0001997859-25-000017 | 10-K | XBRL Viewer | Webtoon Entertainment INC

Cash and cash equivalents

$ 572,402

$ 231,745

Receivables, net of allowance for credit losses of $3,418 and $1,049 at December 31, 2024 and December 31, 2023, respectively

^[1]

169,187

171,776

Asset held for sale

6,827

Property and equipment, net

^[2]

94,783

82,479

Total current assets

836,372

492,827

3,782

11,692

Operating lease right-of-use assets

16,649

29,472

Debt and equity securities

70,178

91,233

Intangible assets, net

180,912

219,502

Goodwill, net

665,275

779,176

Equity method investments

78,668

64,222

Deferred tax assets

17,592

24,045

^[3]

65,906

64,436

Total assets

1,935,334

1,776,605

Current liabilities:

^[4]

127,306

127,427

Short-term borrowings and current portion of long-term debt

^[5]

62,209

62,782

^[6]

4,252

^[7]

6,053

9,945

Income tax payables – corporate tax

^[8]

85,860

76,722

10,093

9,459

Consumption taxes payables

8,339

7,339

Provisions and defined pension benefits

11,133

5,564

Other current liabilities

2,231

12,584

Total current liabilities

313,224

316,074

Non-current liabilities:

Defined severance benefits

^[9]

11,187

19,238

22,030

23,361

Deferred tax liabilities

30,271

61,134

Other non-current liabilities

2,161

9,322

Total liabilities

378,873

429,129

Commitments and Contingencies (Note 10)

Redeemable non-controlling interest in subsidiary

36,580

41,429

Stockholders' equity:

Preferred stock, $0.0001 par value (100,000,000) authorized and no shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)

Common stock, $0.0001 par value (2,000,000,000 authorized, 128,587,944 shares and 109,505,150 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)

Additional paid-in capital

2,103,931

1,667,246

Accumulated other comprehensive loss

(124,620)

(54,824)

Accumulated deficit

(507,197)

(363,292)

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

1,472,127

1,249,141

Non-controlling interests in consolidated subsidiaries

47,754

56,906

Total equity

1,519,881

1,306,047

Total liabilities, redeemable non-controlling interest, and equity

$ 1,935,334

$ 1,776,605

[1]	Includes amounts due from related parties of $59,495 and $63,723 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $9,258 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due from related parties of $32,072 and $15,876 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due from related parties of $17,173 and $6,713 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due to related parties of $5,562 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[6]	Includes amounts due to related parties of $— and as of $3,800 December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[7]	Includes amounts due to related parties of $3,506 and $6,426 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[8]	Includes amounts due to related parties of $— and $16,160 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[9]	Includes amounts due to related parties of $9,519 and $14,852 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Consolidated Statements of Stockholders' Equity and Group Equity - USD ($)
$ in Thousands

Total

IPO

Private Placement

Over-Allotment

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

IPO

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

Private Placement

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

Over-Allotment

Common Stock

IPO

Common Stock

Private Placement

Common Stock

Over-Allotment

Additional paid-in capital

IPO

Additional paid-in capital

Private Placement

Additional paid-in capital

Over-Allotment

Accumulated other comprehensive loss

Accumulated deficit

Non-controlling interests in consolidated subsidiaries

Group Equity

Beginning balance (in shares) at Dec. 31, 2021

85,755,540

Beginning balance at Dec. 31, 2021

$ 1,076,332

$ 459,543

$ 9

$ 575,168

$ (7,467)

$ (108,186)

$ 0

$ 616,789

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Foreign currency translation adjustments, net of tax

(132,614)

(103,847)

(2,743)

(26,024)

(28,985)

Loss on valuation of financial assets measured at fair value, net of tax

(405)

Issuance of common stock (in shares)

8,606,430

Issuance of common stock

390,806

$ 1

390,803

Equity in income of equity method investees

190

Equity-based compensation

2,305

Business Combination (Refer to Note 17. Disposition and Business Combinations)

59,079

Issuance of common shares to acquire a subsidiary (in shares)

2,729,722

Issuance of common shares to acquire a subsidiary

70,858

70,857

Reclassification of redeemable non-controlling interest to non-controlling interest

25,020

Changes in ownership interest in subsidiary

(1,442)

(802)

(640)

Change in ownership interest in subsidiary due to purchase of treasury shares

(13,859)

173

(14,032)

Change in ownership interest in subsidiary due to issuance of common stock

20,259

4,651

15,608

Common control transactions

(2,748)

2,748

Redemption of redeemable non-controlling interest

958

160

798

Ending balance (in shares) at Dec. 31, 2022

97,091,692

Ending balance at Dec. 31, 2022

1,468,502

789,594

$ 10

1,038,262

(36,667)

(212,033)

85,395

593,513

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Foreign currency translation adjustments, net of tax

(139,225)

(102,818)

(22,769)

(13,637)

^[1]

(17,251)

Equity in income of equity method investees

(906)

Equity-based compensation

^[2]

2,801

646

2,155

Common control transactions

579,876

$ 1

628,338

(48,441)

(579,876)

Common control transaction (in shares)

12,413,458

Changes in scope of consolidation

$ (7,875)

(7,875)

Ending balance (in shares) at Dec. 31, 2023

109,505,150

Ending balance at Dec. 31, 2023

$ 1,306,047

1,249,141

$ 11

1,667,246

(54,824)

(363,292)

56,906

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Foreign currency translation adjustments, net of tax

(149,058)

(143,905)

(5,153)

^[1]

(70,938)

(69,702)

(1,236)

Issuance of common stock (in shares)

15,000,000

2,380,952

1,371,549

Issuance of common stock

$ 281,737

$ 50,000

$ 26,576

$ 281,737

$ 50,000

$ 26,576

$ 2

$ 281,735

$ 50,000

$ 26,576

Equity in income of equity method investees

(94)

Equity-based compensation

^[2]

71,108

70,010

1,098

Changes in scope of consolidation

(3,861)

Vesting of restricted stock units (in shares)

262,804

Vesting of restricted stock units

$ 7,222

7,222

Exercise of stock options (in shares)

67,489

Exercise of stock options

$ 1,142

1,142

Ending balance (in shares) at Dec. 31, 2024

128,587,944

Ending balance at Dec. 31, 2024

$ 1,519,881

$ 1,472,127

$ 13

$ 2,103,931

$ (124,620)

$ (507,197)

$ 47,754

$ 0

[1]

As of December 31, 2024, December 31, 2023, and December 31, 2022, the ending balance in accumulated other comprehensive loss related to foreign currency translation adjustments was $120.9 million, $51.2 million, and $33.9 million, respectively.

[2]

The Company recorded dividends of $17.4 million, $0.0 million and $0.0 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively, as a reduction in additional paid-in capital for stock options granted to NAVER's employees who did not provide services to the Company (See Note 1. Description of Business and Summary of Significant Accounting Policies for the definitions of the Company and NAVER).

Non-Controlling Interest in Subsidiaries

12 Months Ended

Dec. 31, 2024

Non-Controlling Interest in Subsidiaries

The Company had non-controlling interests in several of its subsidiaries. The balances of non-controlling interest as of December 31, 2024 and December 31, 2023 are as follows:


	As of December 31,
	2024		2023		2022

	(in thousands of USD)
Munpia1	$	46,593	$	49,817	$	54,456
LOCUS2	—		—		11,169
Jakga3	—		3,832		19,770
Bootcamp4	1,161		3,257		—
Total	$	47,754	$	56,906	$	85,395

______________

1.The Munpia non-controlling interest balance excludes redeemable non-controlling interest discussed in Note 20. Redeemable Non-Controlling Interest in Subsidiary.

2.The LOCUS non-controlling interest balance is no longer included as part of the Company’s balances of non-controlling interest as LOCUS was deconsolidated in June 2023 (See Note 17. Disposition and Business Combinations for detail).

3.The Jakga non-controlling interest balance is no longer included as Jakga was deconsolidated in March 2024 (See Note 17. Disposition and Business Combinations for detail).

4.The portion of net assets in Bootcamp attributable to the LP represents a non-controlling interest (See Note 16. Related Parties and Variable Interest Entity for detail).

The following table summarizes the effects of the changes in the Company’s ownership interest in Munpia on the Company’s equity.


	As of December 31,
	2024		2023		2022
	(in thousands of USD)
Net loss attributable to WEBTOON Entertainment Inc.	$	(143,905)	$	(116,455)	$	(129,871)
Transfer to non-controlling interest
Changes in the Company’s equity for the issuance of 1,263,119 Munpia shares	—		—		4,651
Changes in the Company’s equity for the purchase of 561,647 Munpia shares	—		—		173
Changes in the Company’s equity for the purchase of 425,016 Munpia shares	—		—		160
Net transfer to non-controlling interest	—		—		4,984
Change from net loss attributable to WEBTOON Entertainment Inc. and transfer to non-controlling interest	$	(143,905)	$	(116,455)	$	(124,887)

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 10,446	$ 11,965	$ 10,988
Short-term lease expense	922	653	1,514
Total lease expense	11,368	12,618	12,502
Related Parties
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 5,500	$ 7,200	$ 5,000

Redeemable Non-Controlling Interest in Subsidiary - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2024 shares	Feb. 28, 2022 $ / shares	Feb. 28, 2022 KRW (₩)	Sep. 30, 2021 $ / shares	Sep. 30, 2021 KRW (₩)
Noncontrolling Interest [Abstract]
Redemption price (in usd per share) \| $ / shares			$ 26.20		$ 26.20
Aggregate amount of redemption \| ₩				₩ 33,251		₩ 33,251
Annual increase in redemption price (percent)				15.00%
Outstanding shares held (percent)						5.00%
Exercise of stock options (in shares) \| shares	425,016	67,489

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies The Company records a loss contingency, consistent with ASC 450, when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses material contingencies when it believes a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgement related to both the likelihood of a loss and the estimate of the amount or range of loss. Legal Proceedings The Company is involved in a number of claims pending with various courts, or otherwise unresolved as of December 31, 2024 and December 31, 2023. Adverse results in these claims may include awards of damages and may also result in, or even compel a change in the Company’s business practices, which could materially impact the Company’s future financial results. The Company cannot determine the potential loss or a range of possible losses for cases in their initial stages or where there is an unclear and inconsistent interpretation of laws related to the industry-specific grievances across various jurisdictions. Though the outcome of pending lawsuits and claims cannot be anticipated with certainty, the Company does not expect adverse results from its pending lawsuits and claims, as of December 31, 2024, and December 31, 2023. The timing and outcome of ongoing legal proceedings are uncertain by nature. Therefore, while management deems the chance of a significant loss for all pending claims, whether asserted or unasserted, to be remote, the resolution of one or more of these legal matters against the Company during the same reporting period in excess of management’s projections could negatively impact the Company’s Consolidated Financial Statements for that reporting period. Securities Litigation On September 5, 2024, a purported stockholder filed a putative class action lawsuit against the Company, its directors, and the underwriters of the IPO in the federal court for the Central District of California, purportedly on behalf of all purchasers of shares of the Company’s common stock pursuant or traceable to the IPO Prospectus and the Company’s Registration Statement on Form S-1 (File No. 333-279863) relating to the IPO (the “Registration Statement”). The complaint alleges that the Registration Statement was materially false and misleading in violation of Sections 11 and 15 of the Securities Act of 1933. On October 10, 2024, the court ordered that the defendants are not required to answer or otherwise respond to the complaint, deferring any response until after the court rules on any motion by a purported class member to serve as lead plaintiff. On December 12, 2024, the court appointed a lead plaintiff and lead counsel. On February 3, 2025, the lead plaintiff filed an amended complaint, and on March 4, 2025, the Company, its directors, and the underwriters of the IPO moved to dismiss the amended complaint. The Company intends to defend this case vigorously. At this early state of the proceedings, the Company can neither predict the ultimate outcome of the litigation nor estimate any range of possible losses. On November 15, 2024, a purported stockholder filed a shareholder derivative lawsuit against the Company’s directors, naming the Company as a nominal defendant, in the federal court for the Central District of California. The complaint focuses on the same allegations as the putative securities class action described above, including that the Company’s Registration Statement was materially false or misleading. The complaint includes claims for violations of Section 14 (a) of the Exchange Act, breach of fiduciary duties, and unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and contribution under Section 11(f) of the Securities Act of 1933, and the Section 31D of the Exchange Act of 1934. On January 13, 2025, by stipulation of the parties, the court ordered the shareholder derivative lawsuit stayed pending resolution of the Company’s motion to dismiss in the putative securities class action. At this early state of the proceedings, the Company can neither predict the ultimate outcome of the litigation nor estimate any range of possible losses.

Disposition and Business Combinations - Schedule of Transactions Accounted For (Details) - USD ($) $ in Thousands	Mar. 28, 2024	Jun. 27, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value pf non-controlling interest held by other than the Company			$ 47,754	$ 56,906	$ 85,395
LOCUS Inc. \| Stock Transfer Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration received		$ 4,951
Carrying value pf non-controlling interest held by other than the Company		11,132
Carrying amount of net assets including goodwill, identified intangibles and deferred tax liabilities		(30,302)
Retained non-controlling interest in LOCUS by the Company at fair value		13,436
Loss on disposal / sale		$ (783)
Jakga Inc. \| Stock Transfer Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration received	$ 149
Carrying value pf non-controlling interest held by other than the Company	3,861
Carrying amount of net assets including goodwill, identified intangibles and deferred tax liabilities	(15,998)
Loss on disposal / sale	(2,481)
Jakga Inc. \| Stock Transfer Agreement \| Redeemable Convertible Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of retained redeemable convertible preferred stock of Jakga by the Company	6,432
Jakga Inc. \| Stock Transfer Agreement \| Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of retained common stock of Jakga by the Company	$ 3,075

Revenue - Summary of Revenues Disaggregated by Stream (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

^[1]

$ 1,348,478

$ 1,282,748

$ 1,079,388

Korea

517,534

566,368

601,170

Japan

648,247

557,349

337,660

Rest of World

182,697

159,031

140,558

Paid Content

1,083,026

1,028,960

851,871

Advertising

166,087

145,452

145,056

IP Adaptations

$ 99,365

$ 108,336

$ 82,461

[1]	Includes amounts earned from related parties of $72,228, $78,698 and $54,422 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Retirement Benefits - Provision for Retirement Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined benefit liabilities	$ 23,031	$ 24,316	$ 31,132
Plan assets	0	0	$ (428)
Ending balance, December 31	$ 23,031	$ 24,316

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

Condensed Financial Information of Parent - Condensed Balance Sheet (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Cash and cash equivalents

$ 572,402

$ 231,745

Property and equipment, net

^[1]

169,187

171,776

Total current assets

836,372

492,827

3,782

11,692

Operating lease right-of-use assets

16,649

29,472

Debt and equity securities

70,178

91,233

Intangible assets, net

180,912

219,502

Long-term loan

31,859

29,017

^[2]

65,906

64,436

Total assets

1,935,334

1,776,605

Current liabilities:

^[3]

127,306

127,427

^[4]

62,209

62,782

^[5]

6,053

9,945

Other current liabilities

^[6]

85,860

76,722

2,231

12,584

Total current liabilities

313,224

316,074

Non-current liabilities:

Additional paid-in capital

^[7]

11,187

19,238

Total liabilities

378,873

429,129

Stockholders' equity:

Common stock

2,103,931

1,667,246

Accumulated other comprehensive loss

(124,620)

(54,824)

Accumulated deficit

(507,197)

(363,292)

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

1,472,127

1,249,141

Total liabilities, redeemable non-controlling interest, and equity

1,935,334

1,776,605

Parent

Cash and cash equivalents

364,927

45,966

15,883

26,068

Property and equipment, net

10,736

12,250

Total current assets

391,546

84,284

210

266

Operating lease right-of-use assets

1,040

2,269

Debt and equity securities

16,000

17,264

Intangible assets, net

110

158

Investments in subsidiaries

1,001,775

1,086,772

Long-term loan

76,131

369

Total assets

1,486,860

1,267,513

Current liabilities:

4,689

2,127

7,287

12,072

1,300

1,486

Other current liabilities

591

1,427

866

Total current liabilities

14,733

17,112

Non-current liabilities:

Additional paid-in capital

1,260

Total liabilities

14,733

18,372

Stockholders' equity:

Common stock

2,103,931

1,667,246

Accumulated other comprehensive loss

(124,620)

(54,824)

Accumulated deficit

(507,197)

(363,292)

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

1,472,127

1,249,141

Total liabilities, redeemable non-controlling interest, and equity

1,486,860

1,267,513

Subsidiary

Long-term loan

$ 22,839

$ 53,292

[1]	Includes amounts due from related parties of $59,495 and $63,723 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $32,072 and $15,876 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due from related parties of $17,173 and $6,713 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due to related parties of $5,562 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due to related parties of $3,506 and $6,426 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[6]	Includes amounts due to related parties of $— and $16,160 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[7]	Includes amounts due to related parties of $9,519 and $14,852 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Stock-Based Compensation - Summary of Compensation Expenses for All Stock-Based Payment Arrangements (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses	$ 48,600	$ 87,379	$ 8,345	$ 4,417
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses		10,561	1,196	4,093
Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses		1,575	444	277
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses		$ 75,243	$ 6,705	$ 47

Redeemable Non-Controlling Interest in Subsidiary

12 Months Ended

Dec. 31, 2024

Redeemable Non-Controlling Interest in Subsidiary

In February 2022, the Company acquired a controlling interest in Munpia and recognized non-controlling interest at its fair value. In connection to the Company’s acquisition of Munpia in February 2022, the Company entered into a shareholders’ agreement under which the third-party former majority owner of Munpia has the right to require the Company to redeem its Munpia shares if certain events that are not solely within the Company’s control occur. The redemption price on the put option shall equal $26.20 (the equivalent of KRW 33,251) per share plus 15% per annum.

As a portion of the Munpia shares held by holders other than the Company are redeemable, such shares must be classified outside of stockholders’ equity. The Company does not consider the redemption of the redeemable non-controlling interest probable of being redeemable. Accordingly, the redeemable non-controlling interest will not be remeasured until the redeemable non-controlling interest is probable of becoming redeemable. During the year 2023, the third-party former owner of Munpia sold a portion of their Munpia shares to their employees and other third-parties, and the redemption rights under the shareholders’ agreement did not transfer along with the shares that were sold. Accordingly, such shares sold are no longer redeemable and the shares that were sold were reclassified from redeemable non-controlling interest to non-controlling interest.

Prior to the acquisition, in September 2021, the Company entered into a side letter agreement with a third party, Cloudary, under which the Cloudary had the option to require the Company to purchase Cloudary’s Munpia shares for $26.20 per share (the equivalent of KRW 33,251). Such put option was set to expire upon the earlier of (i) March 2023 or (ii) when Cloudary holds less than 5% of the outstanding shares of Munpia. When the Company acquired Munpia in February 2022, the shares held by Cloudary were recognized as redeemable non-controlling interest. In December 2023, Cloudary exercised its put option and the Company purchased 425,016 of Cloudary’s Munpia shares. As a result of the exercise, Cloudary owned less than 5% of the outstanding shares of Munpia, and the remaining Munpia shares held by Cloudary were no longer redeemable. Accordingly, the remaining Cloudary owned shares were reclassified from redeemable non-controlling interest to non-controlling interest.

The following table summarizes the redeemable non-controlling interest activity for the periods indicated below (in thousands of USD):


Balance as of December 31, 2021	$	—
Recognition of redeemable non-controlling interest at Munpia acquisition date	84,002
Redemption of redeemable non-controlling interest	(11,311)
Reclassification of redeemable non-controlling interest to non-controlling interest1	(25,818)
Total comprehensive income (loss) attributable to redeemable non-controlling interest	91
Balance as of December 31, 2022	$	46,964
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(5,535)
Balance as of December 31, 2023	$	41,429
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(4,849)
Balance as of December 31, 2024	$	36,580

1.Representative of the reclassification of Cloudary’s Munpia shares from redeemable non-controlling interest to non-controlling interest and the reclassification of the Munpia shares sold by Premier from redeemable non-controlling interest to non-controlling interest.

Non-Controlling Interest in Subsidiaries - Schedule Of Balances Of Non-controlling Interest (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	$ 47,754	$ 56,906	$ 85,395
Munpia
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	46,593	49,817	54,456
Locus
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	0	0	11,169
Jakga
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	0	3,832	19,770
Bootcamp
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	$ 1,161	$ 3,257	$ 0

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Initial term of credit facility	1 year
Additional term upon extension		1 year	1 year
Collective availability under the credit facilities		$ 54.4	$ 62.0
Outstanding amount drawn on the credit facilities		$ 0.0	$ 0.0

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Reconciliation of Profit (Loss) from Segments to Consolidated

Retirement Benefits - Defined Severance Contribution (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined severance contribution expense	$ 2.7	$ 2.3	$ 1.2
Business combinations
Defined Benefit Plan Disclosure [Line Items]
Defined severance contribution expense	$ 0.0	$ 0.0	$ 0.2

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	3 years 6 months 21 days	3 years 3 months 29 days
Weighted-average discount rate	4.49%	3.03%

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:


	Year Ended December 31,
	2024		2023		2022
	(in thousands of USD)
Revenue	$	1,348,478	$	1,282,748	$	1,079,388
Less:
Cost of revenue	1,009,410		987,258		806,377
Marketing	107,783		121,086		180,002
General and administrative expenses - labor related	129,705		94,397		105,315
General and administrative expenses - non-labor related	202,279		116,365		102,413
Interest income	(15,820)		(3,009)		(1,166)
Interest expense	45		79		844
Loss on equity method investment, net	1,123		12,339		4,694
Goodwill - impairment losses	69,743		63,412		—
Other loss (income), net	(6,482)		23,574		(937)
Income tax expense	3,604		12,006		14,369
Net Loss	$	(152,912)	$	(144,759)	$	(132,523)

Company's Long-lived Tangible Assets and Operating Lease Right-of-use Assets

The Company’s long-lived tangible assets as well as the Company’s operating lease right-of-use assets recognized on the Consolidated Balance Sheets, are located as follows:


	As of December 31,
	2024		2023

	(in thousands of USD)
Korea	$	17,465	$	35,702
Japan	182		923
Rest of World	2,784		4,539
Total long-lived tangible assets and operating lease right-of-use assets	$	20,431	$	41,164

Goodwill, net and Intangible Assets, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Amortization expense	$ 36,700	$ 34,500	$ 31,500
Accelerated amortization expense	3,900	2,500	1,900
Accumulated goodwill impairment charges	101,400	63,400
Net cumulative translation (reversal) charge	(5,000)	700
Goodwill derecognized	13,594	30,255
Goodwill impairment	69,743	63,412	$ 0
LOCUS Reporting Unit
Goodwill [Line Items]
Goodwill derecognized		30,300
Wattpad
Goodwill [Line Items]
Goodwill impairment	46,700
WWS
Goodwill [Line Items]
Goodwill impairment	2,700	6,100
Munpia
Goodwill [Line Items]
Goodwill impairment	20,300	25,600
Jakga
Goodwill [Line Items]
Goodwill derecognized	13,600
Goodwill impairment		$ 31,700
Jakga \| Goodwill
Goodwill [Line Items]
Goodwill derecognized	44,300
Jakga \| Goodwill Accumulated Impairment
Goodwill [Line Items]
Goodwill derecognized	$ 30,700

Other Income (Loss), net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Other Income and Expenses [Abstract]

Gain (loss) on debt and equity securities, net

$ 2,263

$ (22,585)

$ 624

Loss on foreign currency, net

(2,103)

(7,590)

(12,035)

Retirement benefit, net

2,807

8,763

9,598

Dividend income

2,640

Other

1,689

(1,341)

2,750

Loss on disposal of investment in subsidiaries, net

(2,713)

(884)

Gain on right of use asset disposal, net

1,899

Total other income (loss), net

^[1]

$ 6,482

$ (23,574)

$ 937

[1]	Includes amounts earned from related parties of $3,592, $4,761 and $614 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Related Parties and Variable Interest Entity - Schedule of Significant Related Party Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

^[1]

$ 1,348,478

$ 1,282,748

$ 1,079,388

General and administrative expenses incurred

^[2]

1,009,410

987,258

806,377

^[3]

331,984

210,762

207,728

72,228

78,698

54,422

Marketing expense incurred (cost reimbursed)

96,498

22,412

14,848

(7,691)

203

574

General and administrative expenses incurred

32,478

30,945

30,194

Other income, net

3,592

4,761

614

Loan repaid

(30,400)

NW Media Loan received

30,400

Loan receivable provided

11,633

158

Loan receivable received

(204)

NAVER Loan | Related Parties

Loan repaid

(30,416)

NW Media Loan | Related Parties

Loan repaid

(3,638)

NW Media Loan received

$ 0

$ 3,867

[1]	Includes amounts earned from related parties of $72,228, $78,698 and $54,422 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $96,498, $22,412 and $14,848 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $32,478, $30,945 and $30,194 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Non-Controlling Interest in Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2024

Schedule Of Balances Of Non-controlling Interest

The Company had non-controlling interests in several of its subsidiaries. The balances of non-controlling interest as of December 31, 2024 and December 31, 2023 are as follows:


	As of December 31,
	2024		2023		2022

	(in thousands of USD)
Munpia1	$	46,593	$	49,817	$	54,456
LOCUS2	—		—		11,169
Jakga3	—		3,832		19,770
Bootcamp4	1,161		3,257		—
Total	$	47,754	$	56,906	$	85,395

______________

1.The Munpia non-controlling interest balance excludes redeemable non-controlling interest discussed in Note 20. Redeemable Non-Controlling Interest in Subsidiary.

3.The Jakga non-controlling interest balance is no longer included as Jakga was deconsolidated in March 2024 (See Note 17. Disposition and Business Combinations for detail).

4.The portion of net assets in Bootcamp attributable to the LP represents a non-controlling interest (See Note 16. Related Parties and Variable Interest Entity for detail).

Summary of Effects of Changes In Ownership Interest in Munpia

The following table summarizes the effects of the changes in the Company’s ownership interest in Munpia on the Company’s equity.


	As of December 31,
	2024		2023		2022
	(in thousands of USD)
Net loss attributable to WEBTOON Entertainment Inc.	$	(143,905)	$	(116,455)	$	(129,871)
Transfer to non-controlling interest
Changes in the Company’s equity for the issuance of 1,263,119 Munpia shares	—		—		4,651
Changes in the Company’s equity for the purchase of 561,647 Munpia shares	—		—		173
Changes in the Company’s equity for the purchase of 425,016 Munpia shares	—		—		160
Net transfer to non-controlling interest	—		—		4,984
Change from net loss attributable to WEBTOON Entertainment Inc. and transfer to non-controlling interest	$	(143,905)	$	(116,455)	$	(124,887)

Loss per share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic loss per share:
Net loss attributable to WEBTOON Entertainment Inc.	$ (143,905)	$ (116,455)	$ (129,871)
Add: allocation to subsidiary/equity method investee participating security	123	210	0
Net loss available to WEBTOON Entertainment Inc.	$ (143,782)	$ (116,245)	$ (129,871)
Shares used in computation:
Weighted-average common shares outstanding (in shares)	119,231,997	109,505,150	106,501,020
Basic loss per share (in usd per share)	$ (1.21)	$ (1.06)	$ (1.22)
Diluted loss per share:
Net loss available to WEBTOON Entertainment Inc.	$ (143,782)	$ (116,245)	$ (129,871)
Add: dilutive impact of subsidiary/equity method investee stock options	(9)	0	(21)
Diluted net loss available to WEBTOON Entertainment Inc.	$ (143,791)	$ (116,245)	$ (129,892)
Shares used in computation:
Weighted-average common shares outstanding (in shares)	119,231,997	109,505,150	106,501,020
Diluted loss per share (in usd per share)	$ (1.21)	$ (1.06)	$ (1.22)

Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total	$ 78,668	$ 64,222	$ 76,806
Loss on equity method investments, net	(1,123)	(12,339)	(4,694)
Equity method investments in affiliates
Schedule of Equity Method Investments [Line Items]
Total	75,708	60,894
Loss on equity method investments, net	(342)	(11,887)	(4,603)
Joint venture
Schedule of Equity Method Investments [Line Items]
Total	2,960	3,328
Loss on equity method investments, net	$ (781)	$ (452)	$ (91)

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

Amount of income (loss) for proportionate share of equity method investee's income (loss).

