TopCo, the company behind webtoon platform TopToon, has signed an MOU worth 1 billion won (USD $872,000) with webtoon distributor KidariEnt to bring comics to life.
The deal – signed yesterday – sees both companies contribute 500 million won each to a combined fund which will be used to promote once source multi-use (OSMU) content. OSMU has become a common buzzword in the webtoon world, and refers to online comic content being reused on multiple platforms, such as on TV and movies.
TapCo CEO Ryu Jeongseok and KidariEnt CEO Kim Younghoon
Through the partnership, TopToon will provide webtoon content, while KidariEnt will be responsible for distribution. If the joint project goes well, it’s expected that external investors may increase the size of the fund even further.
Wasting no time, the companies have already begun working together on the production of several webtoons to be turned into dramas, or for viewing on IPTV systems. They are also considering several other titles to get started on.
“Through the MOU with KidariEnt, we’ve come one step closer to TopCo’s vision of pursuing global content,” says TopCo CEO Ryu Jeongseok. “We’ll strive to maximize the synergy between the two companies and showcase great work.”
Over the past year, Korea has seen a huge increase in the number of webtoons being turned into dramas on major TV networks. Many have been successful, with top actors and unique stories that stray from the typical drama plot which many viewers are used to.
