RIDI, the South Korean parent company of the popular webtoon platform Manta, has announced its financial results for 2024, revealing a mixed bag of performance. While the company posted an operating loss, it also achieved record-high revenue, signaling both challenges and growth in the competitive digital comics market.
RIDI’s 2024 Financials: A Detailed Overview
According to the announcement made on April 3, 2025, RIDI experienced an operating loss of 12.9 billion KRW (approximately US$8.8 million) on a consolidated basis for 2024. This represents a 56.2% decrease from the previous year’s loss. However, the company’s revenue saw a significant boost, rising 7.2% year-over-year to reach a record high of 235.4 billion KRW (approximately US$161 million).
The company attributes this reduced deficit and revenue growth to the expansion of its global business. This suggests that RIDI’s strategic focus on international markets, particularly through its Manta webtoon platform, is beginning to pay off.
Manta: RIDI’s Global Webtoon Platform
Manta is a subscription-based webcomics platform owned and operated by RIDI Corporation. Launched in November 2020 by Kisik Bae, the Founder and CEO of RIDI Corporation, Manta offers a diverse collection of webcomics across various genres, including romance, fantasy, slice of life, horror, mystery, and thriller. A significant portion of the comics published on Manta are Manta-owned, and they also collaborate with external partners and license certain series from them.
Manta distinguishes itself in the webcomics market through its subscription model, providing unlimited access to a wide range of content for a fixed monthly price of $3.99. This model has proven successful, attracting a global audience and establishing Manta as the second-largest paid-user comic platform in the U.S.
RIDI’s Expansion and Diversification
RIDI Corporation has a rich history in the digital content industry. Initially an e-book publisher in South Korea, the company has expanded its business to include web novels, webcomics, animation, articles, and news media. In addition to Manta, RIDI also owns animation streaming service Laftel and e-book retailer Ridibooks.
The company’s expansion into webcomics was a strategic move to capitalize on the growing popularity of this medium, particularly among younger audiences. RIDI has focused on adapting its extensive portfolio of intellectual property (IP) into digital comic formats, creating original stories from its Korean digital content platform, also owned by RIDI Corporation, into webcomics.
Key Factors Influencing RIDI’s Performance
Several factors likely contributed to RIDI’s operating loss in 2024, despite its record revenue:
- Increased Investment: RIDI has been actively investing in expanding its global presence, developing original content, and enhancing its technology infrastructure. These investments, while crucial for long-term growth, can impact short-term profitability.
- Competitive Market: The webtoon market is becoming increasingly competitive, with numerous platforms vying for readers’ attention. This competition can lead to higher marketing and content acquisition costs.
- Economic Conditions: Global economic uncertainty and fluctuations in currency exchange rates can also affect a company’s financial performance.
The Rise of Webcomics and RIDI’s Role
Webcomics, also known as webtoons, have experienced tremendous growth in recent years, particularly in South Korea. In 2020, the South Korean webtoon industry saw its combined sales exceed $840 million. This growth has been fueled by the increasing popularity of mobile devices, the accessibility of online content, and the unique format of webcomics, which are designed for easy reading on smartphones and tablets.
RIDI has played a significant role in popularizing webcomics, both in South Korea and internationally. Its Manta platform has introduced a diverse range of webcomics to a global audience, contributing to the medium’s growing mainstream appeal. Manta’s success can be attributed to several factors, including:
- Subscription Model: Manta’s subscription model offers readers unlimited access to a vast library of content at an affordable price.
- Original Content: Manta focuses on bringing original stories from RIDI, a Korean digital content platform also owned by RIDI Corporation, into webcomics.
- Global Accessibility: Manta is available on iOS, Android, and the web, making it accessible to readers around the world.
- IP Adaptation: RIDI has successfully adapted many different forms of popular IP into digital comics.
- In-house Production: Manta Studio, RIDI’s in-house production, holds the largest production capacity globally for outstanding comics.
Challenges and Opportunities for RIDI
Despite its success, RIDI faces several challenges in the dynamic webtoon market:
- Competition: The webtoon market is highly competitive, with established players like Naver Webtoon and KakaoPage, as well as emerging platforms, vying for market share.
- Content Costs: The cost of acquiring and producing high-quality webcomics can be substantial, requiring significant investment.
- Localization: Adapting webcomics for different languages and cultures can be a complex and expensive process.
However, RIDI also has significant opportunities for growth:
- Global Expansion: The global webtoon market is expected to continue to grow rapidly, providing RIDI with opportunities to expand its reach and audience.
- IP Development: RIDI’s extensive library of IP provides a solid foundation for creating new and original webcomics.
- Technological Innovation: Embracing new technologies, such as augmented reality and virtual reality, can enhance the webtoon reading experience and attract new users.
- Strategic Partnerships: Collaborating with other media companies, such as film studios and television networks, can expand the reach of RIDI’s webcomics and create new revenue streams.
RIDI’s Future Outlook
While RIDI’s operating loss in 2024 may raise concerns, the company’s record revenue and global expansion efforts suggest a positive long-term outlook. By continuing to invest in original content, expand its global reach, and innovate its platform, RIDI can solidify its position as a leading player in the webtoon market. As the demand for digital comics continues to grow, RIDI is well-positioned to capitalize on this trend and achieve sustainable profitability in the years to come.