Share-Based Payment Arrangement [Abstract]

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Organization and Description of Business WEBTOON Entertainment Inc. (the “Parent”), together with its subsidiaries, (the “Company”, “we”, “us” or “our”), is a majority-owned subsidiary of NAVER Corporation (“NAVER”), and a leading online and web-comic platform service company. We provide hosting services for web-comics through both web and mobile applications and offer thousands of titles with episodes that are updated on a daily basis. We offer extensive and diverse genres of content, including fantasy, romance, and science fiction, on our platform. Platform refers to the various offerings through which we engage with users across diverse geographical markets including Korea, United States, Japan, Southeast Asia, and Europe. Wattpad Corporation (“Wattpad”), together with its subsidiaries, is a global multi-platform entertainment company for original stories, content and advertising which became a wholly-owned subsidiary of NAVER and a sister entity of the Parent when it was acquired by NAVER on May 10, 2021. On December 1, 2022, Wattpad WEBTOON Studios Inc. (“WWS”), a newly-created and wholly-owned subsidiary of the Parent, entered into a purchase agreement with Wattpad pursuant to which WWS acquired Wattpad’s business related to the development of intellectual property (“IP”) into books, podcasts, movies and television productions (the “Studio Business”) for $15.4 million. The Studio Business consisted of 100% voting equity interest in Wattpad Studios Inc., a wholly-owned subsidiary of Wattpad, and certain assets and liabilities held by other subsidiaries of Wattpad. On June 1, 2023, the Parent entered into a stock contribution agreement with NAVER pursuant to which the Parent acquired 100% of the common shares of Wattpad in exchange for 413,482 shares of the common stock of the Parent (the “Wattpad Transfer”). The Studio Business acquisition and Wattpad Transfer were accounted for as common control transactions in a manner similar to the pooling-of-interest method. Thus, the financial statements of the commonly controlled entities were combined, retrospectively, as if the transactions had occurred as of January 1, 2022. On March 27, 2024, the Company’s board of directors approved a merger between Line Digital Frontier Corporation (“LDF”) and eBOOK Initiative Japan Co., Ltd. (“eBIJ”), to integrate the Company’s two wholly owned subsidiaries’ business and operations, with LDF as the surviving company (the “LDF-eBIJ Merger”). The effective date of the LDF-eBIJ Merger was September 1, 2024 and eBIJ was dissolved through an absorption-type merger under the applicable corporate laws in Japan. Basis of Presentation For the period prior to December 1, 2022, the accompanying financial statements and footnotes present the combined Parent consolidated and Wattpad consolidated financial information. For the period after December 1, 2022, the Studio Business financial information is presented as part of the Parent consolidated financial information and is combined with the remaining Wattpad consolidated financial information. For the period after June 1, 2023, Wattpad is presented as part of the Company consolidated financial information. These financial statements and footnotes are therefore referred to as “Consolidated Financial Statements” throughout. NAVER’s equity interest in Wattpad during the period preceding the Wattpad Transfer is reflected within “Group Equity” within the Consolidated Statements of Stockholders’ Equity and Group Equity. Upon completion of the Wattpad Transfer, the Company acquired NAVER’s equity interest in Wattpad and the Group Equity is no longer applicable. On June 26, 2024, the Company filed an Amended and Restated Certificate of Incorporation (the “Amended Charter”) which effectuated a 30-for-1 forward stock split of its common stock and adjusted the par value of its common stock from $0.01 to $0.0001 on such date. Accordingly, all share and per share amounts presented in the Consolidated Financial Statements have been retroactively adjusted to reflect the stock split and change in par value for all periods presented. In lieu of issuing fractional shares, the Company opted to pay the holder thereof an amount in cash equal to the fair market value of such fractional share. The Amended Charter authorized 2,100,000,000 shares of capital stock, consisting of 2,000,000,000 shares of common stock, par value $0.0001 per share, and 100,000,000 shares of undesignated preferred stock, par value $0.0001 per share. No preferred stock was issued and outstanding as of December 31, 2024 and December 31, 2023. On June 28, 2024, the Company completed its initial public offering (the “IPO”) in which it issued and sold 15,000,000 shares of its common stock at a public offering price of $21.00 per share. The Company received proceeds of approximately $281.7 million from the IPO, net of underwriting discounts and commissions of $22.1 million and offering costs of $11.2 million. Additionally, the underwriters have the option, for a period of 30 days, to purchase up to an additional 2,250,000 common shares at the public offering price, less the underwriting discount and commissions to cover over-allotment. On July 26, 2024, the underwriters exercised the over-allotment option to purchase 1,371,549 shares of common stock for proceeds of $26.8 million, net of underwriting discounts and commissions. Substantially concurrently with the closing of the IPO, the Company issued 2,380,952 shares of common stock to NAVER U.Hub Inc., a wholly-owned subsidiary of NAVER, at the public offering price of $21.00 per share for aggregate proceeds of $50.0 million. The sale of such shares to U.Hub is not registered under the Securities Act and these shares were subject to a 180-day lock-up agreement with the underwriters in connection with the offering. The underwriters did not receive any fees in connection with the sale of such shares. Prior to the IPO, deferred offering costs, which consist of direct incremental legal, accounting, and other fees relating to the IPO, were capitalized in Other non-current assets on the Consolidated Balance Sheets. Upon completion of the IPO, all deferred offering costs were reclassified into stockholders’ equity as an offset against proceeds from the IPO. In addition, as of June 30, 2024, the Company had accrued a $30.0 million cash bonus that became due to the chief executive officer upon completion of the IPO. The bonus was paid out, less applicable payroll related taxes and expenses, in July 2024. The following Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year ends on December 31. Dollar amounts presented in tables are shown in thousands of United States Dollars (in thousands of USD). Changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions (investments by owners and distributions to owners acting in their capacity as owners) with no gain or loss recognized in net loss or comprehensive loss. The carrying amount of any non-controlling interest is adjusted to reflect the change in a parent’s ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the non-controlling interest is adjusted is recognized in equity attributable to the parent. All intercompany and intra-entity transactions and balances have been eliminated. The Consolidated Financial Statements for all periods presented included all the cost of doing business, including the expenses that represent services provided by NAVER to the Company and its subsidiaries. Such services under certain agreements are charged to the Company and its subsidiaries based on estimated cost allocation plus mark-up methodology, which management believes is approximating arm’s length costs. The Company believes the charges are reasonably calculated in accordance with SAB Topic 1 Q2. The amounts are billed to and paid for by the Company or its subsidiaries on a regular basis. Change in Filer Status Upon completion of the IPO, the Company ceased to be an “emerging growth company” (“EGC”), as defined in the Jumpstart our Business Startups Act of 2012 (“JOBS Act”), due to exceeding the annual gross revenue threshold. Accordingly, we may no longer take advantage of EGC-related reduced reporting requirements that delay the adoption of new or revised accounting standards that are otherwise applicable to public companies. As the Company has been a public company for less than twelve months and has not yet filed a Form 10-K, the Company complies with non-accelerated public company filer effective dates of adoption. The loss of EGC status did not have a significant impact on our Consolidated Financial Statements. Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates relate primarily to determining the fair value of assets and liabilities acquired in business combinations, acquired intangible assets and goodwill, unit price of virtual currency in revenue recognition, deferred revenue, allowance for credit losses, evaluation of contingencies, deferred tax assets net of a valuation allowance, uncertain tax positions, the fair value of stock-based awards, the fair value of debt and equity securities and the fair value of reporting units for goodwill impairment testing. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates. Segment Information The Company operates as one operating segment which is also its reportable segment. Our Chief Executive Officer (“CEO”) is our Chief Operating Decision Maker (“CODM”), who assesses performance and makes resource allocations based on financial data presented on a consolidated basis. See Note 14. Segment and Geographic Information for more information related to the Company’s segment. Foreign Currency The functional currency of the Parent and reporting currency for the Company is U.S. dollars. The Korean won and the Japanese yen are the functional currencies of our major operating subsidiaries. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in Accumulated other comprehensive loss as a separate component of the Consolidated Statements of Stockholders’ Equity and Group Equity and in the effect of exchange rate changes on cash and cash equivalents in the Consolidated Statements of Cash Flows. Revenue Recognition The Company primarily generates revenue through its platform by providing users with access to Paid Content, and by providing advertising services on the platform. We recognize revenue when services are transferred to customers at the transaction price which considers estimated returns on promotional discounts and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical data is used to estimate returns, promotional discounts, and earned loyalty rewards using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and update our estimate of transaction price as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price which is primarily determined based on the price charged to customers for sales on a stand-alone basis. Paid Content Revenue Paid Content revenue is recognized when the Company provides services that provide content to users through the platform. Content provided by the platform includes, but is not limited to, web-comics, movies, web-novels, and e-books. We have an obligation to upload and maintain content on the platform by contracting with creators and publishers to make the content available to our customers. On most of our offering, customers purchase access to content by first purchasing a virtual currency (such as Coins or Cookies) then redeeming such virtual currency for access to particular content. There are other offerings where content can be purchased directly with cash. For the majority of transactions, we have determined that we are the principal for services provided to users and recognize revenue gross of commissions payable to the creator or publisher. In cases where we have determined that we are an agent in the transaction, we recognize revenue net of amounts remitted to the creator or publisher. The determination of whether the Company is a principal or as an agent in Paid Content revenue transactions requires significant judgment and is based on an assessment of relevant accounting guidance and the arrangements the Company has in place with creators or publishers and end users. Key considerations in this determination include the Company’s ability to control access to, monetization of, and promotion of the content, as well as its responsibility for resolution of end user inquiries and complaints and its ability to establish the price of the content on the platform. The period of time the user can view the content varies depending on the platform and the terms of the arrangement with the user. We recognize Paid Content revenue over the estimated service period, which we determine based on the weighted average number of days between the first day the user can access the content and last day the user views the content, which varies by platform and is typically within one week. We believe this provides a reasonable depiction of the transfer of services. Paid Content revenue also includes the sale of physical books from other publishers. The Company earns commissions on the sales of books to end users from merchants that sell their products through the Company’s offerings. For the majority of these transactions, the Company is not the seller of record, nor does it take control of the related inventory, which has led the Company to determine that it is an agent in these transactions. Accordingly, although the Company processes and collects the full payment on these transactions, it records revenue net of amounts remitted to the third party merchant when control transfers to the customer, generally at the time of product shipment from its facilities. Advertising Revenue We post advertisements on our websites and mobile applications and recognize revenue for advertising services. Advertising revenue is recognized at the point in time the advertisement is displayed or based on clicks, impressions, or end-user activity, which represents the point in time that control is transferred to the customer thereby completing our performance obligation. When the customer is an advertising agency, advertising revenue is comprised of the commission the Company earns for lending advertisement space to the advertising agency. IP Adaptations We internally develop IP Adaptations for films, streaming series, or other rich media format adaptations, the majority of which are commissioned for production by third party studios or streaming platforms. IP Adaptations revenue is recognized based on the terms of the contract with the customer and the determination of the Company’s performance obligation is dependent on which party has authority to make key creative decisions on the produced content. For IP Adaptations where the content is made to an individual customer specification such that the customer controls the output during the production process, the Company’s performance obligation is production services. Revenue and the associated costs of such contracts are recognized over time on a percentage of completion basis. For IP Adaptations where the Company controls the key creative decisions and output of the production process, its performance obligation is the sale of content to third-party studios and video-streaming platforms. Fixed payments for the content are recognized as revenue on a gross basis upon delivery and acceptance of the content or as sales-based royalties when sell-through sales of the content occur. IP Adaptations revenue also includes license fees generated from sub-licensing content to third parties for secondary media such as video game production. Content sub-licensing revenue is recognized when the Company brokers licensing arrangements between creators or publishers and other third-party platforms on a net commission basis as the Company is acting as an agent in these transactions. IP Adaptations also include the sale of licensed merchandise under two types of arrangements. In one type of arrangement the Company acts as a principal in the sale of licensed merchandise, while in the other, the Company serves as an agent. In Korea, the Company directly sells licensed merchandise to customers through digital storefronts, including the related-party NAVER platform and other e-commerce websites. The merchandise is manufactured by third parties in small batches to meet estimated demand or fulfill preorders. As the seller of record, the Company takes control of the relevant inventory prior to distribution, sets the merchandise price, and manages any after-sale issues including refund claims. Thus, the Company is considered a principal in this type of arrangement and recognizes revenues on a gross basis. In other countries, the Company generates merchandise revenues by licensing IP to third parties who operate all aspects of the revenue stream, from manufacturing the products to maintaining the online merchandise store which operates under the WEBTOON brand. Licensing fees are determined by the contractual commission rate or fixed fee applied to the underlying sales of merchandise. In this type of arrangement, the Company is considered an agent as it is not the seller of record, nor does it take control of the related inventory. Accordingly, although the Company processes and collects the full payments on these transactions, the Company recognizes revenues net of the amounts remitted to the third-party merchant when control transfers to the customer, generally at the time of product shipment from its facilities. Cost of Revenue Cost of revenue primarily consists of the commission fees payable to content rights holders as well as other costs directly associated with the acquisition, licensing and production of content, such as payroll and related personnel expenses, amortization and production related costs. Cost of revenue also includes fees charged by payment gateway companies for processing payments on the offerings as well as platform fees payable to companies that provide consumers with the ability to download the mobile app through app stores (such as Google and Apple) or to third parties providing a platform hosting service. Marketing Marketing expenses primarily consist of online and offline advertising and marketing program costs. Marketing expenses also include market research and public relations related expenses that support marketing activities. Advertising costs are expensed as incurred and total advertising expenses were $36.6 million, $28.3 million and $70.9 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. General and Administrative Expenses General and administrative expenses include all our operating costs, excluding cost of revenue and marketing, as described above. More specifically, these expenses include costs related to operating and maintenance of our platform, general corporate function costs, and depreciation and amortization of non-operating assets. Stock-Based Compensation The Company accounts for stock-based employee compensation arrangements in accordance with U.S. GAAP which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company determines the fair value of equity-based awards granted on the grant date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimate. See Note 11. Stock-Based Compensation for more information on the Company’s stock compensation plans. Stock-Based Awards Issued to Employees of NAVER The Company issues stock-based awards to employees of NAVER that do not render services to the Company. The Company measures the award based on the grant-date fair value and accounts for the awards as a dividend distribution to NAVER following the attribution principles of ASC 718. Defined severance benefits We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate. We recognize the defined severance benefits in the Consolidated Balance Sheets with a corresponding adjustment to Consolidated Statements of Operations and Comprehensive Loss. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the discount rates, salary growth rates, and certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate. We have adopted a policy of immediate recognition of actuarial gains and losses where any differences arising from the annual remeasurement is immediately charged in the period of the remeasurement within the Consolidated Statements of Operations and Comprehensive Loss as Other income (loss), net. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. The consolidated financial statements reflect the jurisdictional netting of deferred tax assets and liabilities within each tax jurisdiction. However, the tax footnote disclosures are presented on a gross basis, without netting across jurisdictions, to provide a detailed breakdown of deferred tax balances as required by the applicable accounting standards. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement. The Company does not record a deferred tax liability for the excess of the book basis over the tax basis of its investments in foreign subsidiaries to the extent that the basis difference meets the indefinite reversal criteria. These criteria are met if the Company has invested or will invest the undistributed earnings on the foreign subsidiaries indefinitely. The management’s intention is to invest the undistributed earnings on the foreign subsidiaries indefinitely. The decision as to the amount of undistributed earnings that the Company intends to maintain in non-U.S. subsidiaries takes into account various items, including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans, capital improvement programs, merger and acquisition plans, and planned loans to other non-U.S. subsidiaries. Cash and Cash Equivalents Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase and are mainly comprised of bank deposits. Receivables, net of allowance for credit losses Receivables, net of allowance for credit losses, are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Receivable balances are primarily receivables due from payment gateway providers relating to sales processed for the Company’s online platform service business, as well as receivables from advertising activities, net of estimated allowances for credit losses. The Company estimates the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and the credit quality of the customers, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectibility and other economic factors over the lifetime of the receivables. The Company writes off accounts against the allowance for credit losses when they are deemed to be uncollectible. The total allowances for credit losses as of December 31, 2024, and December 31, 2023, were $3.4 million and $1.1 million, respectively. Credit loss expense is included in General and administrative expenses. Reclassifications Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. Property and Equipment, net Property and equipment, net is stated at historical cost, less accumulated depreciation. Property and equipment primarily include buildings, land, leasehold improvements, and information technology equipment. Depreciation expense is classified within General and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred. Leases We determine whether an arrangement is or contains a lease at contract inception. Leases with contractual terms greater than twelve months are classified as either operating or finance leases. Operating leases are recorded as operating lease right-of-use assets and operating lease liabilities on the Consolidated Balance Sheets. We elected to account for lease and non-lease components as a single lease component for all classes of assets and elected to not record leases with an initial term of twelve months or less on the Consolidated Balance Sheets. If the rate implicit in the Company’s leases is not readily determinable, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments over the lease term. When the Company has the option to extend the term or terminate the lease before the contractual expiration date, and it is reasonably certain that it will exercise the option, the Company considers these options in determining the lease term. The Company’s operating leases are comprised of leases of real estate and equipment that are typically entered into for a fixed term that may contain extension and termination options. Certain agreements have free rent periods or escalating rent payment provisions. Rent expense is recognized on a straight-line basis over the lease term. The Company subleases its properties, which are all classified as operating leases. Any sub-leasing revenue is classified as Other income (loss), net. The Company does not have any finance leases. See Note 8. Leases for further information. Impairment of Long-lived Assets Long-lived assets include property and equipment, trademarks, copyrights, patents, software, brand and other intangible assets with finite lives. Long-lived assets are not required to be tested for impairment annually, but rather whenever circumstances indicate that the carrying amount of the asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may indicate potential impairment. When the undiscounted future cash flows indicate the long-lived asset or asset group is not recoverable, any potential impairment loss is measured and recognized at the amount by which the carrying value exceeds its fair value. See Note 6. Property and Equipment, net and Note 7. Goodwill, net and Intangible Assets, net for impairments recognized in the year ended December 31, 2024, December 31, 2023 and December 31, 2022. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting advisory, and other fees and costs relating to the Company’s planned initial public offering are capitalized within Other current assets, net on the Consolidated Balance Sheets for the year ended December 31, 2023. Upon the closing of the initial public offering, the deferred offering costs in the amount of $11.2 million were offset against the proceeds received by the Company. Change in Estimated Useful Lives of Intangible Assets The Company conducts an annual review, at a minimum, of the estimated useful lives of its finite-lived intangible assets. This review indicates that the actual lives of certain intangible assets were shorter than the estimated useful lives over which such assets are amortized due to the abandonment of certain intangible assets that cease to be used. As a result, the Company recognized accelerated amortization expense for these intangible assets of $3.9 million, $2.5 million and $1.9 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. Fair Value Measurements Certain financial instruments are required to be recorded at fair value. Other financial instruments, including cash and cash equivalents, are recorded at cost, which approximates fair value. Additionally, receivables, term deposits, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these financial instruments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. We measure the fair value of certain equity securities based on quoted prices in active markets for identical assets or liabilities. Other debt and equity securities are valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Fair Value Option The Company elects to account for debt securities under the fair value option in accordance with ASC 825, Financial Instruments, (“ASC 825”). Under the fair value option, these debt securities are recognized at fair value at inception and change in fair value at each subsequent reporting date is recognized as a component of Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss. Equity Securities without Readily Determinable Fair Value For equity securities without readily determinable fair value, securities are recorded at cost less impairment, and adjusted for subsequent observable price changes as of the date that an observable transaction takes place. The Company performs a qualitative assessment on a quarterly basis to determine if any observable price changes have occurred. If the qualitative assessment indicates that an observable price change has occurred for the same or similar security of the issuer, a gain or loss is recorded equal to the difference between the fair value and carrying value in the current period as a component of Other income (loss), net. Loans Typically, loans that do not meet the definition of a debt security, are stated at amortized cost, net of allowance for credit losses. We write off loans against the allowance for credit losses when they are deemed to be uncollectible. Refer to Receivables, net of allowance for credit losses in Note 1. Description of Business and Summary of Significant Accounting Policies for additional information on estimated credit losses for loan receivables. Accrued interest receivable on loans is recorded in the Consolidated Balance Sheets in Other current assets, net. As of December 31, 2024 and December 31, 2023, accrued interest receivable was $0.7 million and $1.4 million, respectively. Equity Method Investments We apply the equity method to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. There is a rebuttable presumption that an investor has significant influence when it owns more than 20% of the common stock of a corporation and more than 3% partnership interest in a partnership. This presumption may be overcome based on specific facts and circumstances that demonstrate the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock. We record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. Basis differences between the cost of an equity method investment and the underlying equity in the intangible assets are amortized over the estimated economic useful life of the underlying intangible asset. We record dividends or other equity distributions as reductions in the carrying value of the investment. If net losses reduce our carrying amount to zero, additional net losses may reduce other investments in the same investee, if they exist. Such additional equity method losses, if any, are based upon the change in our claim on the investee’s book value. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions, discounted cash flow analysis, recent operating results, comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below its carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred, such as the length of the time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value, and general market conditions. The estimation of fair value and whether an other-than-temporary impairment has occurred requires the application of significant judgment and future results may vary from current assumptions. If declines in the value of the equity method investments are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of Loss on equity method investment, net on the Consolidated Statements of Operations and Comprehensive Loss. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, term deposits, receivables and loan receivables. We maintain cash deposits, cash equivalent balances with several financial institutions. Cash and cash equivalents may be withdrawn or redeemed on demand. We believe that these financial institutions that hold our cash, cash equivalents and term deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. We extend credit to our customers, payment gateway companies and borrowers based on an evaluation of their ability to pay amounts due under contractual arrangement and generally do not obtain or require collateral. Cash and cash equivalents, receivables and loan receivables are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with several financial institutions that management believes are of high credit quality. The Company’s receivables include amounts concentrated with three payment gateway companies representing 54.9% and 49.6% of the total receivables balance as of December 31, 2024 and December 31, 2023, respectively. Three borrowers represent 89.0% and 96.6% of the total loan receivables balance as of December 31, 2024 and December 31, 2023, respectively. There are no individual customers who account for more than 10% of total revenue for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, or 10% or more of its receivables balance as of December 31, 2024 or December 31, 2023. Business Combinations We include the results of operations of the businesses that we acquire from the date of acquisition. We determine the fair value of the assets acquired and liabilities assumed based on their estimated fair values as of the respective date of acquisition. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. Our estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. As a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. At the conclusion of the measurement period, any subsequent adjustments are reflected in the Consolidated Statements of Operations and Comprehensive Loss. When we issue payments or grants of equity to selling stockholders in connection with an acquisition, we evaluate whether the payments or awards are compensatory. This evaluation includes whether cash payments or stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for the cash to be paid or stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense. Transaction costs associated with business combinations are expensed as incurred and are included in General and administrative expenses in our Consolidated Statements of Operations and Comprehensive Loss. Variable Interest Entity We determine at the inception of each arrangement whether an entity in which we have made an investment or in which we have other variable interests is considered a variable interest entity (“VIE”). We consolidate a VIE when we are the primary beneficiary (see Note 16. Related Parties and Variable Interest Entity). We are the primary beneficiary of a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If we are not the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary. Common Control Transactions Assets and liabilities transferred in common control transactions are recognized at the historical cost of the ultimate parent of the entities under common control. In determining the receiving entity in common control transactions, the entity that first came under control of the ultimate parent is presented as the accounting receiving entity regardless of the legal form of the transaction. Any difference in the amount paid by the receiving entity versus the assets and liabilities transferred at the historical cost of the ultimate parent to the receiving entity is recorded as an adjustment to equity. Business combinations between entities under common control that result in a change in reporting entity are accounted for retrospectively for all periods presented as if the combination had been in effect since the inception of common control. Assets acquisitions between entities under common control are accounted for prospectively. When performing goodwill impairment testing during the period when common control transactions are retrospectively presented, we use the historical reporting unit structures of each of the respective common control entities. The reporting units are reassessed for goodwill impairment testing purposes at the time of the common control transaction to the extent any changes are made to the reporting units as a result of such common control transaction. Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company evaluates goodwill and indefinite-lived intangible assets such as membership and intellectual property rights for impairment annually as of October 1, or earlier if an event or other circumstance indicates that it may not recover the carrying value of the asset. If the Company believes that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, a quantitative impairment test is not required. Reporting units are businesses for which individual financial information is available. If a qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit goodwill or other indefinite-lived intangible asset exceeds its fair value, a quantitative impairment test is performed. The Company may elect to bypass this qualitative assessment for annual impairment evaluations as of October 1 for some or all of its reporting units and perform a quantitative test. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, an impairment charge is recorded for the amount by which the carrying amount exceeds the fair value, not to exceed the amount of goodwill recorded for that reporting unit. Application of the goodwill impairment test requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. In determining the fair value of the reporting units, management considers both the income approach and the market approach. Fair value is estimated using a discounted cash flow model (income valuation approach) based on projections of future years’ operating results and associated cash flows combined with comparable trading and transaction multiples based on guideline public companies. The calculated estimated fair value of the reporting unit reflects a number of significant management assumptions and estimates including the forecast of revenue growth, terminal growth rates, and discount rates. Changes in these assumptions could materially impact the estimated fair value. The Company’s projections incorporate management’s best estimates of the expected future results, which include expectations related to new and retained business and future operating margins. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows. Basic and Diluted Losses per Share The share numbers are retroactively stated for purposes of calculating weighted average number of shares outstanding for loss per share to reflect the outstanding shares of Wattpad as if the equity structure of the Parent (the accounting acquirer) was stated to reflect the number of shares of Wattpad (the accounting acquiree) issued in the common control transactions. Basic loss per share available to common stockholders is computed by dividing the net loss available to common stockholders by the weighted average number of common stock outstanding for the period. Diluted loss per share is computed using the weighted-average number of shares of common stock and potentially dilutive potential common shares outstanding during the period. The dilutive loss per share impact of the subsidiaries is included in our numerator when calculating loss per share. Each reporting period, a measurement period adjustment is recorded to adjust the redeemable non-controlling interest to its maximum redemption amount with changes recorded in retained earnings (or Additional paid-in capital if the Company has an accumulated deficit) if such non-controlling interest is probable of being redeemed. Changes to redemption value will be reflected as a corresponding adjustment to the numerator for earnings (loss) per share. As of December 31, 2024, December 31, 2023, and December 31, 2022, no adjustments were made to redemption value or loss per share as the redeemable non-controlling interest was not probable of being redeemed. Recent Accounting Pronouncements Adopted In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842), Common Control Arrangements, which clarifies the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. ASU 2023-01 became effective for us on January 1, 2024. The adoption of ASU 2023-01 did not have a material effect on our Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 become effective for us on January 1, 2024, for fiscal years and January 1, 2025, for interim periods on a retrospective basis for all periods presented in the financial statements. We do not believe the impact of the new guidance and related codification improvements had a material impact to our financial position, results of operations and cash flows. Recent Accounting Pronouncements Yet to Be Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 includes a number of amendments to clarify or improve disclosure and presentation requirements of a variety of topics in order to allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements and to align the requirements in the FASB accounting standard codification with the SEC’s regulations. The effective date for each amendment will be 2 years after the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, which requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024, on a prospective basis and retrospective application is permitted. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements. In March 2024, the SEC adopted new rules that will require disclosures about climate-related risks that are reasonably likely to have a material impact on registrants’ business strategy, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant’s greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. We are currently evaluating the potential impact of these rules on our Consolidated Financial Statements and related disclosures. In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Balance Sheet Components and Assets Held for Sale - Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-Lived Assets Held-for-Sale [Line Items]
Total assets held for sale	$ 0	$ 6,827
Land
Long-Lived Assets Held-for-Sale [Line Items]
Total assets held for sale	0	6,670
Buildings
Long-Lived Assets Held-for-Sale [Line Items]
Total assets held for sale	$ 0	$ 157

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

2020 Equity Incentive Plan

In November 2020, the Company’s board of directors approved and adopted the 2020 Equity Incentive Plan (the “2020 Plan”) that was amended and restated in December 2021 (“First Amendment”), February 2023 (“Second Amendment”) and in November 2023 (“Third Amendment”). The 2020 Plan governs the terms for the granting of incentive stock options, non-statutory stock options and RSUs, to employees, consultants, and directors of the Company. The Company granted stock options that vest upon the satisfaction of both service-based and performance-based conditions and stock options that vest upon satisfaction of a service-based condition. In addition, the Company granted RSUs that vest upon the satisfaction of both service-based and performance-based conditions, RSUs that vest upon the satisfaction of either a service-based condition or a performance-based condition and RSUs that vest upon the satisfaction of a service-based condition. For the stock options and RSUs with the performance conditions satisfied upon the completion of the Company’s IPO, the Company recorded $48.6 million in stock-based compensation expense, consisting primarily of a cumulative catch-up adjustment related to such awards based on the full or partial fulfillment of requisite service periods. Unrecognized stock-based compensation expense related to these awards will be recorded over the remaining requisite service period. Under the 2020 Plan, 7,639,440 shares of the Company’s common stock reflecting 2024 stock split effect were initially reserved for grant. Options and RSUs under the 2020 Plan that expire or are forfeited, canceled, exchanged or repurchased are returned to the pool of shares of common stock available for issuance under the 2020 Plan. The maximum number of shares of the Company’s common stock issuable under the 2020 Plan is 19,288,192 shares. As of December 31, 2024, and December 31, 2023, the Company had 5,277,764 shares and 5,033,250 shares of common stock available for future issuance, respectively.

