TOOMICS

About TOOMICS

Established in 2015 and headquartered in Seoul, South Korea, TOOMICS has positioned itself as a significant comic book reading platform in the digital entertainment sector. The company provides a platform where readers can access a wide array of weekly updated webtoons, spanning genres from action and horror to romance and school life stories. Its content library includes exclusive titles from professional artists and is available in multiple languages, including English, French, Italian, and Portuguese, catering to a global audience.

TOOMICS operates on a freemium business model. Users can read the initial chapters of most series for free, which serves as a gateway to its premium subscription service. The primary revenue stream is its VIP membership, which grants subscribers unlimited access to the platform's vast library of comics. This subscription model is designed to support the artists and authors financially. Additionally, the company monetizes through in-app purchases of a digital currency called "Coins," which can be used to unlock content, and likely through advertisements, although specifics on the latter are less detailed.

A major milestone in the company's history was its acquisition in July 2022 by Terapin Studios, a subsidiary of the global alternative investment firm NPX Capital, for $160 million. This acquisition was aimed at strengthening Terapin Studios' content portfolio and expanding the global reach of Korean intellectual property. Prior to this, TOOMICS had secured $10.9 million in a Series B funding round in December 2016, with investors including Korea Investment Holdings, InterVest, and NPX Capital Private Equity. The platform has demonstrated substantial growth, reportedly doubling its subscriber base to 60 million in the two years leading up to its acquisition and showing a compound annual growth rate of 42% from 2018 to 2021. Some of its original webtoon IPs have been adapted into other media, such as "Black Knight," which became a Netflix miniseries.