Manhwa Read Free is a new webtoon website that seeks to explore the business model of Manhwa reading. Manhwa is a cultural medium in Korea and Japan, where artists illustrate and create Digital comics for publication. Using traditional media formats, like print books and TV drama series, as models, this platform was created to increase digital comic readership rates throughout Korea and Japan. This overview will take three steps: identifying factors contributing to high readership rates in physical book markets; analyzing why prices differ based on media type; finally introducing potential audiences who are interested in low-priced content but lack access to it.

What are the inherent costs involved in publishing a digital comic?

For print-based media, such as a book or TV drama series, the cost of publishing is dependent on the size of the audience. Large, well-known titles can afford to create higher production values, such as expensive paper and glossy covers. This leads to higher prices for readers, but also makes these titles more attractive to media producers who could sell them outside their original market (AKA “gateway” sales). The average cost per unit falls between $5-USD 10 in the United States or Canada, with higher price points for larger print runs. Digital comics are published differently than digital books and TV shows. Comics are published digitally instead of in print. Instead of printing and binding the comic into a book or magazine, digital artists use computers to create the comic page-by-page, uploading the finished product onto a computer or digital reading device.

What is the length of a typical manhwa?

Most manhwas are less than five volumes long, with some reaching up to 10. Each volume is typically anywhere from 15 to 60 pages long and costs around $2-USD 3 in South Korea (depending on the local retailer). The short length of individual volumes and low cost per unit allow for massive readership rates in South Korea, where the minimum wage for an office worker is USD 8 / hour.

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What are the perceived benefits of reading manhwa digitally?

However, digital comic readership rates have been extremely low in South Korea. Only about 1% of Koreans read comics at least once a month. This is in contrast to the popularity of webtoons and video games, which have an audience rate of around 65% and 70%. These statistics are somewhat misleading, however, as most Korean people who read webtoons do so on their smartphones as a feature in their preferred browser. They may be counted as readers but are not really “consumers”, resulting in greatly exaggerated numbers. Comics are also not widely available outside of Seoul, South Korea. Many people who do read comic books in South Korea do so at a bookstore like Big Bang Books, which has a very limited selection of titles and charges USD 13 per volume. Since readership rates in Korea are low, publishers often choose to sell their products outside their home country. This is what we observe when comparing the United States and Canada with South Korea: a much larger consumer base for manhwa in North America and Canada compared to the South Korean readership rate.

How does the cost per unit compare with other entertainment media?

The price that consumers pay for entertainment media is highest for music. According to the BBC in 2013, the UK music industry revenues for 2012 have been estimated at £1.2 billion, with digital music representing 71% of total revenue. The average cost per album is $12-USD 17 depending on whether they are being sold digitally or physically. This means that consumers pay around $3-USD 5 per song on average. Musicians make very little money off of this sale (around $0.14-USD 0.30 per song or less than 1%), so they must tour and perform to make a living if they want to continue pursuing their careers as a musician.

Conclusion

Digital comics are a massive opportunity for manhwa publishers. The United States and Canada have a large number of existing comic readers, with 7 million fans in the United States alone. Manhwa publishers don’t need to charge more money for their content; there are other ways to generate profit, especially with other channels like streaming and merchandise production. However, since many fans of Korean entertainment media either live outside South Korea or cannot access well-known publishers, there is a need for a platform that provides high-quality manhwas for low prices. Manhwa Read Free will provide just such a platform to this underserved market.

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