2024 Omnibus Incentive Plan

In June 2024, the Company's board of directors adopted, and the stockholders approved, the 2024 Omnibus Incentive Plan ("2024 Plan"), which became effective on June 14, 2024. The Company initially reserved 10,950,515 shares of common stock for issuance under the 2024 Plan. Under the 2024 Plan, the number of common shares reserved will be increased by 5% or any such smaller number of shares as determined by the board of directors beginning on January 1, 2025 through January 1, 2034. Shares of the Company’s common stock subject to an award under the 2024 Plan shall again be made available for issuance or delivery under the 2024 Plan if such shares are (i) shares delivered, withheld or surrendered in payment of the exercise or purchase price of an award, (ii) shares delivered, withheld, or surrendered to satisfy any tax withholding obligation or (iii) shares subject to a stock-settled award that expires or is canceled, forfeited or terminated without issuance of the full number of shares to which the award related. The 2024 Plan provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, other share-based awards, other cash-based awards, substitute awards, and performance awards to employees, consultants, executives, and directors. As of December 31, 2024, the Company had 10,818,583 shares of common stock available for future issuance, under the 2024 Plan.

Stock options

The Company’s stock options are granted with exercise prices equal to the estimated fair value of common stock at the date of grant. For stock options that vest only upon the satisfaction of both service and performance-based vesting conditions with cliff vesting at the end of the requisite service period (all of which were granted prior to the completion of the Company’s IPO), the Company recognizes stock-based compensation expense over the requisite service period when the performance condition is deemed probable or met. Such pre-IPO options vest on the third anniversary of the grant date, subject to the recipient remaining an employee of the Company and the performance-based condition was satisfied upon the completion of the Company's IPO. Options with only a service-based condition generally vest quarterly over three years from the vesting start date, subject to the recipient remaining an employee of the Company at each vesting date. Stock options issued under the 2020 Plan expire eight years from the grant date. As of December 31, 2024, the total unrecognized compensation expense related to unvested stock options was $12.39 million and is expected to be recognized over the remaining weighted-average service period of 1.62 years using the straight-line method, net of estimated forfeitures.

The table below summarizes the Company’s stock option activity:


(in thousands of USD, except unit price)	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Balance as of January 1, 2024	10,883,310	$	14.18	5.8	$	75,758
Granted	241,920	22.45
Forfeited	125,490	16.67
Exercised	67,489	11.05			252
Balance as of December 31, 2024	10,932,251	$	14.36	4.9	$	19,163
Options vested and expected to vest as of December 31, 2024	10,790,203	$	14.27	4.3	19,163
Options exercisable as of December 31, 2024	8,381,081	$	11.45	4.1	19,163

The fair value of the Company’s stock options was estimated using a Black-Scholes option pricing model on the grant date based on the following assumptions:


	2024	2023	2022
Weighted-average expected term	5.5 years	4.9 years	5.5 years
Weighted-average expected volatility	34.60%	34.15%	31.50%
Expected dividend yield	—	—	—
Risk-free interest rate	3.85%-4.52%	4.15%-4.62%	3.85%
Weighted-average grant-date fair value	$9.04	$7.94	$11.81

All stock options were granted prior to the completion of the Company’s IPO. As the Company was privately held prior to its IPO and did not have trading history for the Company’s common stock, the expected price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers that also served as benchmark references in the Company’s common stock valuations. The expected term is the midpoint between the end of the requisite service period and the contractual term of the award. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group. The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock.

Restricted Stock Units

The Company granted (i)under the 2020 Plan RSUs with both a service- and performance-based condition, RSUs that vest upon satisfaction of a service-based condition or a performance-based condition, and RSUs that vest upon a service-based condition and (ii) under the 2024 Plan, RSUs that vest upon a service-based condition. RSUs generally time-vest over one to four years from the vesting start date, subject to the recipient remaining an employee of the Company at each vesting date. For RSUs subject to a performance-based condition, the performance condition was satisfied upon the completion of the Company's IPO. The RSUs carry dividend-equivalent rights during the vesting period which is accrued over the vesting period if the Company declares any dividends. Dividend equivalents are subject to the same vesting conditions applicable to the underlying RSUs and the dividend-equivalent rights are forfeited in the event the recipient is no longer an employee on the vesting date. The accrued dividend is paid upon vesting of the RSUs. As of December 31, 2024, no dividends were declared.

As of December 31, 2024, the total unrecognized compensation expense related to unvested RSUs was $28.8 million and is expected to be recognized over the remaining weighted-average service period of 2.45 years using the straight-line method and graded-vesting methods, as appropriate, net of estimated forfeitures. The total fair value of RSUs vested during the year ended December 31, 2024 was $6.6 million. No RSUs vested during the years ended December 31, 2023 and 2022.

The table below summarizes the Company’s RSU activity:


(in USD per unit)	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of January 1, 2024	509,192	$	20.34
Granted	2,783,197	22.06
Forfeited	(149,769)	22.50
Released	(506,845)	20.53
Balance as of December 31, 2024	2,635,775	$	22.00

A summary of compensation expenses for all stock-based payment arrangements recognized in Cost of revenue, Marketing and General and administrative expense on our Consolidated Statements of Operations and Comprehensive Loss is as follows:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Cost of revenue	$	10,561	$	1,196	$	4,093
Marketing	1,575		444		277
General and administrative expenses	75,243		6,705		47
Total	$	87,379	$	8,345	$	4,417

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

^[1]

$ 1,348,478

$ 1,282,748

$ 1,079,388

^[2]

1,009,410

987,258

806,377

^[3]

331,984

210,762

207,728

^[4]

6,482

(23,574)

937

Related Parties

72,228

78,698

54,422

96,498

22,412

14,848

(7,691)

203

574

32,478

30,945

30,194

$ 3,592

$ 4,761

$ 614

[1]	Includes amounts earned from related parties of $72,228, $78,698 and $54,422 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $96,498, $22,412 and $14,848 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $32,478, $30,945 and $30,194 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts earned from related parties of $3,592, $4,761 and $614 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Condensed Statement of Income Captions [Line Items]

The aggregate cost of goods produced and sold and services rendered during the reporting period.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2024	Nov. 30, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 14, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 48,600	$ 87,379	$ 8,345	$ 4,417
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense on stock options			$ 12,390
Unrecognized stock-based compensation expense, period for recognition			1 year 7 months 13 days
Expected dividend yield (percent)			0.00%	0.00%	0.00%
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense, period for recognition			2 years 5 months 12 days
Unrecognized stock-based compensation expense			$ 28,800
Fair value of RSUs that vested in period			$ 6,600
RSUs that vested in period (shares)				0	0
RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			1 year
RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
2020 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (shares)		7,639,440	5,277,764	5,033,250
Maximum number of common stock issuable under the Plan (shares)			19,288,192
2020 Plan [Member] \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period			8 years
2024 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (shares)			10,818,583			10,950,515
Percentage of automatic increase in reserved shares	5.00%
Awards with Service Conditions \| 2020 Plan [Member] \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period			3 years

Condensed Financial Information of Parent - Condensed Statement of Operations and Comprehensive Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

^[1]

$ 1,348,478

$ 1,282,748

$ 1,079,388

^[2]

(1,009,410)

(987,258)

(806,377)

^[3]

(107,783)

(121,086)

(180,002)

^[4]

(331,984)

(210,762)

(207,728)

Operating Loss

(100,699)

(36,358)

(114,719)

15,820

3,009

1,166

844

(1,123)

(12,339)

(4,694)

^[5]

6,482

(23,574)

937

Loss before income tax

(149,308)

(132,753)

(118,154)

(3,604)

(12,006)

(14,369)

Share of other comprehensive income (loss) of equity method investments, net of tax

(152,912)

(144,759)

(132,523)

Other comprehensive income (loss):

(94)

(906)

190

Total other comprehensive loss, net of tax

(72,029)

(18,157)

(29,200)

Total comprehensive loss

(224,941)

(162,916)

(161,723)

Parent

Condensed Statement of Income Captions [Line Items]

38,836

73,922

100,921

(33,737)

(60,478)

(96,365)

(2,761)

(16,760)

(66,585)

(145,667)

(26,226)

(15,461)

Operating Loss

(143,329)

(29,542)

(77,490)

14,326

3,513

965

(8)

(13,933)

(89,524)

(25,713)

2,476

(752)

(1,497)

Loss before income tax

(140,460)

(116,305)

(103,743)

(3,445)

(150)

(104)

Share of other comprehensive income (loss) of equity method investments, net of tax

(143,905)

(116,455)

(103,847)

Other comprehensive income (loss):

(69,796)

(18,157)

(29,200)

Total other comprehensive loss, net of tax

(69,796)

(18,157)

(29,200)

Total comprehensive loss

$ (213,701)

$ (134,612)

$ (133,047)

[1]	Includes amounts earned from related parties of $72,228, $78,698 and $54,422 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $96,498, $22,412 and $14,848 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $(7,691), $203 and $574 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts incurred from related parties of $32,478, $30,945 and $30,194 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts earned from related parties of $3,592, $4,761 and $614 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 1. Description of Business and Summary of Significant Accounting Policies should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 3 Instruments.


Level 3 Instruments						Valuation Techniques and Significant Inputs
Debt and Equity Securities						Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available (i) Transactions in similar instruments; (ii) discounted cash flow techniques; (iii) third party appraisals; (iv) binomial option pricing models; and (v) industry multiples and public comparables.

						Evidence of value in investees includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including (i) current financial performance as compared to projected performance; (ii) capitalization rates and multiples; and (iii) market yields implied by transactions of similar or related assets.

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of December 31, 2024 and December 31, 2023. These ranges do not represent a range of values for any single instrument. For example, the lowest discount rate for a particular redeemable convertible preferred stock investment may be appropriate for valuing that specific debt security but may not be appropriate for valuing any other debt securities in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2024

Debt Securities

Redeemable Convertible Preferred Stock

48,142

Option Pricing model

Discount rate

9.01%-21.94%

Volatility

41.60%-66.30%

Total

48,142

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

506

Measurement alternative

Private equity securities

Measurement alternative

Convertible Preferred Stock

5,477

Option Pricing model

Discount rate

3.00%-16.71%

Volatility

44.96%-50.60%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

22,034

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2023

Debt Securities

Redeemable Convertible Preferred Stock

48,277

Option Pricing model

Discount rate

9.82%-23.71%

Volatility

33.50%-65.39%

Total

48,277

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

574

Measurement alternative

Private equity securities

857

Measurement alternative

Convertible Preferred Stock

8,152

Option Pricing model

Discount rate

4.41%-18.26%

Volatility

40.50%-49.60%

Convertible Preferred Stock

2,264

Measurement alternative

Total

26,847

______________

As noted above, the binomial optional pricing model was used in the determination of fair value of Level 3 assets as of December 31, 2024 and December 31, 2023. The significant unobservable inputs used in the binomial option pricing model are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments.

The following tables present a summary of the Company’s assets categorized within the fair value hierarchy as of December 31, 2024 and December 31, 2023:


	As of December 31, 2024
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	2	$	—	$	22,034	$	22,036
Debt Securities	—		—		48,142		48,142
Total recorded at fair value	$	2	$	—	$	70,176	$	70,178


	As of December 31, 2023
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	16,109	$	—	$	26,847	$	42,956
Debt Securities	—		—		48,277		48,277
Total recorded at fair value	$	16,109	$	—	$	75,124	$	91,233

The Level 1 equity securities relate to a contribution to investments in public equity securities that have readily determinable fair values.

The Level 3 equity securities relate to the Company’s investments in privately held companies through the purchase of convertible preferred stock, private equity securities, Simple Agreement For Future Equity (SAFE), contribution to

investment fund and redeemable convertible preferred stock. For these equity securities, the Company does not have the ability to exercise significant influence on the investee, and therefore accounts for them as equity securities under ASC Topic 321, Investments in Equity Securities.

The Level 3 debt securities relate to the Company’s investments in privately held companies through the purchase of redeemable convertible preferred stock that meet the definition of a debt security.

The below tables present a summary of changes in fair value of Level 1 and Level 3 assets by investment type (in thousands of USD):


	Year Ended December 31, 2024
	Level 1		Level 3
	Equity Securities		Equity Securities		Debt Securities
Beginning balance, January 1	$	16,109	$	26,847	$	48,277
Purchases	—		1,000		—
Business disposition	—		(776)		6,522
Net unrealized gain (loss)	3,351		(949)		(81)
Sales and settlement	—		(2,713)		(19)
Reclassification1	(18,702)		—		—
Currency translation differences	(756)		(1,375)		(6,557)
Ending balance, December 31	$	2	$	22,034	$	48,142


	Year Ended December 31, 2023
	Level 1		Level 3
	Equity Securities		Equity Securities		Debt Securities
Beginning balance, January 1	$	8,680	$	31,672	$	68,787
Purchases	7,596		46		1,059
Consolidation inclusion	—		(1,630)		2,323
Net unrealized gain (loss)	394		(2,918)		(20,154)
Sales and settlement	—		—		(2,337)
Reclassification1	19		(19)		—
Currency translation differences	(580)		(304)		(1,401)
Ending balance, December 31	$	16,109	$	26,847	$	48,277

1Relates to reclassification of Celsys, which was an equity security as of December 31, 2023, and became an equity method investee as the Company acquired the right to appoint directors during 2024.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-SubTopic 820
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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Income Statement [Abstract]

^[1]

$ 1,348,478

$ 1,282,748

$ 1,079,388

^[2]

(1,009,410)

(987,258)

(806,377)

^[3]

(107,783)

(121,086)

(180,002)

^[4]

(331,984)

(210,762)

(207,728)

Operating Loss

(100,699)

(36,358)

(114,719)

15,820

3,009

1,166

Impairment losses on goodwill

(45)

(79)

(844)

(69,743)

(63,412)

(1,123)

(12,339)

(4,694)

^[5]

6,482

(23,574)

937

Loss before income tax

(149,308)

(132,753)

(118,154)

(3,604)

(12,006)

(14,369)

Net income (loss) attributable to WEBTOON Entertainment Inc.

(152,912)

(144,759)

(132,523)

(143,905)

(116,455)

(129,871)

Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests

(9,007)

(28,304)

(2,652)

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax

(71,935)

(17,251)

(28,985)

Loss on valuation of financial assets measured at fair value, net of tax

(405)

Share of other comprehensive income (loss) of equity method investments, net of tax

(94)

(906)

190

Total other comprehensive loss, net of tax

(72,029)

(18,157)

(29,200)

Total comprehensive loss

(224,941)

(162,916)

(161,723)

Total comprehensive loss attributable to WEBTOON Entertainment Inc.

(213,704)

(134,612)

(159,071)

Total comprehensive loss attributable to non-controlling interests and redeemable non-controlling interests

$ (11,237)

$ (28,304)

$ (2,652)

Weighted average shares outstanding

Basic (in shares)

119,231,997

109,505,150

106,501,020

Diluted (in shares)

119,231,997

109,505,150

106,501,020

Income (loss) per share attributable to WEBTOON Entertainment Inc.

Basic (in usd per share)

$ (1.21)

$ (1.06)

$ (1.22)

Diluted (in usd per share)

$ (1.21)

$ (1.06)

$ (1.22)

[1]	Includes amounts earned from related parties of $72,228, $78,698 and $54,422 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $96,498, $22,412 and $14,848 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $(7,691), $203 and $574 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts incurred from related parties of $32,478, $30,945 and $30,194 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts earned from related parties of $3,592, $4,761 and $614 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Non-Controlling Interest in Subsidiaries - Schedule Of Effects Of Changes In Ownership Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Net loss attributable to WEBTOON Entertainment Inc.	$ (143,905)	$ (116,455)	$ (129,871)
Changes in the Company’s equity for the issuance of 1,263,119 Munpia shares
Noncontrolling Interest [Line Items]
Issuance of common stock (in shares)			1,263,119
Changes in the Company’s equity for the purchase of 561,647 Munpia shares
Noncontrolling Interest [Line Items]
Issuance of common stock (in shares)			561,647
Changes in the Company’s equity for the purchase of 425,016 Munpia shares
Noncontrolling Interest [Line Items]
Issuance of common stock (in shares)			425,016
Munpia
Noncontrolling Interest [Line Items]
Net loss attributable to WEBTOON Entertainment Inc.	(143,905)	(116,455)	$ (129,871)
Net transfer to non-controlling interest	0	0	4,984
Change from net loss attributable to WEBTOON Entertainment Inc. and transfer to non-controlling interest	(143,905)	(116,455)	(124,887)
Munpia \| Changes in the Company’s equity for the issuance of 1,263,119 Munpia shares
Noncontrolling Interest [Line Items]
Net transfer to non-controlling interest	0	0	4,651
Munpia \| Changes in the Company’s equity for the purchase of 561,647 Munpia shares
Noncontrolling Interest [Line Items]
Net transfer to non-controlling interest	0	0	173
Munpia \| Changes in the Company’s equity for the purchase of 425,016 Munpia shares
Noncontrolling Interest [Line Items]
Net transfer to non-controlling interest	$ 0	$ 0	$ 160

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net and Intangible Assets, net

12 Months Ended

Dec. 31, 2024

Goodwill, net and Intangible Assets, net

Intangible assets, net as of December 31, 2024 and December 31, 2023 consist of the following:


	As of December 31, 2024
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,837	$	(27,565)	$	106,272
Intellectual property rights	4-14	109,552		(50,270)		59,282
Software	5	41,290		(26,576)		14,714
Trademarks, copyrights, and patents	4.32-15	80		(41)		39
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	259		—		259
Total intangible assets		$	285,364	$	(104,452)	$	180,912


	As of December 31, 2023
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	142,611	$	(19,250)	$	123,361
Intellectual property rights	10-14	107,254		(34,847)		72,407
Software	5	53,421		(30,710)		22,711
Trademarks, copyrights, and patents	4.32-15	415		(33)		382
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	295		—		295
Total intangible assets		$	304,342	$	(84,840)	$	219,502

Intangible assets, other than goodwill, are initially recognized at cost and stated net of accumulated amortization. The amortization expense is recorded in General and administrative expenses or Cost of revenue in our Consolidated Statements of Operations and Comprehensive Loss, depending upon the nature of activities. Brands, software, trademarks, copyrights and patents are amortized on a straight-line basis over their estimated useful lives. Intellectual property rights consist of exclusive rights under contracts, customer relationships, and publishing rights. Intellectual property rights with definite lives are amortized over their economic useful lives or the period over which we have exclusive and unrestricted rights to the content under the contract on a straight-line basis, while intellectual property rights with perpetual exclusive rights are treated as indefinite-lived assets.

Amortization expense for intangible assets for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, was $36.7 million, $34.5 million, and $31.5 million, respectively, which included the accelerated amortization expense for abandoned intellectual property rights of $3.9 million, $2.5 million, and $1.9 million, respectively.

Intangible asset amortization expenses for the following five years are expected to be as follows:


Years Ended December 31,	(in thousands of USD)
2025	$	32,306
2026	23,207
2027	15,430
2028	13,023
2029	13,023
Thereafter	83,318
Total intangible assets, net	$	180,307

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and December 31, 2023 are as follows:


	2024		2023

	(in thousands of USD)
Goodwill at January 1	$	843,298	$	884,052
Less: accumulated impairment losses	(64,122)		—
Goodwill, net at January 1	$	779,176	$	884,052

Goodwill Activity:

Foreign currency translation adjustments	(30,564)		(11,209)
Disposition, net	(13,594)		(30,255)
Impairments	(69,743)		(63,412)
Goodwill, net at December 31	$	665,275	$	779,176
Goodwill at December 31	$	761,770	$	843,298
Less: accumulated impairment losses*	(96,495)		(64,122)
Goodwill, net at December 31	$	665,275	$	779,176

______________

(*)Accumulated impairment losses include $101.4 million and $63.4 million of impairment charges for the years ended December 31, 2024 and December 31, 2023, respectively. Additionally, cumulative translation adjustments (“CTA”) resulted in a net reversal of $5.0 million for the year ended December 31, 2024, whereas a net charge of $0.7 million was recorded for the year ended December 31, 2023.

During 2024, the Company deconsolidated its reporting unit Jakga, which resulted in the Company derecognizing goodwill, net in the amount of $13.6 million, which consisted of goodwill of $44.3 million and accumulated impairment of $30.7 million. During 2023, the Company deconsolidated LOCUS which resulted in the Company derecognizing goodwill related to the reporting unit of $30.3 million (see Note 17. Disposition and Business Combinations). The Company is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate an impairment may have occurred.

For the years ended December 31, 2024, and December 31, 2023, the Company elected to bypass a qualitative assessment and performed a quantitative assessment to fulfill its annual goodwill impairment testing requirements under U.S. GAAP. The fair value of each reporting unit as of October 1, 2024, and October 1, 2023, respectively, was estimated using a discounted cash flow method with significant Level 3 inputs such as projected future cash flows, discount rate and terminal growth rate. The carrying values were based on each respective reporting unit’s net asset balance as of October 1, 2024, and October 1, 2023, respectively, and included directly attributable assets and liabilities, including goodwill.

The company recognized impairment loss on goodwill for Wattpad, Munpia, and WWS of $46.7 million, $20.3 million, and $2.7 million respectively, for the year ended December 31, 2024, as the carrying value of each reporting unit exceeded

the fair value of the respective reporting unit. For Wattpad, strategic shifts toward an ad-based revenue model has not yet yielded significant revenue improvement, resulting in delayed profitability enhancement which contributed to the impairment of the reporting unit. For Munpia, structural changes in operations, workforce reduction, and project delays resulted in the underperformance in revenue growth which contributed to the impairment of the reporting unit. In the case of WWS, lower than expected operating profits and cash flows contributed to the impairment of the reporting unit.

The Company recognized impairment loss on goodwill for WWS, Munpia, and Jakga of $6.1 million, $25.6 million, and $31.7 million, respectively, for the year ended December 31, 2023, as the carrying value of each reporting unit exceeded the fair value of the respective reporting unit. For WWS, the delay in web-novel video production resulted in lower operating profits and cash flows than expected, leading to the impairment of the reporting unit. As for Munpia, operating profits and cash flows were lower than anticipated due to a delay in realizing synergies and returns from investments in content creation and IP Adaptations which were initiated as a vertical expansion from Munpia’s platform business, leading to the impairment of the reporting unit. In the case of Jakga, the postponement of releases for major works led to operating profits and cash flows that were lower than anticipated, leading to the impairment of the reporting unit.

Making estimates requires significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the Consolidated Financial Statements could change in the near term due to one or more future events. Changes in these estimates and assumptions could materially affect the fair value of the reporting units, potentially resulting in a non-cash impairment charge.

For the year ended December 31, 2022, the Company recognized no goodwill impairment.

Revenue - Additional Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Customer liability revenue recognized during the period

^[1]

$ 1,348,478

$ 1,282,748

$ 1,079,388

70,400

66,300

48,100

Paid Content

Paid Content | Physical Book Sales Through Platform

1,083,026

1,028,960

851,871

10,900

7,500

8,600

IP Adaptations

IP Adaptations | Licensing Agreements

99,365

108,336

82,461

IP Adaptations | Merchandise Sales

12,900

11,500

8,800

$ 15,100

$ 14,000

$ 7,300

[1]	Includes amounts earned from related parties of $72,228, $78,698 and $54,422 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Short-Term Borrowings

Balance Sheet Components and Assets Held for Sale - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-Lived Assets Held-for-Sale [Line Items]
Depreciation expense		$ 3,400	$ 3,800	$ 3,300
Advance payments due to film production	$ 24,700	35,100	24,700
Advance payments charged to expense		200	1,200	400
Allowance on short-term loans	0	0	0
Term deposit balance pledged	19,875	26,328	19,875
Long-term advance payments due to film production contracts	8,700	8,500	8,700
Long-term advance payments charged to expense		6,900	4,400	14,500
Capitalized Contract Cost, Impairment Loss		400	500	500
Other Current Assets
Long-Lived Assets Held-for-Sale [Line Items]
Amortization		11,500	8,000	27,000
Other Noncurrent Assets
Long-Lived Assets Held-for-Sale [Line Items]
Amortization		36,300	64,200	$ 8,400
Held-for-Sale
Long-Lived Assets Held-for-Sale [Line Items]
Write-down loss recognized			0
Depreciation expense	0
Assets held for sale		0
Asset Pledged as a Compensating Balance Deposit \| Sumitomo Mitsui Banking Corporation
Long-Lived Assets Held-for-Sale [Line Items]
Term deposit balance pledged	$ 7,100	$ 8,000	$ 7,100

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

The carrying amounts of short-term borrowings as of December 31, 2024 and December 31, 2023 are as follows:


	Maturity Date	Interest rate(%)			As of December 31,
Lender				Interest type	2024		2023

					(in thousands of USD)


Industrial Bank of Korea Loan1	Jun-24	6.04	3	Floating rate	—		387
NW Media Loan2	Apr-24	1.35		Fixed rate	—		3,800
Total short-term borrowings					$	—	$	4,187

______________

1.As of December 31, 2023, debt includes $0.4 million related to Jakga, which was derecognized from the Company’s Consolidated Financial Statements when the Company deconsolidated Jakga on March 28, 2024.

2.In April 2022, the Company received a loan of $3.9 million from NAVER that NAVER subsequently transferred to its subsidiary NW Media Contents, Inc. (“NWMC”) in June 2022. In March 2023, the maturity date of NW Media Loan was extended, and subsequently repaid in April 2024.

3.Calculated as the 3 month KORIBOR, which ranged from 3.43% - 4.03% plus 2.17% for the year ended December 31, 2023.

