South Korean company Kakao Entertainment is becoming a threat due to its purchase of another fantasy writing platform. They already own Radish Fiction, a home for young adult stories. Now, they made a bold move to own one of the biggest web novel platforms in Asia, WuxiaWorld.
TechCrunch reported that the transaction amounted to $37.5 million. Radish CEO Seungyoon Lee, the one who took control of this acquisition, stated, “Wuxiaworld is a truly gem of a company. Supported by strong word-of-mouth and an active community, 85% of Wuxiaworld’s total revenue comes through content purchased by a monthly subscription model. The company continues to grow impressively, with annual year-over-year profit growth of up to 40%.”
Kakao Entertainment owns three storytelling platforms; Radish Fiction, WuxiaWorld, and Tapas Media. According to a report of Korean JoongAng Daily, the company aims to triple in size.
Wuxiaworld users can rejoice at this news as, according to TechCrunch, this will allow more stories to be launched on the platform.
Readers looking into their Kdrama adaptations can enjoy as the stories they read are of good quality and on safe platforms.