A cover page for author Softcoral’s novel "Do Bankers Dream of Dragons?" / Courtesy of Ridi
Ridi, a major Korean digital content platform, has recorded a more than 50-fold increase in the transaction volume of its exclusive fantasy web novels compared to 2021, supported by a rising fanbase and intellectual property (IP) expansion.
This increase outpaced the average growth rate of the overall web novel market. Ridi attributed the performance to rising user interest in the fantasy genre.
Reflecting this demand, the number of newly published fantasy web novels on the platform last year increased by more than 10 percent year-on-year.
Ridi's user data from last year showed that about 45 percent of readers who bought a work by a specific author also purchased other titles by the same writer. This trend has led to an increase in both user retention time and overall consumption on the platform.
The fantasy genre has emerged as a powerhouse for IP expansion across various media formats. "Fantasy is a genre capable of diverse expansions fueled by a dedicated fandom, and its importance within the Ridi platform is growing rapidly," the company said.
A prime example is"Solo Leveling,"a megahit web novel serviced on KakaoPage. It has secured a massive global fanbase after being adapted into an online comic, an animation series and a mobile game. Capitalizing on this momentum, a Netflix live-action series starring actor Byeon Woo-seok is currently in production.
Similarly, the release of the tvN drama"Bon Appetit, Your Majesty"triggered a sharp rise in sales for its original web novel, "Surviving As the Tyrant's Chef," which is serialized on Naver Webtoon.
Ridi explained that it is also capitalizing on the virtuous cycle of multimedia adaptations by securing more exclusive fantasy web novels and strengthening its IP expansion model.
For instance, Ridi’s exclusive web novel "Illusion Hunter from Another World" has surpassed 3 billion won ($1.96 million) in cumulative transaction volume, with its webtoon adaptation consistently ranking at the top of its category.
Source: Korea Times News