Schedule of Long-Term Debt

Long-Term Debt


	Maturity Date	Interest rate(%)			As of December 31,
Lender				Interest type	2024		2023

					(in thousands of USD)




KOSME Loan1	Feb-25	2.00		Fixed rate	—		30
KOSME Loan1	Aug-25	2.85	2	Floating rate	—		65
Total principal long-term debt					$	—	$	95
Less: current portion of long-term debt					—		(65)
Total long-term debt					$	—	$	30

______________

1.Korea Small and Medium-sized Enterprises and Startups Agency (“KOSME”).

2.Calculated as the KOSME policy rate, which was 2.90% and 2.90% - 3.20% for the years ended December 31, 2024 and December 31, 2023, respectively.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Retirement Benefits - Defined Severance Benefit and Net Periodic Income Calculation Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Minimum
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rates	3.71%	4.81%
Salary growth rates	4.00%	5.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rates	4.81%	5.28%
Salary growth rates	5.00%	4.00%
Maximum
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rates	4.74%	5.95%
Salary growth rates	9.63%	10.31%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rates	5.95%	6.14%
Salary growth rates	10.31%	12.16%

Retirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance, January 1	$ 0	$ 428
Payments to plans	0	18
Disposition	0	(439)
Cumulative effects of foreign currency translation	0	(7)
Ending balance, December 31	$ 0	$ 0

Balance Sheet Components and Assets Held for Sale [Abstract]

Balance Sheet Components and Assets Held for Sale - Other Non-Current Assets, net (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Advance payments, net

$ 29,222

$ 29,181

Long-term loans, net

31,859

29,017

Total other non-current assets, net

4,825

6,238

^[1]

$ 65,906

$ 64,436

[1]	Includes amounts due from related parties of $32,072 and $15,876 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The table below summarizes the Company’s stock option activity:


(in thousands of USD, except unit price)	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Balance as of January 1, 2024	10,883,310	$	14.18	5.8	$	75,758
Granted	241,920	22.45
Forfeited	125,490	16.67
Exercised	67,489	11.05			252
Balance as of December 31, 2024	10,932,251	$	14.36	4.9	$	19,163
Options vested and expected to vest as of December 31, 2024	10,790,203	$	14.27	4.3	19,163
Options exercisable as of December 31, 2024	8,381,081	$	11.45	4.1	19,163

Schedule of Assumptions Used to Estimate Fair Value of Awards

The fair value of the Company’s stock options was estimated using a Black-Scholes option pricing model on the grant date based on the following assumptions:


	2024	2023	2022
Weighted-average expected term	5.5 years	4.9 years	5.5 years
Weighted-average expected volatility	34.60%	34.15%	31.50%
Expected dividend yield	—	—	—
Risk-free interest rate	3.85%-4.52%	4.15%-4.62%	3.85%
Weighted-average grant-date fair value	$9.04	$7.94	$11.81

Summary of RSU Activity

The table below summarizes the Company’s RSU activity:


(in USD per unit)	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of January 1, 2024	509,192	$	20.34
Granted	2,783,197	22.06
Forfeited	(149,769)	22.50
Released	(506,845)	20.53
Balance as of December 31, 2024	2,635,775	$	22.00

Summary of Compensation Expenses for All Stock-Based Payment Arrangements


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Cost of revenue	$	10,561	$	1,196	$	4,093
Marketing	1,575		444		277
General and administrative expenses	75,243		6,705		47
Total	$	87,379	$	8,345	$	4,417

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 28, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	333-279863
Registrant Name	WEBTOON ENTERTAINMENT INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3830533
Entity Address, Address Line One	5700 Wilshire Blvd.
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90036
City Area Code	323
Local Phone Number	424-3795
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	WBTN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 306.6
Entity Common Stock, Shares Outstanding		128,864,156
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Information required in response to Part III of Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference to portions of the registrant’s definitive proxy statement for the 2025 Annual Meeting of Stockholders (the “2025 Proxy Statement”), to be filed with the Securities and Exchange Commission (“SEC”) no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2024.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Central Index Key	0001997859

Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

Segment Information

The Company operates as one reportable segment, which derives its revenue from paid content, advertising, and IP adaptations revenue streams. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The CODM manages the Company as a consolidated ecosystem because the revenue streams are interrelated, and resources are shared.

The CODM uses net income (loss) as reported in our Consolidated Statements of Operations and Comprehensive Loss to assess performance and allocate resources such as employees and capital expenditures. Additionally, the net income (loss) is used to monitor trends in year-over-year or quarter-over-quarter performance comparisons and to compare actual results to forecasts.

The CODM receives and reviews expenses included in segment operating performance regularly. However, the CODM reviews general and administrative expenses on a more disaggregated basis to ensure the resources are in line with its business and operating needs.

The measure of segment revenue and assets are reported on the Consolidated Statements of Operations and Comprehensive Loss as total sales and the Consolidated Balance Sheets as total assets, respectively.

All intercompany and intra-entity transactions and balances have been eliminated.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:


	Year Ended December 31,
	2024		2023		2022
	(in thousands of USD)
Revenue	$	1,348,478	$	1,282,748	$	1,079,388
Less:
Cost of revenue	1,009,410		987,258		806,377
Marketing	107,783		121,086		180,002
General and administrative expenses - labor related	129,705		94,397		105,315
General and administrative expenses - non-labor related	202,279		116,365		102,413
Interest income	(15,820)		(3,009)		(1,166)
Interest expense	45		79		844
Loss on equity method investment, net	1,123		12,339		4,694
Goodwill - impairment losses	69,743		63,412		—
Other loss (income), net	(6,482)		23,574		(937)
Income tax expense	3,604		12,006		14,369
Net Loss	$	(152,912)	$	(144,759)	$	(132,523)

Geographic Information

Refer to Note 2. Revenue for revenues by location. The Company’s long-lived tangible assets as well as the Company’s operating lease right-of-use assets recognized on the Consolidated Balance Sheets, are located as follows:


	As of December 31,
	2024		2023

	(in thousands of USD)
Korea	$	17,465	$	35,702
Japan	182		923
Rest of World	2,784		4,539
Total long-lived tangible assets and operating lease right-of-use assets	$	20,431	$	41,164

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Balance Sheet Components and Assets Held for Sale [Abstract]

Balance Sheet Components and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of Assets Held for Sale

Major classes of assets held for sale as of December 31, 2023, are as follows:


	As of December 31, 2024		As of December 31, 2023
	(in thousands of USD)
Land	$	—	$	6,670
Building	—		157
Total assets held for sale	$	—	$	6,827

Schedule of Other Current Assets, net

Prepaid Expenses and Other Current Assets, net


	As of December 31,
	2024		2023
	(in thousands of USD)
Advance payments, net	$	47,545	$	37,148
Prepaid expenses	14,008		17,045
Other current assets, net	6,902		8,411
Term deposits	26,328		19,875
Total other current assets, net	$	94,783	$	82,479

Schedule of Other Non-Current Assets, net

Other Non-Current Assets, net


	As of December 31,
	2024		2023

	(in thousands of USD)
Advance payments, net	$	29,222	$	29,181

Long-term loans, net	31,859		29,017
Other non-current assets, net	4,825		6,238
Total other non-current assets, net	$	65,906	$	64,436

Schedule of Accrued Expenses

Accrued Expenses

Accrued expenses as of December 31, 2024, and December 31, 2023, consisted of :


	As of December 31,
	2024		2023

	(in thousands of USD)
Accrued royalties	$	21,201	$	17,597
Accrued allowances	8,531		9,174
Accrued bonuses	14,987		18,407
Accrued other expenses	17,490		17,604
Total Accrued Expenses	$	62,209	$	62,782

Revenue - Performance Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 85.9	$ 76.7	$ 77.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation			$ 77.1
Revenue remaining performance obligation expected			1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation		$ 76.7
Revenue remaining performance obligation expected		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 85.9
Revenue remaining performance obligation expected	1 year

Related Parties and Variable Interest Entity (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Significant Related Party Transactions

The Company entered into the following significant related party transactions during the periods presented:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Revenue generated	$	72,228	$	78,698	$	54,422
Cost of revenue incurred1	96,498		22,412		14,848
Marketing expenses incurred (cost reimbursed)2	(7,691)		203		574
General and administrative expenses incurred3	32,478		30,945		30,194
Other income, net	3,592		4,761		614
NAVER Loan repaid	—		—		(30,416)
NW Media Loan received	—		—		3,867
NW Media Loan repaid	(3,638)		—		—
Loan receivable provided	—		11,633		158
Loan receivable received	(204)		—		—

______________

1.All expenses are net amounts including reimbursement from its related parties.

The Company had the following significant balances due from and due to related parties as of December 31, 2024 and December 31, 2023:


	As of December 31,
	2024		2023

	(in thousands of USD)
Due from related parties
Receivables	$	59,495	$	63,723
Other current assets	9,258		—
Other non-current assets	3,569		4,243
Loan receivables	28,503		11,633
Due to related parties
Current portion of operating lease liabilities	3,506		6,426
Long-term operating lease liabilities	9,519		14,852
NW Media Loan	—		3,800
Accounts payables	17,173		6,713
Accrued expenses	5,562		—
Contract liabilities	—		16,160
Other	3		243

Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent

The Company performed a test on the restricted net assets of combined subsidiary in accordance with U.S. Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements of the parent company, WEBTOON Entertainment Inc.

These condensed Parent company only financial statements have been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto of WEBTOON Entertainment, Inc. and subsidiaries included in Part II, Item 8 of this Form 10-K. The Parent’s significant accounting policies are consistent with those described in Note 1 - “Description of Business and Summary of Significant Accounting Policies” in Part II, Item 8, except that all subsidiaries are accounted for as equity method investments.

Certain foreign subsidiaries are regulated by governmental requirements. As a result, the ability of these subsidiaries to pay dividends or loan money to our Parent company is restricted due to their earnings and applicable law. In addition, the Parent has certain regulatory restrictions that dividends are only payable out of surplus or current net profits.

Condensed Balance Sheet

(in thousands of USD, except share and per share data)


	As of December 31,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	364,927	$	45,966
Receivables, net of allowance	15,883		26,068
Other current assets, net	10,736		12,250
Total current assets	$	391,546	$	84,284
Property and equipment, net	210		266
Operating lease right-of-use assets	1,040		2,269

Debt and equity securities	16,000		17,264
Intangible asset, net	110		158
Investments in subsidiaries	1,001,775		1,086,772
Long-term loan1	76,131		76,131

Other non-current assets, net	48		369
Total assets	$	1,486,860	$	1,267,513
Liabilities and Equity
Current liabilities:
Accounts payable	4,689		2,127
Accrued expenses	7,287		12,072
Current portion of long-term operating lease liabilities	1,300		1,486
Contract liabilities	591		1,427
Other current liabilities	866		—
Total current liabilities	$	14,733	$	17,112
Non-current liabilities:
Long-term operating lease liabilities	—		1,260
Total liabilities	$	14,733	$	18,372
Stockholders’ equity:
Common stock	13		11
Additional paid-in capital	2,103,931		1,667,246
Accumulated other comprehensive income	(124,620)		(54,824)
Accumulated deficit	(507,197)		(363,292)
Total stockholders’ equity	$	1,472,127	$	1,249,141
Total liabilities and stockholders’ equity	$	1,486,860	$	1,267,513

______________

1.Consists of long-term loans to our subsidiaries WTEK, and LDF of $22,839 and $53,292, respectively, as of December 31, 2024 and December 31, 2023.

Condensed Statement of Operations and Comprehensive Loss

(in thousands of USD)


	Year Ended December 31,
	2024		2023		2022
Revenue	$	38,836	$	73,922	$	100,921
Cost of revenue	(33,737)		(60,478)		(96,365)
Marketing	(2,761)		(16,760)		(66,585)
General and administrative expenses	(145,667)		(26,226)		(15,461)
Operating Loss	$	(143,329)	$	(29,542)	$	(77,490)
Interest income	14,326		3,513		965
Interest expense	—		—		(8)
Loss on equity method investments, net	(13,933)		(89,524)		(25,713)
Other income (loss), net	2,476		(752)		(1,497)
Loss before income tax	$	(140,460)	$	(116,305)	$	(103,743)
Income tax expense	(3,445)		(150)		(104)
Net loss	$	(143,905)	$	(116,455)	$	(103,847)
Other comprehensive income (loss):

Share of other comprehensive income of equity method investments, net of tax	(69,796)		(18,157)		(29,200)
Total other comprehensive loss, net of tax	(69,796)		(18,157)		(29,200)
Total comprehensive loss	$	(213,701)	$	(134,612)	$	(133,047)

Condensed Statement of Cash Flows

(in thousands of USD)


	For the Year Ended December 31,
	2024		2023		2022
Operating activities:
Net loss	$	(143,905)	$	(116,455)	$	(103,847)
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	229		244		221
Interest income	(14,326)		(2,324)		(723)
Operating lease expense	1,229		1,595		1,772
Loss on foreign currency, net	—		—		858

Loss on equity method investments, net	13,933		89,524		25,713
Income tax expense	3,445		—		—
Stock-based compensation	81,893		—		—
Other non-cash items	72		407		(1,279)
Changes in operating assets and liabilities
Changes in receivables	10,184		(14,436)		(2,464)
Changes in other assets	3,588		(3,392)		(3,285)
Changes in accounts payable	10,532		(16,360)		1,425
Changes in accrued expenses	(4,785)		7,085		1,938
Changes in operating lease liabilities	(1,512)		(1,919)		(1,863)
Changes in contract liabilities	(835)		(13,304)		7,827
Changes in other liabilities	(1,242)		(15)		—
Net cash used in operating activities	$	(41,500)	$	(69,350)	$	(73,707)
Investing activities:
Proceeds from maturities of short-term investments	$	20,000	$	—	$	—
Proceeds from sale of debt and equity securities	$	2,264	$	—	$	—
Proceeds from sale of property and equipment	$	19	$	6	$	—
Payment made for short-term investments	(20,000)		—		—
Payments made for loan receivable	—		—		(22,839)
Purchases of debt and equity securities	(1,000)		—		(17,264)
Purchases of property and equipment	(144)		(29)		(114)
Purchases of intangible assets	(4)		(2)		(174)
Purchases of investments in subsidiaries	—		(6,000)		(20,003)
Net cash provided by (used in) investing activities	$	1,135	$	(6,025)	$	(60,394)
Financing activities:
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions	$	292,950	$	—	$	—
Proceeds from issuance of common stock related to private placement	$	50,000	$	—	$	—
Payments of initial public offering costs	$	(11,154)	$	—	$	—
Proceeds from exercise of over-allotment, net of underwriting discounts and commissions	$	26,786	$	—	$	—
Proceeds from issuance of common stock	$	—	$	—	$	408,372
Proceeds from short-term borrowings	—		—		22,000
Proceeds from stock option exercise	746		—		—
Repayments of short-term borrowings	—		—		(22,000)
Additional purchases of investments in subsidiaries	—		—		(165,533)
Net cash provided by financing activities	$	359,328	$	—	$	242,839
Effect of exchange rate changes on cash and cash equivalents	$	(2)	$	—	$	(858)
Net increase (decrease) in cash and cash equivalents	318,961		(75,375)		107,880


Cash and cash equivalents at beginning of the year	45,966		121,341		13,461
Cash and cash equivalents at end of the year	$	364,927	$	45,966	$	121,341
Supplemental disclosure:
Income taxes paid	$	(1,242)	$	(15)	$	978
Interest paid	—		—		8
Interest received	13,225		1,189		241
Non-cash transactions:
Loans related to the issuance of stock1	$	—	$	—	$	53,292
Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares2	—		579,876		—
Reclassification of deferred offering costs to additional paid-in capital upon IPO	11,215		—		—

______________

1.Loan to LDF issued to acquire eBIJ.

2.Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.

Segment and Geographic Information (Details) - Reportable Segment - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	$ 20,431	$ 41,164
Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	17,465	35,702
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	182	923
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	$ 2,784	$ 4,539

Retirement Benefits - Changes in Defined Severance Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance, January 1	$ 24,316	$ 31,132
Current service costs	6,532	8,026	$ 9,306
Interest expense	1,279	1,509	1,229
Actuarial gain	(4,086)	(10,272)
Payments from plans	(1,026)	(1,157)
Transfer in/out	70	(1,480)
Disposition	0	(2,897)
Cumulative effects of foreign currency translation	(4,054)	(545)
Ending balance, December 31	23,031	24,316	31,132
Liability, Defined Benefit Plan [Abstract]
Total	23,031	24,316	$ 31,132
Current	1,001	955
Non-current	$ 22,030	$ 23,361

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation For the period prior to December 1, 2022, the accompanying financial statements and footnotes present the combined Parent consolidated and Wattpad consolidated financial information. For the period after December 1, 2022, the Studio Business financial information is presented as part of the Parent consolidated financial information and is combined with the remaining Wattpad consolidated financial information. For the period after June 1, 2023, Wattpad is presented as part of the Company consolidated financial information. These financial statements and footnotes are therefore referred to as “Consolidated Financial Statements” throughout. NAVER’s equity interest in Wattpad during the period preceding the Wattpad Transfer is reflected within “Group Equity” within the Consolidated Statements of Stockholders’ Equity and Group Equity. Upon completion of the Wattpad Transfer, the Company acquired NAVER’s equity interest in Wattpad and the Group Equity is no longer applicable. The following Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year ends on December 31. Dollar amounts presented in tables are shown in thousands of United States Dollars (in thousands of USD). Changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions (investments by owners and distributions to owners acting in their capacity as owners) with no gain or loss recognized in net loss or comprehensive loss. The carrying amount of any non-controlling interest is adjusted to reflect the change in a parent’s ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the non-controlling interest is adjusted is recognized in equity attributable to the parent. All intercompany and intra-entity transactions and balances have been eliminated. The Consolidated Financial Statements for all periods presented included all the cost of doing business, including the expenses that represent services provided by NAVER to the Company and its subsidiaries. Such services under certain agreements are charged to the Company and its subsidiaries based on estimated cost allocation plus mark-up methodology, which management believes is approximating arm’s length costs. The Company believes the charges are reasonably calculated in accordance with SAB Topic 1 Q2. The amounts are billed to and paid for by the Company or its subsidiaries on a regular basis.
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates relate primarily to determining the fair value of assets and liabilities acquired in business combinations, acquired intangible assets and goodwill, unit price of virtual currency in revenue recognition, deferred revenue, allowance for credit losses, evaluation of contingencies, deferred tax assets net of a valuation allowance, uncertain tax positions, the fair value of stock-based awards, the fair value of debt and equity securities and the fair value of reporting units for goodwill impairment testing. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Segment Information	Segment Information The Company operates as one operating segment which is also its reportable segment. Our Chief Executive Officer (“CEO”) is our Chief Operating Decision Maker (“CODM”), who assesses performance and makes resource allocations based on financial data presented on a consolidated basis. See Note 14. Segment and Geographic Information for more information related to the Company’s segment.
Foreign Currency	Foreign Currency The functional currency of the Parent and reporting currency for the Company is U.S. dollars. The Korean won and the Japanese yen are the functional currencies of our major operating subsidiaries. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in Accumulated other comprehensive loss as a separate component of the Consolidated Statements of Stockholders’ Equity and Group Equity and in the effect of exchange rate changes on cash and cash equivalents in the Consolidated Statements of Cash Flows.
Revenue Recognition	Revenue Recognition The Company primarily generates revenue through its platform by providing users with access to Paid Content, and by providing advertising services on the platform. We recognize revenue when services are transferred to customers at the transaction price which considers estimated returns on promotional discounts and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical data is used to estimate returns, promotional discounts, and earned loyalty rewards using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and update our estimate of transaction price as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price which is primarily determined based on the price charged to customers for sales on a stand-alone basis. Paid Content Revenue Paid Content revenue is recognized when the Company provides services that provide content to users through the platform. Content provided by the platform includes, but is not limited to, web-comics, movies, web-novels, and e-books. We have an obligation to upload and maintain content on the platform by contracting with creators and publishers to make the content available to our customers. On most of our offering, customers purchase access to content by first purchasing a virtual currency (such as Coins or Cookies) then redeeming such virtual currency for access to particular content. There are other offerings where content can be purchased directly with cash. For the majority of transactions, we have determined that we are the principal for services provided to users and recognize revenue gross of commissions payable to the creator or publisher. In cases where we have determined that we are an agent in the transaction, we recognize revenue net of amounts remitted to the creator or publisher. The determination of whether the Company is a principal or as an agent in Paid Content revenue transactions requires significant judgment and is based on an assessment of relevant accounting guidance and the arrangements the Company has in place with creators or publishers and end users. Key considerations in this determination include the Company’s ability to control access to, monetization of, and promotion of the content, as well as its responsibility for resolution of end user inquiries and complaints and its ability to establish the price of the content on the platform. The period of time the user can view the content varies depending on the platform and the terms of the arrangement with the user. We recognize Paid Content revenue over the estimated service period, which we determine based on the weighted average number of days between the first day the user can access the content and last day the user views the content, which varies by platform and is typically within one week. We believe this provides a reasonable depiction of the transfer of services. Paid Content revenue also includes the sale of physical books from other publishers. The Company earns commissions on the sales of books to end users from merchants that sell their products through the Company’s offerings. For the majority of these transactions, the Company is not the seller of record, nor does it take control of the related inventory, which has led the Company to determine that it is an agent in these transactions. Accordingly, although the Company processes and collects the full payment on these transactions, it records revenue net of amounts remitted to the third party merchant when control transfers to the customer, generally at the time of product shipment from its facilities. Advertising Revenue We post advertisements on our websites and mobile applications and recognize revenue for advertising services. Advertising revenue is recognized at the point in time the advertisement is displayed or based on clicks, impressions, or end-user activity, which represents the point in time that control is transferred to the customer thereby completing our performance obligation. When the customer is an advertising agency, advertising revenue is comprised of the commission the Company earns for lending advertisement space to the advertising agency. IP Adaptations We internally develop IP Adaptations for films, streaming series, or other rich media format adaptations, the majority of which are commissioned for production by third party studios or streaming platforms. IP Adaptations revenue is recognized based on the terms of the contract with the customer and the determination of the Company’s performance obligation is dependent on which party has authority to make key creative decisions on the produced content. For IP Adaptations where the content is made to an individual customer specification such that the customer controls the output during the production process, the Company’s performance obligation is production services. Revenue and the associated costs of such contracts are recognized over time on a percentage of completion basis. For IP Adaptations where the Company controls the key creative decisions and output of the production process, its performance obligation is the sale of content to third-party studios and video-streaming platforms. Fixed payments for the content are recognized as revenue on a gross basis upon delivery and acceptance of the content or as sales-based royalties when sell-through sales of the content occur. IP Adaptations revenue also includes license fees generated from sub-licensing content to third parties for secondary media such as video game production. Content sub-licensing revenue is recognized when the Company brokers licensing arrangements between creators or publishers and other third-party platforms on a net commission basis as the Company is acting as an agent in these transactions. IP Adaptations also include the sale of licensed merchandise under two types of arrangements. In one type of arrangement the Company acts as a principal in the sale of licensed merchandise, while in the other, the Company serves as an agent. In Korea, the Company directly sells licensed merchandise to customers through digital storefronts, including the related-party NAVER platform and other e-commerce websites. The merchandise is manufactured by third parties in small batches to meet estimated demand or fulfill preorders. As the seller of record, the Company takes control of the relevant inventory prior to distribution, sets the merchandise price, and manages any after-sale issues including refund claims. Thus, the Company is considered a principal in this type of arrangement and recognizes revenues on a gross basis. In other countries, the Company generates merchandise revenues by licensing IP to third parties who operate all aspects of the revenue stream, from manufacturing the products to maintaining the online merchandise store which operates under the WEBTOON brand. Licensing fees are determined by the contractual commission rate or fixed fee applied to the underlying sales of merchandise. In this type of arrangement, the Company is considered an agent as it is not the seller of record, nor does it take control of the related inventory. Accordingly, although the Company processes and collects the full payments on these transactions, the Company recognizes revenues net of the amounts remitted to the third-party merchant when control transfers to the customer, generally at the time of product shipment from its facilities.
Cost of Revenue	Cost of Revenue Cost of revenue primarily consists of the commission fees payable to content rights holders as well as other costs directly associated with the acquisition, licensing and production of content, such as payroll and related personnel expenses, amortization and production related costs. Cost of revenue also includes fees charged by payment gateway companies for processing payments on the offerings as well as platform fees payable to companies that provide consumers with the ability to download the mobile app through app stores (such as Google and Apple) or to third parties providing a platform hosting service.
Marketing	Marketing Marketing expenses primarily consist of online and offline advertising and marketing program costs. Marketing expenses also include market research and public relations related expenses that support marketing activities.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses include all our operating costs, excluding cost of revenue and marketing, as described above. More specifically, these expenses include costs related to operating and maintenance of our platform, general corporate function costs, and depreciation and amortization of non-operating assets.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based employee compensation arrangements in accordance with U.S. GAAP which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company determines the fair value of equity-based awards granted on the grant date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimate. See Note 11. Stock-Based Compensation for more information on the Company’s stock compensation plans. Stock-Based Awards Issued to Employees of NAVER The Company issues stock-based awards to employees of NAVER that do not render services to the Company. The Company measures the award based on the grant-date fair value and accounts for the awards as a dividend distribution to NAVER following the attribution principles of ASC 718.
Defined severance benefits	Defined severance benefits We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate. We recognize the defined severance benefits in the Consolidated Balance Sheets with a corresponding adjustment to Consolidated Statements of Operations and Comprehensive Loss. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the discount rates, salary growth rates, and certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate. We have adopted a policy of immediate recognition of actuarial gains and losses where any differences arising from the annual remeasurement is immediately charged in the period of the remeasurement within the Consolidated Statements of Operations and Comprehensive Loss as Other income (loss), net.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. The consolidated financial statements reflect the jurisdictional netting of deferred tax assets and liabilities within each tax jurisdiction. However, the tax footnote disclosures are presented on a gross basis, without netting across jurisdictions, to provide a detailed breakdown of deferred tax balances as required by the applicable accounting standards. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement. The Company does not record a deferred tax liability for the excess of the book basis over the tax basis of its investments in foreign subsidiaries to the extent that the basis difference meets the indefinite reversal criteria. These criteria are met if the Company has invested or will invest the undistributed earnings on the foreign subsidiaries indefinitely. The management’s intention is to invest the undistributed earnings on the foreign subsidiaries indefinitely. The decision as to the amount of undistributed earnings that the Company intends to maintain in non-U.S. subsidiaries takes into account various items, including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans, capital improvement programs, merger and acquisition plans, and planned loans to other non-U.S. subsidiaries.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase and are mainly comprised of bank deposits
Receivables, net of allowance for credit losses	Receivables, net of allowance for credit losses Receivables, net of allowance for credit losses, are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Receivable balances are primarily receivables due from payment gateway providers relating to sales processed for the Company’s online platform service business, as well as receivables from advertising activities, net of estimated allowances for credit losses. The Company estimates the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and the credit quality of the customers, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectibility and other economic factors over the lifetime of the receivables. The Company writes off accounts against the allowance for credit losses when they are deemed to be uncollectible. The total allowances for credit losses as of December 31, 2024, and December 31, 2023, were $3.4 million and $1.1 million, respectively. Credit loss expense is included in General and administrative expenses.
Reclassifications	Reclassifications Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation.
Property and Equipment, net	Property and Equipment, net Property and equipment, net is stated at historical cost, less accumulated depreciation. Property and equipment primarily include buildings, land, leasehold improvements, and information technology equipment. Depreciation expense is classified within General and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred.
Leases	Leases We determine whether an arrangement is or contains a lease at contract inception. Leases with contractual terms greater than twelve months are classified as either operating or finance leases. Operating leases are recorded as operating lease right-of-use assets and operating lease liabilities on the Consolidated Balance Sheets. We elected to account for lease and non-lease components as a single lease component for all classes of assets and elected to not record leases with an initial term of twelve months or less on the Consolidated Balance Sheets. If the rate implicit in the Company’s leases is not readily determinable, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments over the lease term. When the Company has the option to extend the term or terminate the lease before the contractual expiration date, and it is reasonably certain that it will exercise the option, the Company considers these options in determining the lease term. The Company’s operating leases are comprised of leases of real estate and equipment that are typically entered into for a fixed term that may contain extension and termination options. Certain agreements have free rent periods or escalating rent payment provisions. Rent expense is recognized on a straight-line basis over the lease term.
Leases	The Company subleases its properties, which are all classified as operating leases. Any sub-leasing revenue is classified as Other income (loss), net. The Company does not have any finance leases. See Note 8. Leases for further information.
Impairment of Long-lived Assets	Impairment of Long-lived Assets Long-lived assets include property and equipment, trademarks, copyrights, patents, software, brand and other intangible assets with finite lives. Long-lived assets are not required to be tested for impairment annually, but rather whenever circumstances indicate that the carrying amount of the asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may indicate potential impairment. When the undiscounted future cash flows indicate the long-lived asset or asset group is not recoverable, any potential impairment loss is measured and recognized at the amount by which the carrying value exceeds its fair value.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, consisting of legal, accounting advisory, and other fees and costs relating to the Company’s planned initial public offering are capitalized within Other current assets, net on the Consolidated Balance Sheets for the year ended December 31, 2023. Upon the closing of the initial public offering, the deferred offering costs in the amount of $11.2 million were offset against the proceeds received by the Company.
Change in Estimated Useful Lives of Intangible Assets	Change in Estimated Useful Lives of Intangible Assets The Company conducts an annual review, at a minimum, of the estimated useful lives of its finite-lived intangible assets. This review indicates that the actual lives of certain intangible assets were shorter than the estimated useful lives over which such assets are amortized due to the abandonment of certain intangible assets that cease to be used.
Fair Value Measurements, Fair Value Option, Equity Securities without Readily Determinable Fair Values and Loans	Fair Value Measurements Certain financial instruments are required to be recorded at fair value. Other financial instruments, including cash and cash equivalents, are recorded at cost, which approximates fair value. Additionally, receivables, term deposits, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these financial instruments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. We measure the fair value of certain equity securities based on quoted prices in active markets for identical assets or liabilities. Other debt and equity securities are valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Fair Value Option The Company elects to account for debt securities under the fair value option in accordance with ASC 825, Financial Instruments, (“ASC 825”). Under the fair value option, these debt securities are recognized at fair value at inception and change in fair value at each subsequent reporting date is recognized as a component of Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss. Equity Securities without Readily Determinable Fair Value For equity securities without readily determinable fair value, securities are recorded at cost less impairment, and adjusted for subsequent observable price changes as of the date that an observable transaction takes place. The Company performs a qualitative assessment on a quarterly basis to determine if any observable price changes have occurred. If the qualitative assessment indicates that an observable price change has occurred for the same or similar security of the issuer, a gain or loss is recorded equal to the difference between the fair value and carrying value in the current period as a component of Other income (loss), net. Loans Typically, loans that do not meet the definition of a debt security, are stated at amortized cost, net of allowance for credit losses. We write off loans against the allowance for credit losses when they are deemed to be uncollectible. Refer to Receivables, net of allowance for credit losses in Note 1. Description of Business and Summary of Significant Accounting Policies for additional information on estimated credit losses for loan receivables.
Equity Method Investments	Equity Method Investments We apply the equity method to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. There is a rebuttable presumption that an investor has significant influence when it owns more than 20% of the common stock of a corporation and more than 3% partnership interest in a partnership. This presumption may be overcome based on specific facts and circumstances that demonstrate the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock. We record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. Basis differences between the cost of an equity method investment and the underlying equity in the intangible assets are amortized over the estimated economic useful life of the underlying intangible asset. We record dividends or other equity distributions as reductions in the carrying value of the investment. If net losses reduce our carrying amount to zero, additional net losses may reduce other investments in the same investee, if they exist. Such additional equity method losses, if any, are based upon the change in our claim on the investee’s book value. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions, discounted cash flow analysis, recent operating results, comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below its carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred, such as the length of the time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value, and general market conditions. The estimation of fair value and whether an other-than-temporary impairment has occurred requires the application of significant judgment and future results may vary from current assumptions. If declines in the value of the equity method investments are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of Loss on equity method investment, net on the Consolidated Statements of Operations and Comprehensive Loss.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, term deposits, receivables and loan receivables. We maintain cash deposits, cash equivalent balances with several financial institutions. Cash and cash equivalents may be withdrawn or redeemed on demand. We believe that these financial institutions that hold our cash, cash equivalents and term deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. We extend credit to our customers, payment gateway companies and borrowers based on an evaluation of their ability to pay amounts due under contractual arrangement and generally do not obtain or require collateral. Cash and cash equivalents, receivables and loan receivables are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with several financial institutions that management believes are of high credit quality.
Business Combinations	Business Combinations We include the results of operations of the businesses that we acquire from the date of acquisition. We determine the fair value of the assets acquired and liabilities assumed based on their estimated fair values as of the respective date of acquisition. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. Our estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. As a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. At the conclusion of the measurement period, any subsequent adjustments are reflected in the Consolidated Statements of Operations and Comprehensive Loss. When we issue payments or grants of equity to selling stockholders in connection with an acquisition, we evaluate whether the payments or awards are compensatory. This evaluation includes whether cash payments or stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for the cash to be paid or stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense. Transaction costs associated with business combinations are expensed as incurred and are included in General and administrative expenses in our Consolidated Statements of Operations and Comprehensive Loss.
Variable Interest Entity	Variable Interest Entity We determine at the inception of each arrangement whether an entity in which we have made an investment or in which we have other variable interests is considered a variable interest entity (“VIE”). We consolidate a VIE when we are the primary beneficiary (see Note 16. Related Parties and Variable Interest Entity). We are the primary beneficiary of a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If we are not the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
Common Control Transactions	Common Control Transactions Assets and liabilities transferred in common control transactions are recognized at the historical cost of the ultimate parent of the entities under common control. In determining the receiving entity in common control transactions, the entity that first came under control of the ultimate parent is presented as the accounting receiving entity regardless of the legal form of the transaction. Any difference in the amount paid by the receiving entity versus the assets and liabilities transferred at the historical cost of the ultimate parent to the receiving entity is recorded as an adjustment to equity. Business combinations between entities under common control that result in a change in reporting entity are accounted for retrospectively for all periods presented as if the combination had been in effect since the inception of common control. Assets acquisitions between entities under common control are accounted for prospectively. When performing goodwill impairment testing during the period when common control transactions are retrospectively presented, we use the historical reporting unit structures of each of the respective common control entities. The reporting units are reassessed for goodwill impairment testing purposes at the time of the common control transaction to the extent any changes are made to the reporting units as a result of such common control transaction.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company evaluates goodwill and indefinite-lived intangible assets such as membership and intellectual property rights for impairment annually as of October 1, or earlier if an event or other circumstance indicates that it may not recover the carrying value of the asset. If the Company believes that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, a quantitative impairment test is not required. Reporting units are businesses for which individual financial information is available. If a qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit goodwill or other indefinite-lived intangible asset exceeds its fair value, a quantitative impairment test is performed. The Company may elect to bypass this qualitative assessment for annual impairment evaluations as of October 1 for some or all of its reporting units and perform a quantitative test. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, an impairment charge is recorded for the amount by which the carrying amount exceeds the fair value, not to exceed the amount of goodwill recorded for that reporting unit. Application of the goodwill impairment test requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. In determining the fair value of the reporting units, management considers both the income approach and the market approach. Fair value is estimated using a discounted cash flow model (income valuation approach) based on projections of future years’ operating results and associated cash flows combined with comparable trading and transaction multiples based on guideline public companies. The calculated estimated fair value of the reporting unit reflects a number of significant management assumptions and estimates including the forecast of revenue growth, terminal growth rates, and discount rates. Changes in these assumptions could materially impact the estimated fair value. The Company’s projections incorporate management’s best estimates of the expected future results, which include expectations related to new and retained business and future operating margins. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows.
Basic and Diluted Loss per Share	Basic and Diluted Losses per Share The share numbers are retroactively stated for purposes of calculating weighted average number of shares outstanding for loss per share to reflect the outstanding shares of Wattpad as if the equity structure of the Parent (the accounting acquirer) was stated to reflect the number of shares of Wattpad (the accounting acquiree) issued in the common control transactions. Basic loss per share available to common stockholders is computed by dividing the net loss available to common stockholders by the weighted average number of common stock outstanding for the period. Diluted loss per share is computed using the weighted-average number of shares of common stock and potentially dilutive potential common shares outstanding during the period. The dilutive loss per share impact of the subsidiaries is included in our numerator when calculating loss per share. Each reporting period, a measurement period adjustment is recorded to adjust the redeemable non-controlling interest to its maximum redemption amount with changes recorded in retained earnings (or Additional paid-in capital if the Company has an accumulated deficit) if such non-controlling interest is probable of being redeemed. Changes to redemption value will be reflected as a corresponding adjustment to the numerator for earnings (loss) per share. As of December 31, 2024, December 31, 2023, and December 31, 2022, no adjustments were made to redemption value or loss per share as the redeemable non-controlling interest was not probable of being redeemed.
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Yet to Be Adopted	Recent Accounting Pronouncements Adopted In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842), Common Control Arrangements, which clarifies the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. ASU 2023-01 became effective for us on January 1, 2024. The adoption of ASU 2023-01 did not have a material effect on our Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 become effective for us on January 1, 2024, for fiscal years and January 1, 2025, for interim periods on a retrospective basis for all periods presented in the financial statements. We do not believe the impact of the new guidance and related codification improvements had a material impact to our financial position, results of operations and cash flows. Recent Accounting Pronouncements Yet to Be Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 includes a number of amendments to clarify or improve disclosure and presentation requirements of a variety of topics in order to allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements and to align the requirements in the FASB accounting standard codification with the SEC’s regulations. The effective date for each amendment will be 2 years after the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, which requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024, on a prospective basis and retrospective application is permitted. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements. In March 2024, the SEC adopted new rules that will require disclosures about climate-related risks that are reasonably likely to have a material impact on registrants’ business strategy, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant’s greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. We are currently evaluating the potential impact of these rules on our Consolidated Financial Statements and related disclosures. In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Uncertain tax position liability (Korea)		$ (169)	$ (268)	$ 1,069
Total current income tax expense		28,139	27,579	21,514
Total deferred income tax expense	$ (17,000)	(24,535)	(15,573)	(7,145)
Total income tax expense		$ 3,604	$ 12,006	$ 14,369
Effective tax rate (percent)		(2.41%)	(9.04%)	(12.16%)
U.S.
Effective Income Tax Rate Reconciliation [Line Items]
Current income tax expense		$ 3,444	$ 150	$ 104
Korea
Effective Income Tax Rate Reconciliation [Line Items]
Current income tax expense		23,074	25,881	20,322
Total deferred income tax expense		(5,673)	(13,156)	1,121
Other
Effective Income Tax Rate Reconciliation [Line Items]
Current income tax expense		1,790	1,816	19
Total deferred income tax expense		$ (18,862)	$ (2,417)	$ (8,266)

