Kakao Completes $ 950 Million Acquisition of Tapas, Radish Web Platforms – Naver Appears To Be Its Close Competitor
Kakao Entertainment is expanding its services in addition to music after acquiring two US-based storytelling platforms, Tapas and Radish for $ 950 million.
The South Korean company’s recent brawl with Spotify has been seen as a resounding conflict for fans, especially as the Swedish music streaming provider has ruled out removing several K-pop songs from the platform. .
Kakao Entertainment buys tapas and radishes for the North American market
Kakao recently acquired US-based comic book startups Tapas and Radish for a total of $ 950 million.
The famous tech titan, Kakao Corp., owns Kakao Entertainment for its service of music to the people. This time around, the company’s expansion has been huge for a large population after successfully acquiring two American storytelling startups, Tapas and Radish, Musically reported.
In an interview with Reuters last week, Lee Jin-soo, CEO of Kakao Entertainment, said he plans to reach the North American market through intellectual property (IP activity.
The South Korean company, formerly known as Kakao Inc., merged with Daum Communications in 2014. It bought Tapas for $ 510 million. Radish, the fictional story-driven app, was acquired for $ 440 million.
Also Read: Kakao Talk Maker to Merge with South Korean Internet Portal Daum
Due to its booming service across South Korea, Kakao hopes its webtoons will work in the west as well.
According to Tapas CEO Kim Chang-won via Mnews, Jin-soo, CEO of Kakao Entertainment, visited the United States in early 2020. Meanwhile, Jin-soo focused on the workshop of collaboration with the comic book app. The two CEOs shared moments and came to the conclusion that they had the “same” vision of the global IP industry.
In addition, relations between the two companies have been more fruitful as they have agreed to cooperate. As a result, the acquisition of the shares went smoothly on both ends. Due to Kakao’s supreme performance in Webtoon service, he has the advantage to lead the industry.
Additionally, Chang-won said that what motivated Kakao to acquire Tapas was the potential introduction of new content in a new region.
In the United States, the storytelling community had been seen as moving towards an original production, which is why Tapas discovered that Kakao could develop a “super IP” of the United States by connecting to the “tapas studio” that houses over 63,000 tapastri (writers).
At some point, acquiring the American startups might mean goodbye to them, but on the brightest side, it marks the start of next-gen content and competition. Tapas and radishes would potentially flourish under Kakao’s leadership.
Kakao and Naver compete in web comics
According to a report by Nikkei Asia, Naver, another webcomic giant, also acquired the Wattpad from Canada. With this acquisition, Kakao has included a fierce competitor in the same field.
In line with the purchase, the two companies plan to list their webcomic affiliates on the US stock market as part of their expansion tactics. An estimate of more than a trillion yen is expected to be involved, according to South Korean security firms.
We’ve seen Japan’s own manga thrive quickly and continuously – with no signs of aging. Perhaps it is time for South Korean webcomics to thrive as well – this time for a change of taste and variety for a large audience.
Associated article: Kakao merges with Daum to take on Naver’s Line: messaging apps, fight!
This article is the property of Tech Times
Written by Joseph Henry
Ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.