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Manta's Parent Company Ridi Posts Operating Loss for 2024 But Marks Record-High Revenue
posted on by Wonhee Cho
RIDI, the parent company of webtoon platform Manta, announced on April 3 that it posted an operating loss of 12.9 billion KRW (approx. US$8.8 million) on a consolidated basis in 2024, down 56.2% from the previous year.
Revenue rose 7.2% year-over-year to a record high of 235.4 billion KRW (approx. US$161 million).
The company attributed the reduced deficit and revenue growth to the expansion of its global business.
Last year, RIDI supplied popular webtoon IPs such as Under the Oak Tree to the Japanese digital manga platform MechaComic. Within six months of its launch in Japan, Under the Oak Tree surpassed 10 billion KRW (approx. US$7.5 million) in cumulative transactions.
In Korea, RIDI boosted sales not only through webtoons but also by offering comics in e-book format. The company exclusively serializes the Japanese manga Wind Breaker online and publishes print editions under its subsidiary labels.
Last September, Manta started releasing webtoon titles on the platform that can only be purchased through the in-service Gems currency. Before that, all webtoons on Manta's platform were included in Manta's subscription system. Many subscribers criticized the change at the time. The service then added a new subscription tier in February.
Sources: RIDI's press release, YNA (Kyung-yoon Kim)