Consolidated Statements of Stockholders' Equity and Group Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive loss related to foreign currency translation adjustments	$ 1,519,881	$ 1,306,047	$ 1,468,502	$ 1,076,332
Dividends	17,400	0	0
Accumulated other comprehensive loss related to foreign currency translation adjustments
Accumulated other comprehensive loss related to foreign currency translation adjustments	$ 120,900	$ 51,200	$ 33,900

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Disposition and Business Combinations - Business Combinations Additional Information (Details) - USD ($) $ in Thousands					1 Months Ended			12 Months Ended
	Aug. 22, 2022	Jul. 05, 2022	Mar. 31, 2022	Feb. 09, 2022	Jul. 31, 2022	Mar. 31, 2022	Oct. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2020
Business Acquisition [Line Items]
Payments to acquire equity method investments								$ 9,068	$ 682	$ 14,151
Equity method investments								$ 78,668	$ 64,222	76,806
Jakga
Business Acquisition [Line Items]
Payments to acquire additional shares		$ 1,700
Subsequent interest held (percent)		50.40%
Gain recognized upon remeasurement of previously held interest										2,600
Remeasurement loss recognized										11,900
eBIJ
Business Acquisition [Line Items]
Payments to acquire additional shares			$ 52,500
Subsequent interest held (percent)			100.00%			100.00%
Fair value of common stock exchanged for additional share interest			$ 70,900
Non-current contingent consideration liability			$ 13,900			$ 13,900
LOCUS
Business Acquisition [Line Items]
Percentage of ownership acquired (percent)			53.60%			53.60%
Payments to acquire business, net of cash acquired			$ 23,200
Discount rate \| Jakga
Business Acquisition [Line Items]
Business acquisition measurement input (percent)		0.149
Discount rate \| JHS
Business Acquisition [Line Items]
Business acquisition measurement input (percent)	0.138
Terminal growth rate \| Jakga
Business Acquisition [Line Items]
Business acquisition measurement input (percent)		0.010
Terminal growth rate \| JHS
Business Acquisition [Line Items]
Business acquisition measurement input (percent)	0.010
Munpia
Business Acquisition [Line Items]
Investments in affiliates and joint ventures (percent)				20.20%
Payments to acquire equity method investments				$ 51,200
Settlement of outstanding loan				$ 91,300
Gain recognized upon remeasurement										100
Munpia \| Discount rate
Business Acquisition [Line Items]
Measurement input for equity method investment and noncontrolling interests held				0.136
Munpia \| Terminal growth rate
Business Acquisition [Line Items]
Measurement input for equity method investment and noncontrolling interests held				0.010
Jakga
Business Acquisition [Line Items]
Investments in affiliates and joint ventures (percent)											25.90%
Additional interest acquired (percent)					5.00%	5.40%	10.00%
eBIJ
Business Acquisition [Line Items]
Investments in affiliates and joint ventures (percent)			33.90%			33.90%
Equity method investments			$ 72,600			$ 72,600
JHS
Business Acquisition [Line Items]
Investments in affiliates and joint ventures (percent)	35.00%
Gain recognized upon remeasurement										$ 9,900
JHS \| Discount rate
Business Acquisition [Line Items]
Measurement input for equity method investment and noncontrolling interests held	0.138
JHS \| Terminal growth rate
Business Acquisition [Line Items]
Measurement input for equity method investment and noncontrolling interests held	0.010
Munpia \| JHS
Business Acquisition [Line Items]
Percentage of ownership acquired (percent)	100.00%
Shares issued in exchange of acquired interest (in shares)	1,263,119
Munpia \| JHS \| WTEK
Business Acquisition [Line Items]
Shares issued in exchange of acquired interest (in shares)	442,112
Munpia \| JHS \| Shareholders Of JHS
Business Acquisition [Line Items]
Shares issued in exchange of acquired interest (in shares)	821,007

Stock-Based Compensation - Summary of RSU activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of RSUs
Beginning balance (shares) \| shares	509,192
Granted (shares) \| shares	2,783,197
Forfeited (shares) \| shares	(149,769)
Released (shares) \| shares	(506,845)
Ending balance (shares) \| shares	2,635,775
Weighted Average Grant-Date Fair Value
Beginning balance (in usd per share) \| $ / shares	$ 20.34
Granted (in usd per share) \| $ / shares	22.06
Forfeited (in usd per share) \| $ / shares	22.50
Released (in usd per share) \| $ / shares	20.53
Ending balance (in usd per share) \| $ / shares	$ 22.00

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company engages in leasing arrangements that primarily involve office buildings, some of which are further subleased to third parties or related parties. The Company has not entered into any arrangements that include residual value guarantees for its leases. The Company has extension options for two lease offices, with extension periods of five years and one year, respectively; however, since the likelihood of extension is not reasonably certain, it is not reflected in the right-of-use assets and liabilities.

The components of lease expense for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, are as follows:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Operating lease expense1	$	10,446	$	11,965	$	10,988
Short-term lease expense	922		653		1,514
Total lease expense	$	11,368	$	12,618	$	12,502

1.Includes operating lease expense of $5.5 million, $7.2 million, and $5.0 million related to NAVER for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. See Note. 16 “Related Parties and Variable Interest Entity” for further details.

Lease expense is included within General and administrative expenses of the Consolidated Statements of Operations and Comprehensive Loss.

Supplemental disclosure of cash flow information related to operating leases is as follows:


	As of December 31,
	2024		2023		2022

	(in thousands of USD)
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,035	$	10,193	$	10,018
Right-of-use assets obtained in exchange for operating lease liabilities	15,070		2,806		33,326

The following table presents the weighted average remaining lease terms and discount rates as of December 31, 2024 and December 31, 2023:


	As of December 31,
	2024		2023
Weighted-average remaining lease term	3.56 years		3.33 years
Weighted-average discount rate	4.49	%	3.03	%

The aggregate future lease payments for operating lease liabilities as of December 31, 2024 are as follows:


Year	(in thousands of USD)
2025	$	6,313
2026	5,975
2027	4,242
2028	846
2029	479
Thereafter	1,168
Total future lease payments	19,023
Less: Imputed interest	(1,783)
Total	$	17,240

The Company subleases a portion of its operating lease right-of-use assets for buildings. Total other income generated from subleases is $0.3 million, $0.6 million, and $0.7 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively, and is included within Other income (loss), net of the Consolidated Statements of Operations and Comprehensive Loss.

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Short-Term Borrowings

The carrying amounts of short-term borrowings as of December 31, 2024 and December 31, 2023 are as follows:


	Maturity Date	Interest rate(%)			As of December 31,
Lender				Interest type	2024		2023

					(in thousands of USD)


Industrial Bank of Korea Loan1	Jun-24	6.04	3	Floating rate	—		387
NW Media Loan2	Apr-24	1.35		Fixed rate	—		3,800
Total short-term borrowings					$	—	$	4,187

______________

3.Calculated as the 3 month KORIBOR, which ranged from 3.43% - 4.03% plus 2.17% for the year ended December 31, 2023.

The weighted average interest rates on short term borrowings outstanding as of December 31, 2024 and December 31, 2023 are —% and 1.78%, respectively.

Long-Term Debt


	Maturity Date	Interest rate(%)			As of December 31,
Lender				Interest type	2024		2023

					(in thousands of USD)




KOSME Loan1	Feb-25	2.00		Fixed rate	—		30
KOSME Loan1	Aug-25	2.85	2	Floating rate	—		65
Total principal long-term debt					$	—	$	95
Less: current portion of long-term debt					—		(65)
Total long-term debt					$	—	$	30

______________

1.Korea Small and Medium-sized Enterprises and Startups Agency (“KOSME”).

2.Calculated as the KOSME policy rate, which was 2.90% and 2.90% - 3.20% for the years ended December 31, 2024 and December 31, 2023, respectively.

Revolving Credit Facility

In February and April 2022, the Company entered into one-year revolving credit facility arrangements with Shinhan Bank, KEB Hana Bank, and Kookmin Bank, where were further extended for an additional one-year period during the year ended December 31, 2023. During the year ended December 31, 2024, the revolving credit facility arrangements with Shinhan Bank and KEB Hana Bank were further extended for an additional one-year term. The revolving credit facilities provide collective available credits of $54.4 million and $62.0 million during the years December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024 and December 31, 2023, the Company has not drawn any amounts from these facilities.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Goodwill, net and Intangible Assets, net - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross	$ 761,770	$ 843,298	$ 884,052
Less: accumulated impairment losses	(96,495)	(64,122)	0
Goodwill, net	665,275	779,176	884,052
Goodwill [Roll Forward]
Goodwill net, beginning balance	779,176	884,052
Foreign currency translation adjustments	(30,564)	(11,209)
Disposition, net	(13,594)	(30,255)
Impairments	(69,743)	(63,412)	0
Goodwill net, ending balance	$ 665,275	$ 779,176	$ 884,052

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

Goodwill, net and Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Intangible assets with definite lives, accumulated amortization	$ (104,452)	$ (84,840)
Total intangible assets, net	180,307
Total intangible assets, gross	285,364	304,342
Total intangible assets, net	180,912	219,502
Intellectual property rights
Goodwill [Line Items]
Intangible assets with indefinite lives	346	346
Membership
Goodwill [Line Items]
Intangible assets with indefinite lives	$ 259	$ 295
Brand
Goodwill [Line Items]
Estimated Useful Lives (in years)	15 years	15 years
Intangible assets with definite lives, gross amount	$ 133,837	$ 142,611
Intangible assets with definite lives, accumulated amortization	(27,565)	(19,250)
Total intangible assets, net	106,272	123,361
Intellectual property rights
Goodwill [Line Items]
Intangible assets with definite lives, gross amount	109,552	107,254
Intangible assets with definite lives, accumulated amortization	(50,270)	(34,847)
Total intangible assets, net	$ 59,282	$ 72,407
Software
Goodwill [Line Items]
Estimated Useful Lives (in years)	5 years	5 years
Intangible assets with definite lives, gross amount	$ 41,290	$ 53,421
Intangible assets with definite lives, accumulated amortization	(26,576)	(30,710)
Total intangible assets, net	14,714	22,711
Trademarks, copyrights, and patents
Goodwill [Line Items]
Intangible assets with definite lives, gross amount	80	415
Intangible assets with definite lives, accumulated amortization	(41)	(33)
Total intangible assets, net	$ 39	$ 382
Minimum \| Intellectual property rights
Goodwill [Line Items]
Estimated Useful Lives (in years)	4 years	10 years
Minimum \| Trademarks, copyrights, and patents
Goodwill [Line Items]
Estimated Useful Lives (in years)	4 years 3 months 25 days	4 years 3 months 25 days
Maximum \| Intellectual property rights
Goodwill [Line Items]
Estimated Useful Lives (in years)	14 years	14 years
Maximum \| Trademarks, copyrights, and patents
Goodwill [Line Items]
Estimated Useful Lives (in years)	15 years	15 years

Condensed Financial Information of Parent - Condensed Statement of Cash Flows (Details) - USD ($)
$ in Thousands

12 Months Ended

Sep. 01, 2024

Jul. 26, 2024

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Operating activities:

$ (152,912)

$ (144,759)

$ (132,523)

Adjustments to reconcile net loss to cash used in operating activities:

Depreciation and amortization

40,074

38,359

34,735

Operating lease expense

10,446

11,965

10,988

Loss on foreign currency, net

(2,519)

5,533

16,441

Total deferred income tax expense

2,713

884

$ (17,000)

(24,535)

(15,573)

(7,145)

Stock-based compensation

87,379

3,220

Other non-cash items

(707)

(3,411)

443

Changes in operating assets and liabilities

Changes in receivables

(24,063)

30,919

41,759

Changes in other assets

(35,928)

(6,523)

(32,664)

Changes in accounts payable

26,177

(7,583)

(48,199)

Changes in accrued expenses

5,156

6,296

(16,979)

Changes in operating lease liabilities

(9,035)

(10,193)

(10,018)

Changes in contract liabilities

21,584

1,088

3,176

Changes in other liabilities

(186)

7,250

(3,276)

Net cash provided by (used in) operating activities

17,883

14,804

(140,608)

Investing activities:

Proceeds from maturities of short-term investments

68,018

15,321

15,877

Proceeds from sale of debt and equity securities

2,970

2,428

871

Proceeds from sale of property and equipment

6,495

659

608

Payment made for short-term investments

(77,371)

(35,100)

Payment made for loan receivable

(264)

(11,491)

(3,254)

Purchases of debt and equity securities

(1,000)

(8,700)

(29,200)

Purchases of property and equipment

(2,404)

(10,199)

(2,696)

Purchases of intangible assets

(10,745)

(12,143)

(18,492)

Net cash used in investing activities

(17,276)

(51,982)

(50,704)

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

292,950

Proceeds from issuance of common stock related to private placement

50,000

408,372

Payments of initial public offering costs

(11,154)

Proceeds from exercise of over-allotment, net of underwriting discounts and commissions

26,786

Proceeds from short-term borrowings

383

76,586

Proceeds from stock option exercise

746

Repayments of short-term borrowings

(3,597)

(6,279)

(104,929)

Additional purchases of investments in subsidiaries

(14,335)

Net cash provided by (used in) financing activities

353,867

(6,499)

350,342

Effect of exchange rate changes on cash and cash equivalents

(13,817)

(4,287)

(20,414)

Net increase (decrease) in cash and cash equivalents

340,657

(47,964)

138,616

Cash and cash equivalents at beginning of the year

231,745

279,709

141,093

Cash and cash equivalents at end of the year

572,402

231,745

279,709

Supplemental disclosure:

Income taxes paid

25,675

26,644

29,362

Interest paid

700

Non-cash transactions:

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares

^[1]

579,876

Reclassification of deferred offering costs to additional paid-in capital upon IPO

11,215

Parent

Operating activities:

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

(143,905)

(116,455)

(103,847)

Adjustments to reconcile net loss to cash used in operating activities:

Depreciation and amortization

229

244

221

Loss on foreign currency, net

(14,326)

(2,324)

(723)

Operating lease expense

1,229

1,595

1,772

858

Total deferred income tax expense

13,933

89,524

25,713

3,445

Stock-based compensation

81,893

Other non-cash items

407

(1,279)

Changes in operating assets and liabilities

Changes in receivables

10,184

(14,436)

(2,464)

Changes in other assets

3,588

(3,392)

(3,285)

Changes in accounts payable

10,532

(16,360)

1,425

Changes in accrued expenses

(4,785)

7,085

1,938

Changes in operating lease liabilities

(1,512)

(1,919)

(1,863)

Changes in contract liabilities

(835)

(13,304)

7,827

Changes in other liabilities

(1,242)

(15)

Net cash provided by (used in) operating activities

(41,500)

(69,350)

(73,707)

Investing activities:

Proceeds from maturities of short-term investments

20,000

Proceeds from sale of debt and equity securities

2,264

Proceeds from sale of property and equipment

Payment made for short-term investments

(20,000)

Payment made for loan receivable

(22,839)

Purchases of debt and equity securities

(1,000)

(17,264)

Purchases of property and equipment

(144)

(29)

(114)

Purchases of intangible assets

(4)

(2)

(174)

Purchases of investments in subsidiaries

(6,000)

(20,003)

Net cash used in investing activities

1,135

(6,025)

(60,394)

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

292,950

Proceeds from issuance of common stock related to private placement

50,000

Payments of initial public offering costs

(11,154)

Proceeds from exercise of over-allotment, net of underwriting discounts and commissions

408,372

Proceeds from short-term borrowings

22,000

Proceeds from stock option exercise

746

Repayments of short-term borrowings

(22,000)

Additional purchases of investments in subsidiaries

(165,533)

Net cash provided by (used in) financing activities

359,328

242,839

Effect of exchange rate changes on cash and cash equivalents

(2)

(858)

Net increase (decrease) in cash and cash equivalents

318,961

(75,375)

107,880

Cash and cash equivalents at beginning of the year

45,966

121,341

13,461

Cash and cash equivalents at end of the year

364,927

45,966

121,341

Supplemental disclosure:

Income taxes paid

(1,242)

(15)

978

Interest paid

Interest received

13,225

1,189

241

Non-cash transactions:

Loans related to the issuance of stock

53,292

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares

579,876

Reclassification of deferred offering costs to additional paid-in capital upon IPO

11,215

Over-Allotment

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

$ 26,800

Over-Allotment | Parent

Proceeds from exercise of over-allotment, net of underwriting discounts and commissions

$ 26,786

$ 0

[1]	Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.

