Naver Ventures, the investment arm of WEBTOON parent corporation Naver Corporation, has made a strategic investment in the San Francisco-based transmedia animation studio Baobab Studios.
The collaboration will launch with Shine, a fantasy adventure story set in a futuristic Korea, where a human girl must restore the balance between the human and the spirit worlds. The story is co-created by filmmaker Erick Oh and artist Madeleine Rosca, and Baobab will develop it with WEBTOON as a vertical-scroll digital comic and with First Second as a graphic novel. Baobab will keep the film, television, streaming, and gaming rights to the property.
“What attracted us to Baobab is the rare combination of exceptional creative talent and a truly multi-platform approach to building IP,” said Yong Jung Park, General Partner at the U.S.-based Naver Ventures, in a statement accompanying the announcement. “The most enduring entertainment franchises create value well beyond a single format, building audiences across animation, gaming, publishing, and interactive experiences.”
“Collaborating with a powerhouse like Naver fuels our biggest ambitions,” added Baobab CEO Maureen Fan, “and this partnership represents a true convergence of East and West by fusing Naver’s deep technology, content and distribution footprint across Asia with our Hollywood animation storytelling. Korean narrative culture has captured a passionate international fanbase, and by bridging these worlds, Baobab is able to build a magical, multi-platform universe crafted specifically for the next generation of Gen Z and Gen Alpha audiences on the page, the screen, and beyond.”
Baobab is also developing the animated comedy Intercats for Disney+, and First Second is also collaborating on a graphic novel for that property.
WEBTOON has also recently acquired a videogame company and established an IP Adaptation Fund (see “WEBTOON Rolling Out AI Features”).
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Source: ICV2
