NPX Capital, a global alternative investment firm, recently announced that its portfolio company, Terapin Studios, has acquired top Korean webtoon platform, Toomics, for $160 million US. Terapin Studios was established to be a global media company that leverages a wide range of intellectual property (IP) to evolve and expand the ways in which the world consumes entertainment content.
Founded in 2015, Toomics has over 60 million total subscribers, a number which has doubled over the past two years. Available in multiple languages, Toomics has relied on its high quality webtoon-IP and distribution capacity to evolve into one of the fastest growing global webtoon platforms to date, evidenced by its compound annual growth rate (CAGR) of 42 percent from 2018 to 2021.
“Toomics is a leading player that represents Korea’s growth in digital entertainment. Not only is it a platform that connects tens of millions of viewers, but also a digital content powerhouse that leverages its premier IP and production capabilities,” Samuel Hwang, Founder and CEO of NPX Capital, said. “The acquisition of Toomics will expedite our journey to establish and further strengthen the comprehensive content platform Terapin Studios is creating.”
This follows NPX Capital’s acquisition of Korean webtoon and digital content production studio, Copin Communications, which was subsequently flipped to and established as Terapin Studios Inc., a US entity. With state-of-the-art AI-driven production capabilities in addition to Toomics’s robust platform and distribution capacity, Terapin Studios further strengthens its position at the forefront of delivering Korea’s globally recognised digital and entertainment content to the world through its ‘one source multi use’ (OSMU) model.
Netflix’s upcoming miniseries Black Knight – a Toomics original webtoon-IP – starring A-list actor Kim Woo Bin, reinforces Terapin Studios’s vision to evolve these universes through various content verticals.
“This acquisition is especially meaningful as more Korean IP, which have a proven track record of international success, can now enjoy the infrastructure, funding and support at a global level under the platform of Terapin Studios,” added Terapin Studios COO JH Kah.
With its vision to become a leader of global content, Terapin Studios utilises its IP to develop all forms of media including animations, films and merchandise. Supported by international investors, Terapin Studios aims to take content production to the next level, creating immersive experiences in the form of metaverse, games, and NFTs.