Goodwill, net and Intangible Assets, net - Schedule of Expected Intangible Asset Amortization Expenses (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 32,306
2026	23,207
2027	15,430
2028	13,023
2029	13,023
Thereafter	83,318
Total intangible assets, net	$ 180,307

Related Parties and Variable Interest Entity - Additional Information (Details) $ in Thousands	1 Months Ended						12 Months Ended
	Feb. 28, 2025	Feb. 29, 2024	Sep. 30, 2023 USD ($)	Mar. 31, 2023	Feb. 28, 2023 USD ($)	Nov. 30, 2020 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Related Parties And Variable Interest Entity [Line Items]
Operating lease expense							$ 10,446	$ 11,965	$ 10,988
Lease obligation							17,240
Sublease income							300	600	700
Total short-term borrowings							$ 0	$ 4,187
Variable interest management fee (percent)							0.010
Shares granted (shares) \| shares								241,920
Dividends							$ 17,400	$ 0	0
Non-employee Director
Related Parties And Variable Interest Entity [Line Items]
Shares granted (shares) \| shares						2,832,270
Dividends						$ 16,600
Related Parties
Related Parties And Variable Interest Entity [Line Items]
Proceeds from related party loan									30,400
Related party loan repaid								30,400
Operating lease expense							5,500	7,200	5,000
Related Parties \| NAVER
Related Parties And Variable Interest Entity [Line Items]
Initial term of debt					1 year
Total short-term borrowings					$ 11,600
Interest rate (percent)		4.60%			5.26%
Additional term upon extension		1 year
Related Parties \| NAVER \| Subsequent event
Related Parties And Variable Interest Entity [Line Items]
Additional term upon extension	1 year
Related Parties \| NAVER \| Leasing Office Space
Related Parties And Variable Interest Entity [Line Items]
Operating lease expense							5,500	7,200	$ 5,000
Lease obligation							13,000	21,300
Rental security deposit							2,400
Sublease income							300	600
Related Parties \| Studio N \| NAVER
Related Parties And Variable Interest Entity [Line Items]
Additional term upon extension				1 year
Related Parties \| LDF \| LY
Related Parties And Variable Interest Entity [Line Items]
Loan receivables			$ 12,100
Cash received for unused balances			$ 12,100
eBOOK Initiative Japan Co., Ltd.
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received							24,000	4,500
eBOOK Initiative Japan Co., Ltd. \| Cost of revenue
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received							11,000	1,800
eBOOK Initiative Japan Co., Ltd. \| Marketing
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received							10,300	2,100
eBOOK Initiative Japan Co., Ltd. \| General and administrative expenses
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received							$ 2,700	$ 600

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to U.S. federal and various state corporate income taxes as well as taxes in foreign jurisdictions where foreign subsidiaries have been established.

Loss before income tax expense for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 is as follows:


			As of December 31,
	2024		2023		2022

	(in thousands of USD)
U.S.	$	(92,622)	$	(26,780)	$	(78,571)
Korea	26,166		(10,850)		66,575
Other	(82,852)		(95,123)		(106,158)
Loss before income tax expense	$	(149,308)	$	(132,753)	$	(118,154)

The components of income tax expense for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 consist of the following:


	As of December 31,
	2024			2023			2022

	(in thousands of USD)
Current income tax expense:
U.S.	$	3,444		$	150		$	104
Korea	23,074			25,881			20,322
Other	1,790			1,816			19
Uncertain tax position liability (Korea)	(169)			(268)			1,069
Total current income tax expense	28,139			27,579			21,514
Deferred income tax expense:
Korea	(5,673)			(13,156)			1,121
Other	(18,862)			(2,417)			(8,266)
Total deferred income tax expense	(24,535)			(15,573)			(7,145)
Total income tax expense	$	3,604		$	12,006		$	14,369
Effective tax rate	(2.41)		%	(9.04)		%	(12.16)		%

The Company’s effective tax rate is (2.41%) for the year ended December 31, 2024. The Company’s current tax expenses are primarily attributable to the taxable income generated by the Parent and its Korean and Japanese subsidiaries, WTEK, Studio N, Munpia, Studio Lico, and LDF. The current income tax expense incurred by the Parent is primarily due to the limitation of foreign tax credit utilization for the year ended December 31, 2024. Other current income tax expenses incurred by Korean and Japanese subsidiaries are primarily due to taxable profits incurred as well as $8.0 million of foreign withholding taxes paid by WTEK in Japan. The Company continues to maintain a full valuation allowance against its deferred tax assets for the majority of its subsidiaries, which contributed to the negative effective tax rate. A full valuation allowance is maintained against deferred tax assets for the Parent where the majority of deferred tax benefits from its foreign tax credits are not recognized.

The effective date of the LDF-eBIJ merger was September 1, 2024. eBIJ, a profit-making entity, had net deferred tax liabilities at the date of merger, which resulted in LDF partially releasing its valuation allowance. A $17.0 million deferred tax benefit is primarily attributable to the release of valuation allowance related to the LDF-eBIJ merger.

The Company’s effective tax rate for the year ended December 31, 2024 differs from the federal statutory rate of 21.00% due to the tax benefits not recognized as a result of a full valuation allowance established by the Company and most of its foreign subsidiaries.

The Company’s effective tax rate for the year ended December 31, 2023 is (9.04%) which differs from the federal statutory rate of 21.00% due to the tax benefits not recognized as a result of a full valuation allowance established by the Company and most of its foreign subsidiaries.

The Company’s effective tax rate for the year ended December 31, 2022 is (12.16%) which differs from the federal statutory rate of 21.00% due to the tax benefits not recognized as a result of a full valuation allowance established by the Company and most of its foreign subsidiaries.

The reconciliation of taxes at the federal statutory rate of 21.00% to our income tax expense for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 is as follows:


	2024		2023		2022

	(in thousands of USD)
Provision computed at federal statutory rate	$	(31,355)	$	(27,878)	$	(24,812)
State income taxes, net of federal effect	1,006		150		104
Difference in foreign tax rates	1,406		(6,317)		(6,420)
Permanent differences:
Capital gain on sale of business1	—		—		(1,413)
Foreign tax	(1,681)		(1,145)		(972)
Branch (loss) income2	(16,834)		(13,987)		1,488
Non-deductible interest expense	489		1,038		410
Non-deductible stock compensation	6,500		1		1,058
Disallowed deduction of covered employee compensation3	15,680		—		—
Disavowed deduction addback4	10,290		—		—
Global intangible low taxed income5	3,899		—		—
Investment in subsidiaries	3,993		1,784		85
Impairment of goodwill6	13,618		13,317		—
Disposition of LOCUS7	—		5,355		—
Other permanent differences	1,105		850		444
Other tax credits	(534)		(47)		(412)
Withholding tax8	7,969		5,479		4,768
Foreign currency translation adjustments on deferred tax	7,734		699		1,692
Taxation on foreign currency translation gains or losses9	(13,256)		—		—
Change in valuation allowance	(7,198)		26,465		38,612
Uncertain tax positions liability	(169)		(268)		1,069
Tax audit payment10	—		7,044		—
Other	942		(534)		(1,332)
Income tax expense	$	3,604	$	12,006	$	14,369

______________

8.WTEK has received royalty income from various foreign entities and has paid withholding taxes on such income.

Deferred tax assets (liabilities) as of December 31, 2024 and December 31, 2023 consist of the following:


	2024		2023

	(in thousands of USD)
Deferred tax assets:
Stock compensation	$	4,991	$	594
Accrued expenses	9,701		7,893
Operating lease liabilities	5,253		10,680
Property and equipment	47		594
Intangible assets	7,565		7,218
Valuation of investment	9,307		7,039
Provision for retirement benefits	6,437		7,126
Bad debt allowance	3,266		1,628
Unearned revenue	10,792		8,642
Taxation on foreign currency translation gains or losses	13,830		—
Capitalization of specified research	7,392		4,462
Net operating loss carry-forwards	62,360		69,675
Tax credits	24,940		27,890
Others	662		2,128
Subtotal deferred tax assets	166,543		155,569
Less: Valuation allowance	(125,648)		(131,524)
Total deferred tax assets	$	40,895	$	24,045
Deferred tax liabilities:
Operating lease right -of-use assets	(4,459)		(9,889)
Foreign currency translation	(1,805)		(21)
Deferred gain on restructuring	(322)		(995)
Intangible assets	(46,988)		(50,229)
Total deferred tax liabilities	(53,574)		(61,134)
Net deferred tax liabilities	$	(12,679)	$	(37,089)

Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 are as follows:


	2024		2023		2022

	(in thousands of USD)
Beginning balance	$	131,524	$	105,345	$	66,733
Disposition of LOCUS	—		(5,355)		—
Changes to existing valuation allowances	5,167		32,246		41,443
Valuation allowance release	(16,987)		—		(1,135)
Taxation on foreign currency translation gains or losses	13,830		—		—
Translation adjustments	(7,886)		(712)		(1,696)
Valuation allowance, balance at the ending	$	125,648	$	131,524	$	105,345

As of December 31, 2024, December 31, 2023, and December 31, 2022, the Company recorded a valuation allowance of $125.6 million, $131.5 million and $105.3 million, respectively, on its deferred tax assets related to temporary differences, taxation on foreign currency translation gains or losses, NOL carry-forwards and foreign tax credits. The changes to existing valuation allowances for the year ended December 31, 2024 were primarily attributable to the release of valuation allowance due to the LDF-eBIJ merger.

The changes to existing valuation allowances for the year ended December 31, 2023 were primarily attributable the increase in outside basis differences of investments at the Company level and NOLs incurred by the Canadian and Japanese subsidiaries for which the Company has recorded a full valuation allowance and a valuation allowance release of $5.4 million from the deconsolidation of LOCUS.

The changes to existing valuation allowances for the year ended December 31, 2022 were primarily attributable to the increased foreign tax credit at the Company level and NOLs incurred by the Canadian and Japanese subsidiaries for which the Company has recorded a full valuation allowance and a valuation allowance release of $1.1 million from the Company’s subsidiary in Korea, Studio N, since it was determined that it was more likely than not that the deferred tax assets at these subsidiaries will be realizable based on the current prospects of their future taxable income.

The Company makes an ongoing assessment of our deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences, expiration of foreign tax credit and NOL carry-forwards and tax planning strategies. The Company will continue to evaluate the ability to realize our net deferred tax assets on an ongoing basis to identify whether any significant changes in circumstances or assumptions have occurred that could materially affect the ability to realize deferred tax assets.

Net operating loss carryforwards as of December 31, 2024 and December 31, 2023 follows:


	2024		2023

	(in thousands of USD)
Net operating loss carry-forwards	$	208,021	$	225,426

As of December 31, 2024, the Company had $208.0 million of NOL carry-forwards available to offset future taxable income, of which $18.8 million, $103.4 million and $85.4 million are associated with the Company’s Korean, Japanese and Canadian subsidiaries, respectively. NOLs from our Japanese subsidiary begin to expire from 2031 through 2033 and NOLs from Canadian subsidiaries begin to expire from 2041 through 2044. The remaining NOLs mainly related to the Company and its Korean subsidiaries which expire at various years through 2038. The Company also has U.S. foreign tax credit carry-forwards of approximately $37.0 million as of December 31, 2024, which begin to expire from 2030 through 2034.

As of December 31, 2023, the Company had $225.4 million of NOL carry-forwards available to offset future taxable income, of which $135.8 million and $70.4 million are associated with the Company’s Japanese and Canadian subsidiaries, respectively.

Uncertainty in Income Taxes

The changes to our gross unrecognized tax benefits are as follows:


	2024		2023		2022

	(in thousands of USD)
Unrecognized tax benefits, balance at the beginning	$	268	$	1,074	$	—
Disposition in LOCUS	—		(87)		—
Additions based on tax positions related to the current year	—		93		1,069
Settlement for tax positions of prior years	—		(413)		—
Lapse of statute of limitations	(169)		(361)		—
Translation adjustments	(21)		(38)		5
Unrecognized tax benefits, balance at the ending	$	78	$	268	$	1,074

We are subject to income taxes in the U.S. and foreign jurisdictions. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes. The total amount of gross unrecognized tax benefits was $78 thousand, $268 thousand, and $1.1 million as of December 31, 2024, 2023, and 2022, respectively, of which $78 thousand, $268 thousand, and $1.1 million, if recognized, would affect our effective tax rate, respectively.

As of December 31, 2024 and 2023, we accrued $10 thousand and $43 thousand in interest and penalties in provision for income taxes, respectively.

The Company and its subsidiaries file income tax returns in the U.S., Korea, Japan, and Canada. The Company and its subsidiaries are subject to examinations by tax authorities of these jurisdictions for all open tax years. The open tax years for the company’s major tax jurisdictions are 2021 through 2024 for the U.S., 2020 through 2024 for Canada, 2018 through 2024 for Japan, and 2019 through 2024 for Korea.

The Company is currently under examination by local taxing authorities in the United States and in Canada. The Company has not identified additional uncertain tax positions during the audits. We continue to monitor the progress of ongoing discussions with tax authorities.

The Company is currently unaware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviations from this estimate over the next 12 months.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Balance Sheet Components and Assets Held for Sale [Abstract]

Balance Sheet Components and Assets Held for Sale

12 Months Ended

Dec. 31, 2024

Balance Sheet Components and Assets Held for Sale

Assets Held for Sale

Major classes of assets held for sale as of December 31, 2023, are as follows:


	As of December 31, 2024		As of December 31, 2023
	(in thousands of USD)
Land	$	—	$	6,670
Building	—		157
Total assets held for sale	$	—	$	6,827

On October 1, 2023, the Company approved a plan to sell a building and land held by Jakga Company Inc. (“Jakga”), a Korean subsidiary. Jakga initially acquired the land and building for office use, but Jakga later decided against utilizing the property for this purpose, leading to their sale. The building and land were considered a single disposal group as they were intended to be sold in a single transaction. Upon approval of the plan, the building and land were classified as held for sale and measured at the lower of their aggregate carrying value or estimated aggregate fair value, less costs to sell. The Company recognized no write-down loss during the year ended December 31, 2023. No depreciation expense was recorded for the assets held for sale starting October 1, 2023 through December 31, 2023. The Company deconsolidated Jakga on March 28, 2024, and therefore was excluded from the scope of consolidation. Jakga completed the sale during the third quarter ended September 30, 2024. See Note 17. Dispositions and Business Combinations for further details on this disposition.

There were no Assets Held for Sale as of the year ended December 31, 2024.

Prepaid Expenses and Other Current Assets, net


	As of December 31,
	2024		2023
	(in thousands of USD)
Advance payments, net	$	47,545	$	37,148
Prepaid expenses	14,008		17,045
Other current assets, net	6,902		8,411
Term deposits	26,328		19,875
Total other current assets, net	$	94,783	$	82,479

Advance payments are primarily comprised of the payment of minimum guarantees to creators or publishers for their provision of content, such as web-comics, on the Company’s platform.

The advance payments for production of film contents are directly related to the contract that will be used to satisfy a future performance obligation and are expected to be recovered. The Company’s balance of advance payments due to film production contracts are $35.1 million and $24.7 million, as of December 31, 2024, and December 31, 2023, respectively. These costs are amortized on a systematic basis consistent with the transfer of services to the customer to which the asset relates. The Company recorded amortization of $11.5 million, $8.0 million ,and $27.0 million during the years ended December 31, 2024, December 31, 2023, and December 31, 2022 respectively.

The advance payments for minimum guarantee are amortized as the associated commission expenses payable to creators or publishers are incurred. When the Company determines the estimated future commission expenses payable are less than the carrying amount of such advance payments, the remaining portion of that advance payment is charged to expense in the period in which such determination is made. The Company charged advance payments to expense due to such determination in the amounts of $0.2 million, $1.2 million, and $0.4 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 respectively.

Other current assets, net, consist primarily of inventories, the current portion of leasehold deposits and contract asset. The allowances on short-term loans were immaterial to the Company’s consolidated balance sheets as of December 31, 2024, and December 31, 2023, respectively.

Term deposits are bank deposits held by Korean and Japanese subsidiaries of the Company with maturities of less than one year but more than three months. As of December 31, 2024, and December 31, 2023, the term deposit balance of $8.0 million and $7.1 million was pledged to Sumitomo Mitsui Banking Corporation as a compensating balance deposit on contract liabilities of the Company’s subsidiary in accordance with the Payment Services Act in Japan.

Other Non-Current Assets, net


	As of December 31,
	2024		2023

	(in thousands of USD)
Advance payments, net	$	29,222	$	29,181

Long-term loans, net	31,859		29,017
Other non-current assets, net	4,825		6,238
Total other non-current assets, net	$	65,906	$	64,436

Long-term advance payments represent the portion of advance payments expected to remain on the balance sheet beyond one year. When the Company determines the estimated future commission expenses payable are less than the

carrying amount of the long-term advance payments, the remaining portion of that long-term advance payment is charged to expense in the period in which such determination is made. The Company’s balance of advance payments due to film production contracts are $8.5 million and $8.7 million, and charged long-term advance payments to expense due to such determination in the amounts of $6.9 million, $4.4 million and $14.5 million, for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. The Company recorded amortization expense of $36.3 million, $64.2 million, and $8.4 million, and impairment loss of $0.4 million, $0.5 million and $0.5 million during the years ended December 31, 2024, and December 31, 2023, and December 31, 2022, respectively, for contracts related to film products.

Accrued Expenses

Accrued expenses as of December 31, 2024, and December 31, 2023, consisted of :


	As of December 31,
	2024		2023

	(in thousands of USD)
Accrued royalties	$	21,201	$	17,597
Accrued allowances	8,531		9,174
Accrued bonuses	14,987		18,407
Accrued other expenses	17,490		17,604
Total Accrued Expenses	$	62,209	$	62,782

Accrued royalties are liabilities recorded on an accrual basis for amounts to be paid to the content providers by the Company, and Accrued other expenses are liabilities recorded on an accrual basis for marketing and advertising expenses. Accrued allowances and Accrued bonuses are liabilities recorded on an accrual basis for labor expenses.

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (shares)			10,883,310
Granted (shares)			241,920
Forfeited (shares)			125,490
Exercised (shares)	425,016	67,489
Ending balance (shares)		10,932,251		10,883,310
Weighted- Average Exercise Price
Beginning balance (in usd per share)			$ 14.18
Granted (in usd per share)			22.45
Exercised (in usd per share)		$ 11.05
Forfeited (in usd per share)			$ 16.67
Ending balance (in usd per share)		$ 14.36		$ 14.18
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted- Average Remaining Contractual Term (in years)		4 years 10 months 24 days		5 years 9 months 18 days
Aggregate Intrinsic Value - Outstanding		$ 19,163		$ 75,758
Aggregate Intrinsic Value - Exercised		$ 252
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest [Abstract]
Options expected to vest (shares)		10,790,203
Options exercisable (shares)		8,381,081
Options expected to vest (in usd per share)		$ 14.27
Options exercisable (in usd per share)		$ 11.45
Weighted-Average Remaining Contractual Term (in years), Options expected to vest		4 years 3 months 18 days
Weighted-Average Remaining Contractual Term (in years), Options exercisable		4 years 1 month 6 days
Aggregate Intrinsic Value, Options expected to vest		$ 19,163
Aggregate Intrinsic Value, Options exercisable		$ 19,163

Disposition and Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Dispositions

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	149
Fair value of retained common stock of Jakga by the Company	3,075
Fair value of retained redeemable convertible preferred stock of Jakga by the Company	6,432
Carrying value of non-controlling interest in Jakga held by other than the Company	3,861
Carrying amount of net assets of Jakga including goodwill, identified intangibles and deferred tax liabilities	(15,998)
Loss on disposal of Jakga	$	(2,481)

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	4,951
Retained non-controlling interest in LOCUS by the Company at fair value	13,436
Carrying amount of non-controlling interest in LOCUS held by other than the Company	11,132
Carrying amount of net assets of LOCUS including goodwill, identified intangibles and deferred tax liabilities	(30,302)
Loss on sale of LOCUS	$	(783)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2022
Short-Term Debt [Line Items]
Total short-term borrowings	$ 4,187	$ 0
Weighted average interest rate on short term debt (percent)	1.78%	0.00%
Loan \| Industrial Bank of Korea, 6.04% Floating Rate Loan
Short-Term Debt [Line Items]
Interest rate (percent)		6.04%
Total short-term borrowings	$ 387	$ 0
Spread on variable rate (percent)	2.17%
Loan \| Industrial Bank of Korea, 6.04% Floating Rate Loan \| Minimum
Short-Term Debt [Line Items]
Interest rate during period (percent)	3.43%
Loan \| Industrial Bank of Korea, 6.04% Floating Rate Loan \| Maximum
Short-Term Debt [Line Items]
Interest rate during period (percent)	4.03%
Loan \| NW Media, 1.35% Fixed Rate Loan
Short-Term Debt [Line Items]
Interest rate (percent)		1.35%
Total short-term borrowings	$ 3,800	$ 0
Loan amount received			$ 3,900

Redeemable Non-Controlling Interest in Subsidiary (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Redeemable Noncontrolling Interest in Subsidiary

The following table summarizes the redeemable non-controlling interest activity for the periods indicated below (in thousands of USD):


Balance as of December 31, 2021	$	—
Recognition of redeemable non-controlling interest at Munpia acquisition date	84,002
Redemption of redeemable non-controlling interest	(11,311)
Reclassification of redeemable non-controlling interest to non-controlling interest1	(25,818)
Total comprehensive income (loss) attributable to redeemable non-controlling interest	91
Balance as of December 31, 2022	$	46,964
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(5,535)
Balance as of December 31, 2023	$	41,429
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(4,849)
Balance as of December 31, 2024	$	36,580

Other Income (Loss), net

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Income (Loss), net

The following table summarizes Other income (loss), net for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Gain (loss) on debt and equity securities, net	$	2,263	$	(22,585)	$	624
Loss on foreign currency, net	(2,103)		(7,590)		(12,035)
Retirement benefit, net	2,807		8,763		9,598
Dividend income	2,640		—		—
Other	1,689		(1,341)		2,750
Loss on disposal of investment in subsidiaries, net	(2,713)		(884)		—
Gain on right of use asset disposal, net	1,899		63		—
Total other income (loss), net	$	6,482	$	(23,574)	$	937

Balance Sheet Components and Assets Held for Sale - Other Current Assets, net (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Balance Sheet Components and Assets Held for Sale [Abstract]

Advance payments, net

$ 47,545

$ 37,148

Prepaid expenses

14,008

17,045

Total other current assets, net

6,902

8,411

Term deposits

26,328

19,875

^[1]

$ 94,783

$ 82,479

[1]	Includes amounts due from related parties of $9,258 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Fair Value Measurements - Summary of Company's Assets Categorized Within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	$ 22,036	$ 42,956
Debt Securities	48,142	48,277
Total recorded at fair value	70,178	91,233
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	2	16,109
Debt Securities	0	0
Total recorded at fair value	2	16,109
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	0	0
Debt Securities	0	0
Total recorded at fair value	0	0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	22,034	26,847
Debt Securities	48,142	48,277
Total recorded at fair value	$ 70,176	$ 75,124

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Related Parties and Variable Interest Entity

12 Months Ended

Dec. 31, 2024

The Company’s Related Parties

NAVER and LY Corporation (“LY”, and formerly named Z Holdings Corporation) are the primary shareholders of the Parent. Related parties include NAVER’s controlled affiliates, Company’s management, Company directors, and stakeholders that hold significant influence over the Company. During the years ended December 31, 2024 and December 31, 2023, the Company provided advertising services to NAVER group companies and LY giving rise to related party receivables as of December 31, 2024 and December 31, 2023. Additionally, during the years ended December 31, 2024 and December 31, 2023, the Company received brand-usage and outsourcing services from NAVER and LY, which resulted in the Company recognizing related party payables as of December 31, 2024 and December 31, 2023.

During the year ended December 31, 2024, and December 31, 2023, the Company received payment gateway services from NAVER group companies and LY group companies, which resulted in the Company recognizing related party receivables as of December 31, 2024, and December 31, 2023. During the year ended December 31, 2024, and December 31, 2023, the Company published content provided by various content providers over which the Company exercised significant influence and are considered as related parties. The Company recognized cost of revenue, other assets and accounts payable as of December 31, 2024, and December 31, 2023.

During the year ended December 31, 2022, the Company received a short-term loan of $30.4 million from NAVER that was repaid during the year ended December 31, 2023.

In March 2022, the Company started leasing office space from NAVER. Operating lease expenses from the lease were $5.5 million, $7.2 million and $5.0 million during the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively, with related lease obligations of $13.0 million and $21.3 million as of December 31, 2024 and December 31, 2023, respectively. The Company paid a rental security deposit of $2.4 million related to a new office during the year ended December 31, 2024. The Company also subleases part of its office space to other related parties and the total other income generated from subleases was $0.3 million and $0.6 million for the years ended December 31, 2024 and December 31, 2023, respectively.

In April 2022, Studio N, the Company’s subsidiary received the NW Media Loan from NAVER, which was transferred to its subsidiary NWMC in June 2022. The NW Media Loan was extended for additional one-year in March 2023. The loan was fully repaid in April 2024. (Refer to Note 9. Debt for additional information for NW Media Loan).

In February 2023, the Company issued a one-year loan to its related party, NAVER WEBTOON Company Corporation, for $11.6 million with a fixed interest rate of 5.26%. In February 2024 the loan was extended for an additional one-year with a fixed interest rate of 4.6%. In February 2025, the loan was once again extended for an additional year.

In September 2023, LDF and LY entered into an Agreement of Termination and Transfer of Coin Issuance Operation pursuant to which LY transferred the coin issuance operation to LDF. Prior to the transfer of the coin issuance operation, the Coins redeemable on the platform operated by LDF had been issued by LY to the users. With the transfer of the coin issuance operation, the Coins redeemable on the platform operated by LDF have been issued by LDF. Upon the transfer of the coin issuance operation, LDF inherited unused balances of the Coins issued by LY in the amount of $12.1 million. In September 2023, LDF received cash from LY in the amount of $12.1 million for the unused balances of the Coins inherited by LDF.

The Company awarded a non-employee director with 2,832,270 stock options in exchange for non-director services in November 2020. The options contained a performance-based condition which was satisfied upon the completion of the Company's IPO. The Company recorded the transaction as a dividend of $16.6 million and a reduction in additional paid-in capital as the director is employed by NAVER (See Note 1. Description of Business and Summary of Significant Accounting Policies for the treatment of stock-based awards issued to employees of NAVER).

On September 1, 2024, the merger between LDF and eBIJ became effective, following approval by the Company’s Board of Directors on March 27, 2024. Under the applicable corporate laws of Japan, eBIJ was merged into LDF through an absorption-type merger, with LDF as the surviving entity. Prior to this, eBIJ had been receiving reimbursements from Yahoo for certain costs and expenses incurred under its platform service agreement. The reimbursed amounts primarily related to platform service fees, marketing-related expenses, and other outsourcing fees. However, in the fourth quarter of 2023, Yahoo merged with Line, forming LY, resulting in these transactions being classified as related party transactions for

financial reporting purposes. Following the merger of LDF and eBIJ in September 2024, the recipient of these reimbursements transitioned from eBIJ to LDF. For the years ended December 31, 2024, and December 31, 2023, LDF received total gross reimbursements of $24.0 million and $4.5 million, respectively, which is deducting $11.0 million and $1.8 million for cost of revenue, $10.3 million and $2.1 million for marketing, and $2.7 million and $0.6 million for general and administrative expenses, respectively.

Related Party Transactions and Balances

The Company entered into the following significant related party transactions during the periods presented:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Revenue generated	$	72,228	$	78,698	$	54,422
Cost of revenue incurred1	96,498		22,412		14,848
Marketing expenses incurred (cost reimbursed)2	(7,691)		203		574
General and administrative expenses incurred3	32,478		30,945		30,194
Other income, net	3,592		4,761		614
NAVER Loan repaid	—		—		(30,416)
NW Media Loan received	—		—		3,867
NW Media Loan repaid	(3,638)		—		—
Loan receivable provided	—		11,633		158
Loan receivable received	(204)		—		—

______________

1.All expenses are net amounts including reimbursement from its related parties.

