RI Games Holdings will create video games based on webtoons, including “Overgeared” (2020–), “Doom Breaker” (2021-23) and “Omniscient Reader” (2020–).
The logo of Naver Webtoon
WEBTOON ENTERTAINMENT
Webtoon Entertainment, a global story and digital comic company, will acquire a 60 percent stake in game developer RI Games Holdings to create video games based on its webtoons, the company announced on Monday.
The planned lineup includes games inspired by the webtoons “Overgeared” (2020–), “Doom Breaker” (2021-23) and “Omniscient Reader” (2020–) and will be released over the next four years. The three titles have recorded 1.3 billion, 590 million and 3.05 billion views, respectively, according to Webtoon Entertainment.
The investment — approximately $100 million — will be funded with cash on hand and completed in two installments, subject to closing conditions. The agreement also includes performance-based terms covering the remaining 40 percent stake.
The first project will be an action massively multiplayer online role-playing game, or MMORPG, based on “Overgeared,” developed by GrayGames and published by Nexon, with a global release planned for later this year. An animated adaptation of “Overgeared” is also scheduled to premiere in October.
“Webtoon is where global fandoms begin, and with this investment, we’re taking a more direct role in growing stories into global franchises,” Webtoon Entertainment founder and CEO Kim Jun-koo said.
Kevin Tail Han, the founder of RI Games Holdings, expects the agreement will bring about a new chapter of growth for the developer.
“RI Games Holdings aims to build immersive games that deepen fandom and broaden the reach of the underlying IP [intellectual property],” Han said.
Graphics for the online comics platform Webtoon Entertainment are displayed at Times Square in New York City on June 27, 2024.
REUTERS/YONHAP
RI Games Holdings operates game development studios GrayGames and Offbeat. Han also founded webcomic production company Redice Studio, known for titles including “Solo Leveling” (2018-21) and “Omniscient Reader.” Its development team has previously worked on games including “MapleStory M” (2018), “Tower of God: New World” (2023), “Seven Deadly Sins: Grand Cross” (2019), “Lineage W” (2021) and “Aion” (2008).
Webtoon Entertainment is the parent company of Naver Webtoon and operates a global digital comics and intellectual property business spanning webcomics, animation, television, film, publishing and games.
BY KIM HA-YOON [kim.hayoon1@joongang.co.kr]