Kakao Entertainment plans to shut down Kakao Webtoon and Tapas to consolidate its services into KakaoPage by the end of 2026, according to a September 22 report from IT Chosun. Tapas is the company’s North American webtoon and web novel platform. They acquired the U.S.-based company in a deal worth $510 million USD in 2021.
The consolidation will bring approximately 16,000 original intellectual properties (IPs) and user data from Kakao Webtoon and KakaoPage together on a single platform. Kakao Entertainment is expected to announce a detailed transition schedule to users of both services on September 29.
According to the report, most Kakao Webtoon users’ reading histories, remaining cash balances and unused paid reading passes are expected to transfer to KakaoPage. The company will provide separate guidance on which assets are eligible and how the transfers will work.
The report also states that Kakao Entertainment plans to use the combined platforms’ payment and subscription data to develop AI-based content recommendations. Its creator and partner networks, content production operations and marketing resources will also be consolidated around KakaoPage.
Source: IT Chosun
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