The Company had the following significant balances due from and due to related parties as of December 31, 2024 and December 31, 2023:


	As of December 31,
	2024		2023

	(in thousands of USD)
Due from related parties
Receivables	$	59,495	$	63,723
Other current assets	9,258		—
Other non-current assets	3,569		4,243
Loan receivables	28,503		11,633
Due to related parties
Current portion of operating lease liabilities	3,506		6,426
Long-term operating lease liabilities	9,519		14,852
NW Media Loan	—		3,800
Accounts payables	17,173		6,713
Accrued expenses	5,562		—
Contract liabilities	—		16,160
Other	3		243

Variable Interest Entity

In August 2023, WWS, the Company’s wholly-owned subsidiary, entered into a Limited Partnership Agreement with NWMC, a wholly-owned subsidiary of NAVER and a sister company of WEBTOON, to establish Bootcamp Limited Partnership (“Bootcamp”) pursuant to Limited Partnerships Act of the Province of Ontario, Canada. Bootcamp distributes a film produced by GPM Boot Productions Inc. which is a film adaptation of a web-novel titled Boot Camp published on our platform.

WWS is the general partner (“GP”) of Bootcamp and manages as well as makes all operating decisions over Bootcamp and receives a 1.0% variable interest management fee based on contributed capital. NWMC is the sole limited partner (“LP”) and has no unilateral participating or kick-out rights over the GP. Bootcamp is a VIE over which WWS is the primary beneficiary because the LP with the equity at risk is not able to exercise substantive kick-out rights or participating rights and WWS has the obligation to absorb losses and right to receive benefits that could potentially be significant to Bootcamp. Accordingly, we consolidated Bootcamp into the Consolidated Financial Statements.

Equity Method Investments - Changes in the Balance of Company's Equity Method Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Balance at January 1	$ 64,222	$ 76,806
Additions	9,068	14,056
Disposals	(5,938)	(11,517)
Other than temporary impairment losses	(3,566)	(13,460)
Valuation gain, net	2,443	972
Reclassification	21,820	0
Share of other comprehensive income (loss) of equity method investments, net of tax	(94)	(906)	$ 190
Currency translation differences	(9,287)	(1,729)
Balance at December 31	$ 78,668	$ 64,222	$ 76,806

Balance Sheet Components and Assets Held for Sale [Abstract]

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal long-term debt	$ 0	$ 95
Less: current portion of long-term debt	0	(65)
Total long-term debt	$ 0	30
Loan \| KOSME 2% Fixed Rate Loan
Debt Instrument [Line Items]
Interest rate (percent)	2.00%
Total principal long-term debt	$ 0	30
Loan \| KOSME 2.85% Floating Rate Loan
Debt Instrument [Line Items]
Interest rate (percent)	2.85%
Total principal long-term debt	$ 0	$ 65
Interest rate during period (percent)	2.90%
Loan \| KOSME 2.85% Floating Rate Loan \| Minimum
Debt Instrument [Line Items]
Interest rate during period (percent)		2.90%
Loan \| KOSME 2.85% Floating Rate Loan \| Maximum
Debt Instrument [Line Items]
Interest rate during period (percent)		3.20%

Income Taxes - Changes to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, balance at the beginning	$ 268	$ 1,074	$ 0
Disposition in LOCUS	0	(87)	0
Additions based on tax positions related to the current year	0	93	1,069
Settlement for tax positions of prior years	0	(413)	0
Lapse of statute of limitations	(169)	(361)	0
Translation adjustments	(21)	(38)
Translation adjustments			5
Unrecognized tax benefits, balance at the ending	$ 78	$ 268	$ 1,074

Balance Sheet Components and Assets Held for Sale - Accrued Expenses (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Accrued royalties

$ 21,201

$ 17,597

Accrued allowances

8,531

9,174

Accrued bonuses

14,987

18,407

Accrued other expenses

17,490

17,604

Total Accrued Expenses

^[1]

$ 62,209

$ 62,782

[1]	Includes amounts due to related parties of $5,562 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Disposition and Business Combinations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposition and Business Combinations

Jakga

On March 28, 2024, the Company entered into a stock transfer agreement with a third party (the “Buyer”), pursuant to which the Buyer agreed to acquire 0.3% of Jakga voting interests from the Company. The Company completed the sale for consideration of $0.1 million in cash. On the same day, Jakga entered into a share investment agreement with another third party, pursuant to which Jakga issued new shares of redeemable convertible preferred stock representing 3.5% of the voting equity interest of Jakga. Following the completion of the stock transfer agreement and the share investment agreement, the Company entered into a shareholder’s agreement to forgo its ability to appoint a member on Jakga’s board of directors to divest Jakga. The stock transfer agreement, share investment agreement, and shareholder’s agreement (collectively, the “Jakga Transactions”) resulted in a dilution of the Company’s ownership to 49.2% and losing controlling financial interest in Jakga. The Company deconsolidated Jakga on March 28, 2024 and accounted for the retained common stock as an equity method investment and the retained redeemable convertible preferred stock as a debt security (see additional details related to the redeemable preferred stock in Note 15. Fair Value Measurements). Jakga became a related party of the Company after the deconsolidation. As of the disposition date, the retained common stock and redeemable convertible preferred stock in Jakga were measured at fair value using a discounted cash flow model applying a discount rate of 15.1% and a terminal growth rate of 1.0% incorporating historical financial information, business plans of Jakga,

and market outlook information. The Company recorded a $2.5 million loss on disposition of Jakga in Other income (loss), net in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2024. The loss includes the accounting for assets sold, liabilities transferred upon sale and the loss of $2.1 million relating to the remeasurement of the retained interest in Jakga.

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	149
Fair value of retained common stock of Jakga by the Company	3,075
Fair value of retained redeemable convertible preferred stock of Jakga by the Company	6,432
Carrying value of non-controlling interest in Jakga held by other than the Company	3,861
Carrying amount of net assets of Jakga including goodwill, identified intangibles and deferred tax liabilities	(15,998)
Loss on disposal of Jakga	$	(2,481)

LOCUS

On June 2, 2023, the Company entered into stock transfer agreements with two unrelated parties, (the “Buyers”) pursuant to which the Buyers agreed to collectively acquire 14.4% of LOCUS voting interests from the Company. On June 27, 2023, the Company completed the sale for an aggregate consideration of $5.0 million in cash. As a result of the sale, the voting interest of LOCUS held by the Company decreased from 53.6% to 39.2% and the Company no longer held a controlling financial interest in LOCUS, and deconsolidated LOCUS and its subsidiaries on June 27, 2023 and recognized the retained non-controlling interest in LOCUS as an equity method investment. LOCUS and its subsidiaries became related parties of the Company after the deconsolidation.

As of the disposition date, the retained interest in LOCUS was measured at fair value using a discounted cash flow model applying a discount rate of 16.0% and a terminal growth rate of 1.0% incorporating historical financial information, business plans of LOCUS and its subsidiaries, and market outlook information. The Company recorded a $0.8 million loss on sale of the 14.4% of the voting interests of LOCUS in Other income (loss), net in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2023. The loss includes the accounting for assets sold, liabilities transferred upon sale and the gain of $0.6 million relating to the remeasurement of the retained interest in LOCUS.

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	4,951
Retained non-controlling interest in LOCUS by the Company at fair value	13,436
Carrying amount of non-controlling interest in LOCUS held by other than the Company	11,132
Carrying amount of net assets of LOCUS including goodwill, identified intangibles and deferred tax liabilities	(30,302)
Loss on sale of LOCUS	$	(783)

Fiscal Year 2022 Business Combinations

Munpia

On February 9, 2022, the Company acquired a controlling financial interest in Munpia and its subsidiaries, located in Korea that operate a web-novel offering on which online users can read, write and share web-novels. This acquisition allows the Company to strengthen its content pool. The Company entered into a Share Purchase Agreement in September 2021 pursuant to which the Company acquired 20.2% of the shares of Munpia in October 2021 for $51.2 million in cash

and accounted for the investment using the equity method. On February 9, 2022, the Company acquired additional shares of Munpia from Premier in exchange for a partial settlement of an outstanding loan with Premier (Premier Loan) of $91.3 million.

As of the acquisition date, the previously held equity method investment and non-controlling interests including redeemable non-controlling interests were measured at fair values using a discounted cash flow model applying a discount rate of 13.6% and a terminal growth rate of 1.0% incorporating historical financial information, the business plans of the target, and market outlook information. As a result of the remeasurement of the previously held equity method investment, the Company recognized a gain of $0.1 million in Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2022.

Jakga

On July 5, 2022, the Company acquired a controlling financial interest in Jakga, a professional agency for web-novel writers, to enhance the Company’s existing product offerings. The Company initially acquired shares of redeemable preferred stock of Jakga representing 25.9% of the voting equity interests in November 2020. The Company acquired additional shares of common stock representing 10.0% of the voting equity interests in October 2021, redeemable preferred stock representing 5.4% of the voting equity interests in March 2022 and common stock representing 5.0% of the voting equity interests in July 2022. The common stock and preferred stock were accounted for as an equity method investment and a debt security, respectively. The Company paid $1.7 million in cash for the acquisition of additional shares on July 5, 2022 which increased the voting equity interests in Jakga held by the Company to 50.4%. The acquisition was considered a step acquisition and accounted for under the acquisition method.

As of the acquisition date, the previously held equity method investment and debt security and non-controlling interests were measured at fair value using a discounted cash flow model applying a discount rate of 14.9% and a terminal growth rate of 1.0% incorporating historical financial information, business plans of the target, and market outlook information. As a result of the remeasurement of the previously held equity method investment and debt security, the Company recognized a gain of $2.6 million in Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2022.

eBIJ

On March 31, 2022, the Company acquired a controlling financial interest in eBOOK Initiative Japan Co., Ltd., an online service for eBooks in Japan to strengthen its competitiveness in web-comic and web-novel business in Japan. The Company initially acquired 33.9% of the shares of eBIJ in November 2021. The shares were accounted for as an equity method investment. On March 31, 2022 the Company paid $52.5 million in cash and exchanged its own common stock with fair value of $70.9 million to acquire additional shares of eBIJ which increased the shares of eBIJ held by the Company to 100.0%. Given the acquisition date fair value of eBIJ is more reliably measurable than the Company’s common stock exchanged, the $70.9 million fair value of the Company’s common stock exchanged was determined based on the public trading value before the tender offer. The cash consideration transferred is included in “Acquisitions of businesses, net of cash acquired” in investing activities of the Consolidated Statements of Cash Flows. The acquisition was considered a step acquisition and accounted for under the acquisition method.

On March 31, 2022, in conjunction with the acquisition of a controlling financial interest in eBIJ by Company, eBIJ entered into an Amendment to Business Partnership Agreement for Electronic Book Business with a former stockholder pursuant to which the terms of a preexisting arrangement with the former stockholder were modified. The modified arrangement includes the payments to the former stockholder based on a percentage of eBIJ’s future revenues, payable until the Company completes an initial public offering, which represents contingent consideration in the business combination that is considered as an assumed liability. ASC Topic 805 requires that contingent consideration classified as a liability to be recognized at fair value on the acquisition date and be re-measured each reporting period with subsequent adjustments recognized in the Consolidated Statements of Operations and Comprehensive Loss. We estimate the fair value of contingent consideration liabilities using an income-based valuation methodology that is calculated by weighting the cash flow from payments to the former stockholder by the annual probability of an initial public offering success, discounted using weighted average cost of capital. At the acquisition date on March 31, 2022, contingent consideration presented as other non-current liability totaled $13.9 million.

The fair value of the previously held equity method investment at acquisition date represents 33.9% of implied enterprise value of eBIJ amounting to $72.6 million that was determined using a discounted cash flow model incorporating historical financial information, business plans of the target, and market outlook information. As a result of the remeasurement of the previously held equity method investment, the Company recognized a loss of $11.9 million in Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2022.

LOCUS

On March 31, 2022, the Company acquired 53.6% of LOCUS and its subsidiaries, a 3D animation and visual special effects production company. This acquisition allows the Company to build an intellectual property value chain, including visualization of the Company’s web-comics and web-novel intellectual property. The fair value of the purchase consideration was $23.2 million paid in cash at closing which is reflected in “Acquisitions of businesses, net of cash acquired” under investing activities in the Consolidated Statements of Cash Flows. The acquisition was accounted for under the acquisition method.

JHS

On August 22, 2022, Munpia, a partially-owned subsidiary of the Parent, acquired a controlling financial interest in Studio JHS Inc. (“JHS”), a web-novel and web-comics content creator. This acquisition allows the Company to expand its business and create synergies in the market. WTEK, a subsidiary of the Parent and the parent company of Munpia, initially acquired 35.0% of the shares of JHS in August 2018. The shares of JHS were initially accounted for as an equity method investment. In June 2022, Munpia entered into a Stock Exchange Agreement with JHS pursuant to which Munpia acquired 100.0% of the shares of JHS, including the shares held by WTEK, in exchange for the issuance of 1,263,119 shares of Munpia to the shareholders of JHS, including 442,112 shares to WTEK, on August 22, 2022. The acquisition was considered a step acquisition and accounted for under the acquisition method.

As of the acquisition date, 821,007 shares of Munpia newly issued to the shareholders of JHS was measured at a contracted exchange ratio was estimated to be fair value based on a valuation performed with the assistance of a third party firm in May 2022 using a range of values under using a discounted cash flow model applying a discount rate of 13.8% and terminal growth rate of 1.0% incorporating historical financial information, business plans of Munpia, and market outlook information. Also, as of the acquisition date, the previously held equity method investment by the Company (i.e., 35.0% of the shares of JHS previously held by WTEK) was valued with the assistance of a third party valuation firm using a discounted cash flow model applying a discount rate of 13.8% and terminal growth rate of 1.0% incorporating historical financial information, business plans of JHS, and market outlook information. As a result of the remeasurement of the previously held equity method investment, the Company recognized a gain of $9.9 million in Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2022.

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Components of Lease Expense

The components of lease expense for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, are as follows:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Operating lease expense1	$	10,446	$	11,965	$	10,988
Short-term lease expense	922		653		1,514
Total lease expense	$	11,368	$	12,618	$	12,502

Schedule of Supplemental Cash Flow Information Related To Operating Leases

Supplemental disclosure of cash flow information related to operating leases is as follows:


	As of December 31,
	2024		2023		2022

	(in thousands of USD)
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,035	$	10,193	$	10,018
Right-of-use assets obtained in exchange for operating lease liabilities	15,070		2,806		33,326

Weighted Average Remaining Lease Terms and Discount Rates

The following table presents the weighted average remaining lease terms and discount rates as of December 31, 2024 and December 31, 2023:


	As of December 31,
	2024		2023
Weighted-average remaining lease term	3.56 years		3.33 years
Weighted-average discount rate	4.49	%	3.03	%

Aggregate Future Lease Payments for Operating Lease Liabilities

The aggregate future lease payments for operating lease liabilities as of December 31, 2024 are as follows:


Year	(in thousands of USD)
2025	$	6,313
2026	5,975
2027	4,242
2028	846
2029	479
Thereafter	1,168
Total future lease payments	19,023
Less: Imputed interest	(1,783)
Total	$	17,240

Goodwill, net and Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, net

Intangible assets, net as of December 31, 2024 and December 31, 2023 consist of the following:


	As of December 31, 2024
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,837	$	(27,565)	$	106,272
Intellectual property rights	4-14	109,552		(50,270)		59,282
Software	5	41,290		(26,576)		14,714
Trademarks, copyrights, and patents	4.32-15	80		(41)		39
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	259		—		259
Total intangible assets		$	285,364	$	(104,452)	$	180,912


	As of December 31, 2023
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	142,611	$	(19,250)	$	123,361
Intellectual property rights	10-14	107,254		(34,847)		72,407
Software	5	53,421		(30,710)		22,711
Trademarks, copyrights, and patents	4.32-15	415		(33)		382
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	295		—		295
Total intangible assets		$	304,342	$	(84,840)	$	219,502

Schedule of Intangible Assets, net

Intangible assets, net as of December 31, 2024 and December 31, 2023 consist of the following:


	As of December 31, 2024
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,837	$	(27,565)	$	106,272
Intellectual property rights	4-14	109,552		(50,270)		59,282
Software	5	41,290		(26,576)		14,714
Trademarks, copyrights, and patents	4.32-15	80		(41)		39
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	259		—		259
Total intangible assets		$	285,364	$	(104,452)	$	180,912


	As of December 31, 2023
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	142,611	$	(19,250)	$	123,361
Intellectual property rights	10-14	107,254		(34,847)		72,407
Software	5	53,421		(30,710)		22,711
Trademarks, copyrights, and patents	4.32-15	415		(33)		382
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	295		—		295
Total intangible assets		$	304,342	$	(84,840)	$	219,502

Schedule of Expected Intangible Asset Amortization Expenses

Intangible asset amortization expenses for the following five years are expected to be as follows:


Years Ended December 31,	(in thousands of USD)
2025	$	32,306
2026	23,207
2027	15,430
2028	13,023
2029	13,023
Thereafter	83,318
Total intangible assets, net	$	180,307

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and December 31, 2023 are as follows:


	2024		2023

	(in thousands of USD)
Goodwill at January 1	$	843,298	$	884,052
Less: accumulated impairment losses	(64,122)		—
Goodwill, net at January 1	$	779,176	$	884,052

Goodwill Activity:

Foreign currency translation adjustments	(30,564)		(11,209)
Disposition, net	(13,594)		(30,255)
Impairments	(69,743)		(63,412)
Goodwill, net at December 31	$	665,275	$	779,176
Goodwill at December 31	$	761,770	$	843,298
Less: accumulated impairment losses*	(96,495)		(64,122)
Goodwill, net at December 31	$	665,275	$	779,176

______________

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Samil PricewaterhouseCoopers
Auditor Firm ID	1103
Auditor Location	Seoul, Korea

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Jul. 26, 2024 USD ($) shares	Jun. 28, 2024 USD ($) $ / shares shares	Jun. 26, 2024 $ / shares shares	Jun. 01, 2024 shares	Dec. 01, 2022 USD ($)	Dec. 31, 2024 USD ($) segment $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 25, 2024 $ / shares	Mar. 27, 2024 subsidiary
Business Acquisition [Line Items]
Number of wholly-owned subsidiaries \| subsidiary											2
Forward stock split ratio			30
Common stock par value (in usd per share) \| $ / shares			$ 0.0001			$ 0.0001	$ 0.0001			$ 0.01
Capital stock authorized (shares) \| shares			2,100,000,000
Common stock authorized (in shares) \| shares			2,000,000,000			2,000,000,000	2,000,000,000
Preferred stock authorized (shares) \| shares			100,000,000			100,000,000	100,000,000
Preferred stock par value (in usd per share) \| $ / shares			$ 0.0001			$ 0.0001	$ 0.0001
Preferred stock issued (shares) \| shares			0			0	0
Preferred stock outstanding (shares) \| shares			0			0	0
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions						$ 292,950	$ 0	$ 0
Offering costs						11,154	0	0
Proceeds from issuance of common stock related to private placement						$ 50,000	0	408,372
Accrued bonus									$ 30,000
Number of operating segments \| segment						1
Number of reportable segments \| segment						1
Advertising expenses						$ 36,600	28,300	70,900
Allowances for credit losses						3,418	1,049
Accelerated amortization expense						3,900	2,500	$ 1,900
Accrued interest receivable						$ 700	1,400
As filed previously
Business Acquisition [Line Items]
Allowances for credit losses							$ 1,100
IPO
Business Acquisition [Line Items]
Shares of common stock sold (shares) \| shares		15,000,000
Offering price (in usd per share) \| $ / shares		$ 21.00
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions		$ 281,700
Underwriting discounts and commissions		22,100
Offering costs		11,200
Deferred offering costs		$ 11,200
Over-Allotment
Business Acquisition [Line Items]
Shares of common stock sold (shares) \| shares	1,371,549
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions	$ 26,800
Over-allotment option window		30 days
Number of additional shares available for purchase (shares) \| shares		2,250,000
Private Placement \| NAVER U.Hub Inc
Business Acquisition [Line Items]
Shares of common stock sold (shares) \| shares		2,380,952
Offering price (in usd per share) \| $ / shares		$ 21.00
Proceeds from issuance of common stock related to private placement		$ 50,000
Lock-up period		180 days
Customer Concentration Risk \| Non-trade receivables \| Three Payment Gateway Companies
Business Acquisition [Line Items]
Concentration (percent)						54.90%	49.60%
Customer Concentration Risk \| Loans receivables \| Three Borrowers
Business Acquisition [Line Items]
Concentration (percent)						89.00%	96.60%
Wattpad
Business Acquisition [Line Items]
Percentage of ownership acquired (percent)				100.00%
Shares issued in exchange of acquired interest (in shares) \| shares				413,482
Wattpad \| Wattpad WEBTOON Studios Inc. (“WWS”)
Business Acquisition [Line Items]
Consideration transferred					$ 15,400
Percentage of ownership acquired (percent)					100.00%

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Gross [Abstract]
Stock compensation	$ 4,991	$ 594
Accrued expenses	9,701	7,893
Operating lease liabilities	5,253	10,680
Property and equipment	47	594
Intangible assets	7,565	7,218
Valuation of investment	9,307	7,039
Provision for retirement benefits	6,437	7,126
Bad debt allowance	3,266	1,628
Unearned revenue	10,792	8,642
Taxation on foreign currency translation gains or losses	13,830	0
Capitalization of specified research	7,392	4,462
Net operating loss carry-forwards	62,360	69,675
Tax credits	24,940	27,890
Others	662	2,128
Subtotal deferred tax assets	166,543	155,569
Less: Valuation allowance	(125,648)	(131,524)	$ (105,345)	$ (66,733)
Total deferred tax assets	40,895	24,045
Deferred tax liabilities:
Operating lease right -of-use assets	(4,459)	(9,889)
Foreign currency translation	(1,805)	(21)
Deferred gain on restructuring	(322)	(995)
Intangible assets	(46,988)	(50,229)
Total deferred tax liabilities	(53,574)	(61,134)
Net deferred tax liabilities	$ (12,679)	$ (37,089)

Fair Value Measurements - Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	$ 48,142	$ 48,277
Equity Securities	22,036	42,956
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	48,142	48,277
Equity Securities	22,034	26,847
Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	$ 48,142	$ 48,277
Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.0901	0.0982
Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.2194	0.2371
Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.4160	0.3350
Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.6630	0.6539
Level 3 \| Redeemable Convertible Preferred Stock \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 15,000	$ 15,000
Level 3 \| Contribution to investment fund \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	506	574
Level 3 \| Private equity securities \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	51	857
Level 3 \| Convertible Preferred Stock \| Option Pricing model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 5,477	$ 8,152
Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.0300	0.0441
Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.1671	0.1826
Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.4496	0.4050
Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.5060	0.4960
Level 3 \| Convertible Preferred Stock \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities		$ 2,264
Level 3 \| Simple Agreement For Future Equity (SAFE) \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 1,000

Related Parties and Variable Interest Entity - Schedule of Significant Balances Due From and Due To Related Parties (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Due From Related Parties [Abstract]

^[1]

$ 169,187

$ 171,776

Other non-current assets

^[2]

65,906

64,436

Due To Related Parties [Abstract]

^[3]

6,053

9,945

^[4]

11,187

19,238

^[5]

127,306

127,427

^[6]

62,209

62,782

^[7]

85,860

76,722

Other

2,231

12,584

Related Parties

Due From Related Parties [Abstract]

59,495

63,723

Other current assets

9,258

Other non-current assets

3,569

4,243

Loan receivables

28,503

11,633

Due To Related Parties [Abstract]

3,506

6,426

9,519

14,852

NW Media Loan

3,800

17,173

6,713

5,562

Equity Method Investments and Joint Ventures [Abstract]

16,160

Other

$ 3

$ 243

[1]	Includes amounts due from related parties of $59,495 and $63,723 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $32,072 and $15,876 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due to related parties of $3,506 and $6,426 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due to related parties of $9,519 and $14,852 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due from related parties of $17,173 and $6,713 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[6]	Includes amounts due to related parties of $5,562 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[7]	Includes amounts due to related parties of $— and $16,160 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Leases - Additional Information (Details)	Dec. 31, 2024 office
Lease Contractual Term, Leases With Renewal Options [Domain]
Lessee, Lease, Description [Line Items]
Leased offices with renew options	2
1st office lease with renewal options
Lessee, Lease, Description [Line Items]
Renewal term	5 years
2nd office lease with renewal options
Lessee, Lease, Description [Line Items]
Renewal term	1 year

Equity Method Investments

12 Months Ended

Dec. 31, 2024

Equity Method Investments

The Company accounts for investments using the equity method when the Company can exercise significant influence over operating and financial policies, but does not hold a controlling interest in the investee. Equity method investments as of December 31, 2024 and December 31, 2023 are as follows:


	As of December 31,
	2024		2023

	(in thousands of USD)
Equity method investments in affiliates	$	75,708	$	60,894
Joint venture	2,960		3,328
Total	$	78,668	$	64,222

The Company’s proportionate share of net income (loss) resulting from these investments is reported under the line item captioned Loss on equity method investments, net in our Consolidated Statements of Operations and Comprehensive Loss. The following tables summarize revenues for the years ended December 31, 2024 and December 31, 2023:


	2024		2023		2022

	(in thousands of USD)
Equity method investments in affiliates	$	(342)	$	(11,887)	$	(4,603)
Joint venture	(781)		(452)		(91)
Total	$	(1,123)	$	(12,339)	$	(4,694)

The carrying value of our equity method investments is reported under the line item captioned Equity method investments in the Consolidated Balance Sheets. The following table summarizes the change in the balance of the Company’s equity method investment:


	2024		2023

	(in thousands of USD)
Balance at January 1	$	64,222	$	76,806
Additions	9,068		14,056
Disposals	(5,938)		(11,517)
Other than temporary impairment losses	(3,566)		(13,460)
Valuation gain, net	2,443		972
Reclassification1	21,820		—
Share of other comprehensive income	(94)		(906)

Currency translation differences	(9,287)		(1,729)
Balance at December 31	$	78,668	$	64,222

1Relates to reclassification of Celsys, which was an equity security as of December 31, 2023, and became an equity method investee as the Company acquired the right to appoint directors during 2024, and Jakga, which was a subsidiary at December 31, 2023, and became an equity method investee in 2024 as a result of a partial disposition of the Company’s investment in Jakga.

Investments in affiliates and joint ventures that are accounted for under the equity method are as follows:


	2024		2023
Purple Duck Co.1	76.92	%	49.20	%
Jakga Company Inc.2	26.46	%	51.30	%
Studio Toon Corp.3	49.00	%	49.00	%
Studio White3	40.01	%	—	%
AtoZ	26.67	%	26.67	%
Namu Actors4	20.00	%	—	%
Ylab5	9.32	%	9.56	%
Celsys, Inc.6	10.13	%	9.80	%
No9 Inc.7	9.10	%	—	%
LOCUS	22.04	%	22.41	%
Others8	1.60% – 41.50%		5.56% – 49.15%

______________

1.In 2024, the Company obtained a majority stake in Purple Duck Co. but continues to apply the equity method due to contractual limitations on significant influence.

2.Jakga was a subsidiary as at December 31, 2023, and became an equity method investee in 2024 as a result of a partial disposition of the Company’s investment in Jakga.

3.Studio Toon Corp. and Studio White are joint ventures.

4.The Company classified Namu Actors under the equity method by acquiring more than 20% of its ownership interest in 2024.

5.The equity method is applied to the investment since the Company has the ability to exercise significant influence over the investee even though the Company holds less than 20.0% of the voting stock.

6.In March 2024, the Company gained significant influence by obtaining the right to appoint one board member, reclassifying the investment from an equity security to the equity method even though the Company holds less than 20.0% of the voting stock.

