Continuing their global mission to create super IP across multimedia platforms, the leading digital publisher of webcomics and novels, Tapas Media, Inc., has been acquired by Kakao Entertainment in a cash transaction announced today. The acquisition will expand Kakao Entertainment’s original content business in North America and other English-speaking regions.
The terms of the agreement give Kakao Entertainment a 100% stake in Tapas, for a transaction valued at $510 million. CEO and Founder, Chang Kim, will remain in his role as CEO and become a Global Strategy Officer within Kakao Entertainment. Kim will provide insight into the US Market while continuing to focus on developing IP on the Tapas platform.
Headquartered in Los Angeles, Tapas is a pioneer of mobile storytelling platforms in the US and have found success in the rapidly growing mobile stories market with more than 8 billion pageviews of 96,000 original series – both webcomics and digital novels. Tapas’ microtransaction-based digital currency (Ink) empowers readers to directly support their favorite creators and stories, generating revenue for creators. Tapas saw five times year-over-year revenue growth in 2020, averaging more than $2M per month for creators, making it one of the top 3 grossing comic apps in the US.
Tapas have spent almost a decade dedicated to developing a creator-first ecosystem with an open publishing platform and creator community. Tapas is not just a creator platform, it also produces original content with creators – content that expands into additional business opportunities including development deals in film and television, book publishing, audio, and other ancillary business. Recent Tapas announcements include Scholastic signing global publishing rights for the critically-acclaimed Studio Tapas original series Magical Boy – releasing as a graphic novel on November 2, 2021; a partnership with Zoic Studios for television and cross-platform adaptation of the AI thriller Tapas original, Mnemosyne; and Frolic Media and Madison Wells are producing a scripted podcast and developing the TV adaptation of the modern office-place romance series, Yes, My Boss!. The expanded partnership with Kakao Entertainment furthers this mission broadening creator opportunities on a global level as they are a leader in the Korean web novel and webcomic industries, with a successful track record of creating super IPs made into secondary formats such as films, TV series, games, and live performances.