Tapas Media business profile: Kakao's North American webcomics bet
Kakao bought Tapas for $510 million, but standalone revenue and current profitability are not publicly disclosed.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: Tapas Media, Inc. is a U.S.-based webcomic and webnovel platform that Kakao Entertainment acquired for $510 million in 2021. It operates the Tapas app for webcomics and, after a 2022 merger with Radish Media, became part of Tapas Entertainment. Kakao reported that Tapas reached a daily transaction volume of KRW 200 million in early 2024. In 2023, Kakao closed Tapas Entertainment's Korean office as part of a restructuring, and in 2025 it announced the shutdown of Radish Fiction. Tapas Media's standalone revenue and profit are not publicly disclosed.
What Tapas Media is and who owns it
Tapas Media is a Los Angeles-based mobile storytelling platform founded in 2012 by Chang Kim. It pioneered bite-sized webcomics and webnovels in North America. In May 2021, Kakao Entertainment signed an agreement to acquire 100% of Tapas for an estimated $510 million, and the deal closed later that year.
In May 2022, Kakao merged Tapas with Radish Media, a New York-based serialized fiction app it had acquired for $440 million, and rebranded the combined entity as Tapas Entertainment. Tapas Entertainment also operates Wuxiaworld, an Asian fantasy fiction platform.
The Kakao acquisition price and structure
Kakao Entertainment paid an estimated $510 million for Tapas Media in 2021. At the time, Kakao said Tapas had more than 8.6 million registered users, over 8 billion views, 63,000 creators, 96,000 series, and 1.6 million episodes. Tapas sales had increased fivefold in 2020.
The acquisition was part of Kakao's push into North American storytelling and IP. Kakao expected to combine Tapas's North American footprint with Kakao's webtoon IP library, exporting Korean titles to English-speaking readers and nurturing local creators.
Performance and restructuring
In January 2024, Kakao Entertainment said Tapas had reached a daily transaction volume of KRW 200 million, up 43% year on year. Average revenue per paying user on Tapas grew 30% compared with the second half of 2023, and the platform hosted 990 Korean webtoons with plans to add approximately 1,000 more.
Despite that growth, Kakao took a KRW 425.2 billion goodwill impairment charge in 2023 against its investments in Tapas and Radish, citing operational challenges and slowing growth. In March 2023, Kakao closed Tapas Entertainment's Korean office and laid off the local team. In July 2025, Kakao announced that Radish Fiction would shut down on December 31, 2025.
Standalone revenue not disclosed: Kakao Entertainment does not publish separate revenue or profit figures for Tapas Media. The KRW 200 million daily transaction figure and ARPPU growth are the only operational metrics Kakao has disclosed for Tapas.
Tapas and anime adaptations
Tapas is primarily a webcomic and webnovel platform, not an anime producer. Its role in anime is upstream: it hosts original IP that can be licensed for animation. Kakao has used Tapas as a distribution channel for Korean webtoons in North America, some of which have later been adapted into anime through Kakao Entertainment's broader production network.
The platform's catalog includes titles such as The Beginning After the End, a Tapas original webtoon that has been exported to other content platforms in Korea and Japan. Tapas also nurtures local North American creators, though the proportion of titles that reach animation is small.
Strategy and current position
Tapas remains part of Kakao Entertainment's Story division, but its strategic importance has shifted. After the Radish shutdown and Korean office closure, Kakao appears to be focusing Tapas on its core North American webcomic business rather than expanding aggressively into new markets or formats.
The platform competes with WEBTOON Entertainment in North America and with other English-language webcomic services. Its value to Kakao depends on whether its original IP pipeline can produce hits that translate into animation, drama, and games. Without standalone financials, that value is difficult to quantify.
Frequently asked questions
Who owns Tapas Media?
Tapas Media is owned by Kakao Entertainment, which acquired it for $510 million in 2021.
How much did Kakao pay for Tapas?
Kakao Entertainment acquired Tapas Media for an estimated $510 million.
Is Tapas profitable?
Standalone Tapas revenue and profit are not publicly disclosed. Kakao took a KRW 425.2 billion impairment charge against Tapas and Radish in 2023.
Does Tapas produce anime?
No. Tapas is a webcomic and webnovel platform. Some Tapas IP is licensed for animation by Kakao Entertainment or third parties.
Sources and methodology
- Kakao Entertainment acquires U.S. storytelling platforms Tapas and Radish, Kakao Entertainment. Acquisition terms, Tapas registered users, views, creators, series, and episodes at the time of the 2021 deal.
- Tapas webtoon platform leads Kakao Entertainment's global growth, Kakao Entertainment. Reports Tapas daily transaction volume of KRW 200 million in early 2024, 43% year-on-year growth, and 30% ARPPU growth.
- Four Years After Buying It for $440 Million, Kakao to Shutter Radish Fiction, Publishers Weekly. Reports Radish Fiction shutdown, the 2023 Tapas and Radish goodwill impairment of KRW 425.2 billion, and Kakao's restructuring context.