7.In December 2024, the Company made a new capital contribution and secured the right to appoint one board member, resulting in the classification of the investment under the equity method due to significant influence even though the Company holds less than 20.0% of the voting stock.

8.Individually immaterial investments are grouped as others. The equity method is applied for investees where the Company holds less than 20.0% of the voting stock, yet the Company has the ability to exercise significant influence over the investees.

Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives (in years)	2024		2023

		(in thousands of USD)
Land	Indefinite	$	108	$	—
Buildings	40	170		—
Equipment	3-5	10,457		12,174
Leasehold improvements	Lesser of lease term or useful life	652		10,108
Construction in progress		82		—
Property and equipment		11,469		22,282
Less: Accumulated depreciation		(7,687)		(10,590)
Property and equipment, net		$	3,782	$	11,692

Depreciation expenses on property and equipment were $3.4 million, $3.8 million and $3.3 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively and were recorded within General and administrative expenses.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Sep. 01, 2024	Jun. 27, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Effective tax rate (percent)			(2.41%)	(9.04%)	(12.16%)
Deferred tax benefit	$ 17,000		$ 24,535	$ 15,573	$ 7,145
Branch (loss) income			(16,834)	(13,987)	1,488
Disallowed cash and equity compensation			74,700
Base erosion and anti-abuse tax (BEAT) deductions waived			49,000
Income inclusion amount			18,600
Impairment losses on goodwill			69,743	63,412	0
Tax-deductible goodwill			0	0
Net DTA of LOCUS removed upon deconsolidation			40,895	24,045
Tax expense (benefit) resulting from removal of of net DTA of LOCUS upon deconsolidation		$ 0	0	5,355	0
Pre-transition loss			63,100
Valuation allowance on deferred tax assets			125,648	131,524	105,345	$ 66,733
Valuation allowance release from deconsolidation			0	5,355	0
Valuation allowance release from subsidiary's deferred tax assets determined to be realizable			16,987	0	1,135
Net operating loss carry-forwards			208,021	225,426
Gross unrecognized tax benefits			78	268	1,074	$ 0
Unrecognized tax benefits that would affect the effective tax rate			78	268	1,100
Accrued interest and penalties			10	43
Foreign Tax Credit
Goodwill [Line Items]
Net operating loss carry-forwards			37,000
Korea
Goodwill [Line Items]
Deferred tax benefit			5,673	13,156	(1,121)
Subsidiary \| Korea
Goodwill [Line Items]
Net operating loss carry-forwards			18,800
Subsidiary \| Japan
Goodwill [Line Items]
Net operating loss carry-forwards			103,400	135,800
Subsidiary \| Canada
Goodwill [Line Items]
Net operating loss carry-forwards			85,400	70,400
WTEK
Goodwill [Line Items]
Foreign withholding taxes paid			8,000
Branch (loss) income			(16,800)	(14,000)	1,500
Accounting (loss) income			20,700	4,600	73,300
WTEK \| Foreign Tax Credit
Goodwill [Line Items]
Foreign tax credits			$ 21,200	$ 13,000	$ 13,900
Locus
Goodwill [Line Items]
Ownership interest (percent)		39.20%	22.04%	22.41%
Net DTA of LOCUS removed upon deconsolidation		$ 5,400
Release of valuation allowance		$ 5,400
Wattpad
Goodwill [Line Items]
Impairment losses on goodwill			$ 46,700
Munpia
Goodwill [Line Items]
Impairment losses on goodwill			20,300	$ 25,600
WWS
Goodwill [Line Items]
Impairment losses on goodwill			$ 2,700	6,100
Jakga
Goodwill [Line Items]
Impairment losses on goodwill				$ 31,700

Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Awards (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-average expected term	5 years 6 months	4 years 10 months 24 days	5 years 6 months
Weighted-average expected volatility (percent)	34.60%	34.15%	31.50%
Expected dividend yield (percent)	0.00%	0.00%	0.00%
Risk-free interest rate, minimum (percent)	3.85%	4.15%
Risk-free interest rate (percent)			3.85%
Risk-free interest rate, maximum (percent)	4.52%	4.62%
Weighted-average grant-date fair value (in usd per share)	$ 9.04	$ 7.94	$ 11.81

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table shows revenues disaggregated by revenue stream for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Paid Content	$	1,083,026	$	1,028,960	$	851,871
Advertising	166,087		145,452		145,056
IP Adaptations	99,365		108,336		82,461
Total	$	1,348,478	$	1,282,748	$	1,079,388

The revenue stream disaggregation above takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Paid Content revenue is generated from the provision of platform services that enable users to access content. Paid Content revenue also includes $10.9 million, $7.5 million and $8.6 million of physical book sales through the platform for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. Advertising revenue represents amounts earned for the display of advertisements on our offerings or product placement within content. IP Adaptations include the internal development of film, streaming series, or other rich media format adaptations commissioned by third party studios or streaming platforms; the license fees generated by sublicensing content to third parties are $12.9 million, $11.5 million and $8.8 million in 2024, 2023 and 2022, respectively; as well as $15.1 million, $14.0 million and $7.3 million of merchandise sales generated through external platforms, IP royalties, and pop-up stores for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively.

The following table shows disaggregation of revenue by geography for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:


	Year Ended December 31,
	2024		2023		2022

			(in thousands of USD)
Korea	$	517,534	$	566,368	$	601,170
Japan	648,247		557,349		337,660
Rest of World	182,697		159,031		140,558
Total	$	1,348,478	$	1,282,748	$	1,079,388

Paid Content revenue in the revenue disaggregation by geography above is based on the location of the Company’s customers at the time of sign-up as determined by the Company’s internal systems utilizing standard geolocation technology.

Contract Liabilities

Contract liabilities primarily include payments received for virtual currency prior to the Company satisfying its performance obligation to deliver content to the customer.

We recognized revenues of $70.4 million, $66.3 million and $48.1 million in 2024, 2023, and 2022, respectively, that were included within Contract liabilities on the Consolidated Balance Sheets as of the beginning of the respective year.

As of December 31, 2024, December 31, 2023, and December 31, 2022, our remaining performance obligations were $85.9 million, $76.7 million, and $77.1 million, respectively, and we expect to recognize the entire amounts within one year of the respective year-end.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Equity Method Investments - Investments in Affiliates and Joint Ventures Accounted For Under Equity Method (Details)	Dec. 31, 2024	Dec. 31, 2023	Jun. 27, 2023
Purple Duck Co.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	76.92%	49.20%
Jakga Company Inc.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	26.46%	51.30%
Studio Toon Corp.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	49.00%	49.00%
Studio White
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	40.01%	0.00%
AtoZ
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	26.67%	26.67%
Namu Actors
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	20.00%	0.00%
Ylab
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	9.32%	9.56%
Celsys, Inc.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	10.13%	9.80%
No9 Inc.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	9.10%	0.00%
LOCUS
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	22.04%	22.41%	39.20%
Others \| Minimum
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	1.60%	5.56%
Others \| Maximum
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	41.50%	49.15%

Retirement Benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement Benefits

Defined severance benefits

Changes in Defined severance benefits are as follows:


	2024		2023

	(in thousands of USD)
Beginning balance, January 1	$	24,316	$	31,132
Current service costs	6,532		8,026
Interest expense	1,279		1,509
Actuarial gain	(4,086)		(10,272)
Payments from plans	(1,026)		(1,157)
Transfer in/out	70		(1,480)

Disposition1	—		(2,897)
Cumulative effects of foreign currency translation	(4,054)		(545)
Ending balance, December 31	$	23,031	$	24,316
Current	$	1,001	$	955
Non-current	$	22,030	$	23,361

______________

1.This relates to the disposition of Korean subsidiaries during 2023 (LOCUS, and SIDUS).

Changes in plan assets are as follows:


	2024		2023

	(in thousands of USD)
Beginning balance, January 1	$	—	$	428
Payments to plans	—		18




Disposition1	—		(439)
Cumulative effects of foreign currency translation	—		(7)
Ending balance, December 31	$	—	$	—

______________

1.This relates to the removal of plan assets due to the disposition of a Korean subsidiary during 2023 (SIDUS).

Our provision for retirement benefits is as follows:


	As of December 31,
	2024		2023

	(in thousands of USD)
Defined benefit liabilities	$	23,031	$	24,316
Plan assets	—		—
Provision for Defined severance benefits	$	23,031	$	24,316

Net periodic cost consists of the following:


	As of December 31,
	2024		2023		2022

	(in thousands of USD)
Current service costs	$	6,532	$	8,026	$	9,306
Interest expense	1,279		1,509		1,229
Actuarial loss (gain)	(4,086)		(10,272)		(10,827)
Net periodic benefit income	$	3,725	$	(737)	$	(292)

The principal actuarial assumptions used to determine defined severance benefits were as follows:


	As of December 31,
	2024			2023
Discount rates	3.71%	—	4.74%	4.81%	—	5.95%
Salary growth rates	4.00%	—	9.63%	5.00%	—	10.31%

The principal actuarial assumptions used to determine the net periodic income were as follows:


	As of December 31,
	2024			2023
Discount rates	4.81%	—	5.95%	5.28%	—	6.14%
Salary growth rates	5.00%	—	10.31%	4.00%	—	12.16%

The expected maturity analysis of undiscounted defined severance benefits as of December 31, 2024 is as follows:


	Defined severance benefits
	(in thousands of USD)
Less than 1 year	$	1,139
Between 1 - 2 years	1,392
Between 2 - 5 years	4,541
Over 5 years	236,536
Total	$	243,608

Defined severance contribution

During the years ended December 31, 2024, December 31, 2023, and December 31, 2022, we recognized expense of $2.7 million, $2.3 million and $1.2 million, respectively. Of the expense recognized in the years ended December 31, 2024, December 31, 2023, and December 31, 2022, $— million, $— million, and $0.2 million, respectively, was attributable to business combinations.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Equity Method Investments and Joint Ventures [Abstract]

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Retirement Benefits - Expected maturity Analysis of Undiscounted Defined Severance Benefits (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Retirement Benefits [Abstract]
Less than 1 year	$ 1,139
Between 1 - 2 years	1,392
Between 2 - 5 years	4,541
Over 5 years	236,536
Total	$ 243,608

Loss per share - Schedule of Potentially Dilutive Outstanding Securities Were Excluded From The Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share	13,900,622	12,003,397	9,085,080
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share	10,932,250	10,883,310	9,085,080
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share	2,635,775	509,190	0
Subsidiary / Equity Method Investee Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share	332,597	610,897	0

Redeemable Non-Controlling Interest in Subsidiary - Summary of Redeemable Noncontrolling Interest in Subsidiary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 41,429	$ 46,964	$ 0
Recognition of redeemable non-controlling interest at Munpia acquisition date			84,002
Redemption of redeemable non-controlling interest			(11,311)
Reclassification of redeemable non-controlling interest to non-controlling interest			(25,818)
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(4,849)	(5,535)	91
Ending balance	$ 36,580	$ 41,429	$ 46,964

Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Equity Method Investments

Equity method investments as of December 31, 2024 and December 31, 2023 are as follows:


	As of December 31,
	2024		2023

	(in thousands of USD)
Equity method investments in affiliates	$	75,708	$	60,894
Joint venture	2,960		3,328
Total	$	78,668	$	64,222

The following tables summarize revenues for the years ended December 31, 2024 and December 31, 2023:


	2024		2023		2022

	(in thousands of USD)
Equity method investments in affiliates	$	(342)	$	(11,887)	$	(4,603)
Joint venture	(781)		(452)		(91)
Total	$	(1,123)	$	(12,339)	$	(4,694)

The following table summarizes the change in the balance of the Company’s equity method investment:


	2024		2023

	(in thousands of USD)
Balance at January 1	$	64,222	$	76,806
Additions	9,068		14,056
Disposals	(5,938)		(11,517)
Other than temporary impairment losses	(3,566)		(13,460)
Valuation gain, net	2,443		972
Reclassification1	21,820		—
Share of other comprehensive income	(94)		(906)

Currency translation differences	(9,287)		(1,729)
Balance at December 31	$	78,668	$	64,222

Investments in affiliates and joint ventures that are accounted for under the equity method are as follows:


	2024		2023
Purple Duck Co.1	76.92	%	49.20	%
Jakga Company Inc.2	26.46	%	51.30	%
Studio Toon Corp.3	49.00	%	49.00	%
Studio White3	40.01	%	—	%
AtoZ	26.67	%	26.67	%
Namu Actors4	20.00	%	—	%
Ylab5	9.32	%	9.56	%
Celsys, Inc.6	10.13	%	9.80	%
No9 Inc.7	9.10	%	—	%
LOCUS	22.04	%	22.41	%
Others8	1.60% – 41.50%		5.56% – 49.15%

______________

1.In 2024, the Company obtained a majority stake in Purple Duck Co. but continues to apply the equity method due to contractual limitations on significant influence.

2.Jakga was a subsidiary as at December 31, 2023, and became an equity method investee in 2024 as a result of a partial disposition of the Company’s investment in Jakga.

3.Studio Toon Corp. and Studio White are joint ventures.

4.The Company classified Namu Actors under the equity method by acquiring more than 20% of its ownership interest in 2024.

Disposition and Business Combinations - Dispositions Additional Information (Details) $ in Millions			12 Months Ended
	Mar. 28, 2024 USD ($)	Jun. 27, 2023 USD ($)	Dec. 31, 2024 USD ($)	Jun. 02, 2023 buyer
LOCUS Inc. \| Stock Transfer Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interest sold in subsidiaries (percent)		14.40%		14.40%
Sale for consideration in cash		$ 5.0
Percentage of discount rate (percent)		16.00%
Percentage of terminal growth rate (percent)		1.00%
Loss on disposition			$ 0.8
Number of unrelated parties \| buyer				2
Loss on sale of assets and liabilities transferred and gain on remeasurement of retained interest		$ 0.6
LOCUS Inc. \| Stock Transfer Agreement \| Webtoon Entertainment Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in affiliates and joint ventures (percent)		39.20%		53.60%
Jakga Inc. \| Stock Transfer Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interest sold in subsidiaries (percent)	0.30%
Sale for consideration in cash	$ 0.1
Percentage of discount rate (percent)	15.10%
Percentage of terminal growth rate (percent)	1.00%
Loss on disposition			2.5
Loss on remeasurement of retained interest			$ 2.1
Jakga Inc. \| Stock Transfer Agreement \| Redeemable Convertible Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Temporary equity percentage of voting equity interest issued (percent)	3.50%
Jakga Inc. \| Jakga Transactions \| Webtoon Entertainment Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in affiliates and joint ventures (percent)	49.20%

Fair Value Measurements - Summary of Changes in Fair Value of Level 1 and Level 3 Assets Included Debt and Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Level 1 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, January 1	$ 16,109	$ 8,680
Purchases	0	7,596
Business disposition	0	0
Net unrealized gain (loss)	3,351	394
Sales and settlement	0	0
Reclassification	(18,702)	19
Currency translation differences	(756)	(580)
Ending balance, December 31	2	16,109
Level 3 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, January 1	26,847	31,672
Purchases	1,000	46
Business disposition	(776)	(1,630)
Net unrealized gain (loss)	(949)	(2,918)
Sales and settlement	(2,713)	0
Reclassification	0	(19)
Currency translation differences	(1,375)	(304)
Ending balance, December 31	22,034	26,847
Level 3 \| Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, January 1	48,277	68,787
Purchases	0	1,059
Business disposition	6,522	2,323
Net unrealized gain (loss)	(81)	(20,154)
Sales and settlement	(19)	(2,337)
Reclassification	0	0
Currency translation differences	(6,557)	(1,401)
Ending balance, December 31	$ 48,142	$ 48,277

Equity Method Investments - Revenues From Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Loss on equity method investments, net	$ (1,123)	$ (12,339)	$ (4,694)
Equity method investments in affiliates
Schedule of Equity Method Investments [Line Items]
Loss on equity method investments, net	(342)	(11,887)	(4,603)
Joint venture
Schedule of Equity Method Investments [Line Items]
Loss on equity method investments, net	$ (781)	$ (452)	$ (91)

Amount of income (loss) for proportionate share of equity method investee's income (loss).

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss attributable to WEBTOON Entertainment Inc.	$ (143,905)	$ (116,455)	$ (129,871)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Leases - Aggregate Future Lease Payments for Operating Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Year
2025	$ 6,313
2026	5,975
2027	4,242
2028	846
2029	479
Thereafter	1,168
Total future lease payments	19,023
Less: Imputed interest	(1,783)
Total	17,240
Sublease income	$ 300	$ 600	$ 700

Retirement Benefits - Net Periodic Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Current service costs	$ 6,532	$ 8,026	$ 9,306
Interest expense	1,279	1,509	1,229
Actuarial loss (gain)	(4,086)	(10,272)	(10,827)
Net periodic benefit income	$ 3,725	$ (737)	$ (292)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Operating activities:

Adjustments to reconcile net loss to cash used in operating activities:

$ (152,912)

$ (144,759)

$ (132,523)

Allowance for credit losses

6,034

3,481

2,876

Depreciation and amortization

40,074

38,359

34,735

Impairment losses on goodwill

69,743

63,412

Operating lease expense

10,446

11,965

10,988

Loss (Gain) on foreign currency, net

(2,519)

5,533

16,441

Deferred tax benefit

(24,535)

(15,573)

(7,145)

Loss (Gain) on debt and equity securities, net

(2,263)

22,585

(624)

Loss on equity method investment

1,123

12,339

4,694

Contingent consideration liability

(3,712)

(789)

448

Stock-based compensation

87,379

3,220

Gain on disposal of right-of-use assets, net

(1,899)

(62)

Change in severance benefit, net

3,725

(737)

(292)

Changes in operating assets and liabilities

2,713

884

Other non-cash items

(707)

(3,411)

443

Changes in receivables

(24,063)

30,919

41,759

Changes in other assets

(35,928)

(6,523)

(32,664)

Changes in accounts payable

26,177

(7,583)

(48,199)

Changes in accrued expenses

5,156

6,296

(16,979)

Changes in contract liabilities

21,584

1,088

3,176

Changes in other liabilities

(186)

7,250

(3,276)

Changes in operating lease liabilities

(9,035)

(10,193)

(10,018)

Changes in deposits

2,444

(260)

(2,517)

Transfer of severance benefits

(956)

(2,637)

(1,931)

Net cash provided by (used in) operating activities

17,883

14,804

(140,608)

Investing activities:

Proceeds from maturities of short-term investments

68,018

15,321

15,877

Proceeds from sale of debt and equity securities

2,970

2,428

871

Proceeds from sale of property and equipment

6,495

659

608

Proceeds from sale of equity method investments

5,938

5,439

Proceeds from loan receivable

311

113

Payment from maturities of short-term investments

(77,371)

(35,100)

Payment made for loan receivable

(264)

(11,491)

(3,254)

Purchases of debt and equity securities

(1,000)

(8,700)

(29,200)

Purchases of property and equipment

(2,404)

(10,199)

(2,696)

Purchases of intangible assets

(10,745)

(12,143)

(18,492)

Purchases of equity method investments

(9,068)

(682)

(14,151)

Disposal of businesses, net of cash disposed

(315)

1,988

(520)

Other investing activities

470

187

140

Net cash used in investing activities

(17,276)

(51,982)

(50,704)

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

292,950

Proceeds from issuance of common stock related to private placement

50,000

408,372

Capital contribution to a non-wholly owned subsidiary from a limited partner

3,257

Payments of initial public offering costs

(11,154)

Proceeds from exercise of over-allotment, net of underwriting discounts and commissions

26,786

Proceeds from stock option exercise

746

Proceeds from short-term borrowings

383

76,586

Repayments of short-term borrowings

(3,597)

(6,279)

(104,929)

Repayments of long-term borrowings

(15)

(64)

Payment of contingent consideration related to business acquisition

(1,849)

(3,796)

(2,020)

Acquisition of additional equity interests in non-wholly owned subsidiaries

(14,335)

Payments for the redemption of non-controlling interests

(11,075)

Repayment of convertible debt

(2,257)

Net cash provided by (used in) financing activities

353,867

(6,499)

350,342

Effect of exchange rate changes on cash and cash equivalents

(13,817)

(4,287)

(20,414)

Net increase (decrease) in cash and cash equivalents

340,657

(47,964)

138,616

Cash and cash equivalents at beginning of the year

231,745

279,709

141,093

Cash and cash equivalents at end of the year

572,402

231,745

279,709

Supplemental disclosure:

Income taxes paid

25,675

26,644

29,362

Interest paid

700

Non-cash transactions:

Reclassification of debt and equity securities to equity method investments

18,701

Reclassification of deferred offering costs to additional paid-in capital upon IPO

11,215

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares

^[1]

579,876

Purchase of property and equipment included in accounts payable

9,175

Non-cash consideration transferred in business combinations

$ 0

$ 181,930

[1]	Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.

Income Taxes - Schedule of Loss before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	$ (149,308)	$ (132,753)	$ (118,154)
U.S.
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	(92,622)	(26,780)	(78,571)
Korea
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	26,166	(10,850)	66,575
Other
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	$ (82,852)	$ (95,123)	$ (106,158)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Trade receivables, allowance for doubtful accounts

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

$ 3,418

$ 1,049

Preferred stock par value (in usd per share)

$ 0.0001

Preferred stock authorized (shares)

100,000,000

Preferred stock issued (shares)

Preferred stock outstanding (shares)

Common stock par value (in usd per share)

$ 0.0001

Common stock authorized (in shares)

2,000,000,000

Common stock issued (in shares)

128,587,944

109,505,150

Common stock outstanding (in shares)

128,587,944

109,505,150

^[1]

$ 169,187

$ 171,776

^[2]

94,783

82,479

^[3]

127,306

127,427

Short-term borrowings and current portion of long-term debt

^[4]

62,209

62,782

^[5]

4,252

^[6]

6,053

9,945

^[7]

85,860

76,722

^[8]

11,187

19,238

Related Parties

59,495

63,723

9,258

32,072

15,876

17,173

6,713

Short-term borrowings and current portion of long-term debt

5,562

3,800

3,506

6,426

16,160

Property, Plant and Equipment [Abstract]

$ 9,519

$ 14,852

[1]	Includes amounts due from related parties of $59,495 and $63,723 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $9,258 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due from related parties of $17,173 and $6,713 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due to related parties of $5,562 and $— as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due to related parties of $— and as of $3,800 December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[6]	Includes amounts due to related parties of $3,506 and $6,426 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[7]	Includes amounts due to related parties of $— and $16,160 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[8]	Includes amounts due to related parties of $9,519 and $14,852 as of December 31, 2024 and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Property and Equipment, net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives (in years)	2024		2023

		(in thousands of USD)
Land	Indefinite	$	108	$	—
Buildings	40	170		—
Equipment	3-5	10,457		12,174
Leasehold improvements	Lesser of lease term or useful life	652		10,108
Construction in progress		82		—
Property and equipment		11,469		22,282
Less: Accumulated depreciation		(7,687)		(10,590)
Property and equipment, net		$	3,782	$	11,692

Other Income (Loss), net (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income (Loss), net

The following table summarizes Other income (loss), net for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:


	Year Ended December 31,
	2024		2023		2022

	(in thousands of USD)
Gain (loss) on debt and equity securities, net	$	2,263	$	(22,585)	$	624
Loss on foreign currency, net	(2,103)		(7,590)		(12,035)
Retirement benefit, net	2,807		8,763		9,598
Dividend income	2,640		—		—
Other	1,689		(1,341)		2,750
Loss on disposal of investment in subsidiaries, net	(2,713)		(884)		—
Gain on right of use asset disposal, net	1,899		63		—
Total other income (loss), net	$	6,482	$	(23,574)	$	937

Segment and Geographic Information - Reconciliation of Profit (Loss) from Segments to Consolidated (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2024

USD ($)

segment

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Segment Reporting [Abstract]

Number of reportable segments | segment

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

$ 1,348,478

$ 1,282,748

$ 1,079,388

Less:

^[2]

1,009,410

987,258

806,377

^[3]

107,783

121,086

180,002

(15,820)

(3,009)

(1,166)

844

1,123

12,339

4,694

Goodwill impairment

69,743

63,412

Other loss (income), net

^[4]

(6,482)

23,574

(937)

3,604

12,006

14,369

Revenues from External Customers and Long-Lived Assets [Line Items]

(152,912)

(144,759)

(132,523)

Reportable Segment

1,348,478

1,282,748

1,079,388

Less:

1,009,410

987,258

806,377

General and administrative expenses - labor related

107,783

121,086

180,002

129,705

94,397

105,315

General and administrative expenses - non-labor related

202,279

116,365

102,413

(15,820)

(3,009)

(1,166)

844

1,123

12,339

4,694

Goodwill impairment

69,743

63,412

Other loss (income), net

^[4]

(6,482)

23,574

(937)

3,604

12,006

14,369

Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets

$ (152,912)

$ (144,759)

$ (132,523)

[1]	Includes amounts earned from related parties of $72,228, $78,698 and $54,422 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $96,498, $22,412 and $14,848 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $(7,691), $203 and $574 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts earned from related parties of $3,592, $4,761 and $614 for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2024

Debt Securities

Redeemable Convertible Preferred Stock

48,142

Option Pricing model

Discount rate

9.01%-21.94%

Volatility

41.60%-66.30%

Total

48,142

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

506

Measurement alternative

Private equity securities

Measurement alternative

Convertible Preferred Stock

5,477

Option Pricing model

Discount rate

3.00%-16.71%

Volatility

44.96%-50.60%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

22,034

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2023

Debt Securities

Redeemable Convertible Preferred Stock

48,277

Option Pricing model

Discount rate

9.82%-23.71%

Volatility

33.50%-65.39%

Total

48,277

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

574

Measurement alternative

Private equity securities

857

Measurement alternative

Convertible Preferred Stock

8,152

Option Pricing model

Discount rate

4.41%-18.26%

Volatility

40.50%-49.60%

Convertible Preferred Stock

2,264

Measurement alternative

Total

26,847

______________

Summary of Company's Assets Categorized Within the Fair Value Hierarchy

The following tables present a summary of the Company’s assets categorized within the fair value hierarchy as of December 31, 2024 and December 31, 2023:


	As of December 31, 2024
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	2	$	—	$	22,034	$	22,036
Debt Securities	—		—		48,142		48,142
Total recorded at fair value	$	2	$	—	$	70,176	$	70,178


	As of December 31, 2023
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	16,109	$	—	$	26,847	$	42,956
Debt Securities	—		—		48,277		48,277
Total recorded at fair value	$	16,109	$	—	$	75,124	$	91,233

Summary of Changes in Fair Value of Level 1 and Level 3 Assets by Investment Type

The below tables present a summary of changes in fair value of Level 1 and Level 3 assets by investment type (in thousands of USD):


	Year Ended December 31, 2024
	Level 1		Level 3
	Equity Securities		Equity Securities		Debt Securities
Beginning balance, January 1	$	16,109	$	26,847	$	48,277
Purchases	—		1,000		—
Business disposition	—		(776)		6,522
Net unrealized gain (loss)	3,351		(949)		(81)
Sales and settlement	—		(2,713)		(19)
Reclassification1	(18,702)		—		—
Currency translation differences	(756)		(1,375)		(6,557)
Ending balance, December 31	$	2	$	22,034	$	48,142


	Year Ended December 31, 2023
	Level 1		Level 3
	Equity Securities		Equity Securities		Debt Securities
Beginning balance, January 1	$	8,680	$	31,672	$	68,787
Purchases	7,596		46		1,059
Consolidation inclusion	—		(1,630)		2,323
Net unrealized gain (loss)	394		(2,918)		(20,154)
Sales and settlement	—		—		(2,337)
Reclassification1	19		(19)		—
Currency translation differences	(580)		(304)		(1,401)
Ending balance, December 31	$	16,109	$	26,847	$	48,277

1Relates to reclassification of Celsys, which was an equity security as of December 31, 2023, and became an equity method investee as the Company acquired the right to appoint directors during 2024.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.