Naver Corp, a Korean company that is an internet giant. Has acquired Canadian tech company Wattpad for $ 660 million in a website and app for writers to publish new user-generated stories.
When we launched Wattpad in 2006, we knew that technology would democratize storytelling, and that stories were the atomic unit of all types of entertainment.
In 2021, as all forms of entertainment are transforming, we will build a platform that can drive screen and bookshelf hits, empower and reward a new generation of diverse creators around the world. did.
Today’s news is about continuing Wattpad’s journey and taking our business to the next level. Joining a great team of Naver and WEBTOON, we are excited to continue to grow, help more writers make money, and bring new voices to screens and bookstores everywhere.
Wattpad CEO and co-founder
With Wattpad, users can publish stories and have over 90 million monthly users. The famous Canadian writer Margaret Atwood was one of the first customers.
For a long time Wattpad has taken on the role of a traditional book publisher, as Wattpad’s website promoted the best stories on their website, which was read by millions of users.
Another thing known about Wattpad is the script for the movie. This allows users to publish their stories and license and use the best stories for film research in Hollywood. So far, over 90 scripts have been created.
Wattpad helps users secure transactions with book publishers and movie studios. They have recently become publishers themselves.
Naver is a very famous search engine and messaging app in South Korea.
Co-founders Allen Lau and Ivan Yuen, and the entire Wattpad team have created something special. I am grateful to Allen and Ivan for leading this wonderful company after the acquisition.
Wattpad’s vision of entertaining and connecting the world through stories is in perfect agreement with our vision for WEBTOON and Naver content brands. We are pleased that they have joined the Naver family.
Han Seong Sook
Earlier this year, Wattpad began discussions with bidders considering selling the company.
The $ 660 million selling price is pretty impressive, considering that it only produces about $ 30 million a year. It makes their value 20 times more profitable.
It’s sad to see another company growing in Canada being sold to a foreign entity before it reaches its full potential. Element AI, the hottest artificial intelligence in Montreal, was also sold last year before it became a big hit in Canada.
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