow from operations was $11.2 million, down from $17.9 million in 2024.
WEBTOON Entertainment full-year 2025 results in USD millions. Source: SEC Form 8-K and earnings release.| Metric | 2025 | 2024 | Change |
|---|
| Total revenue | $1,382.7M | $1,348.5M | +2.5% |
| Paid Content revenue | $1,087.5M | $1,083.0M | +0.4% |
| Advertising revenue | $164.3M | $166.1M | -1.1% |
| IP Adaptations revenue | $131.0M | $99.4M | +31.8% |
| Net loss | $373.4M | $152.9M | wider loss |
| Adjusted EBITDA | $19.4M | $68.0M | -71.5% |
Anime and IP adaptation strategy
WEBTOON Entertainment's path into anime runs through IP Adaptations. The company licenses webtoon IP to animation studios and streaming platforms. High-profile adaptations include series that originated on WEBTOON before being produced as anime for global distribution.
The company has also built strategic relationships with Disney and Warner Bros. Animation, announced in 2025, to expand comics and webcomics into broader entertainment. These partnerships are intended to create more adaptation opportunities, including animation, though the financial terms were not disclosed.
What public filings do not show
WEBTOON Entertainment does not report a separate anime revenue line. IP Adaptations bundles animation, drama, film, games, merchandise, and publishing licensing together. Investors therefore cannot determine how much of the $131.0 million IP Adaptations stream came from anime specifically.
The company also does not disclose how many of its 160 million monthly active users are paid subscribers. Average revenue per paying user is reported by region for the Paid Content stream, but it is not broken down by content type.
Anime revenue not isolated: WEBTOON Entertainment combines animation, drama, games, and merchandising in its IP Adaptations stream. This article reports the consolidated IP Adaptations figure rather than an anime-specific number.
Frequently asked questions
Who owns WEBTOON Entertainment?
NAVER Corporation is the majority stockholder of WEBTOON Entertainment, which trades on Nasdaq under the ticker WBTN.
What are WEBTOON Entertainment's revenue streams?
Paid Content, Advertising, and IP Adaptations. In 2025 they contributed $1.09 billion, $164.3 million, and $131.0 million respectively.
Is WEBTOON Entertainment profitable?
Not on a net income basis. In 2025 it reported a net loss of $373.4 million, though adjusted EBITDA was positive at $19.4 million.
How does WEBTOON Entertainment relate to anime?
WEBTOON Entertainment licenses webtoon IP for animation and other adaptations through its IP Adaptations revenue stream. It does not break out anime-specific revenue.