Hedge Fund Bets Next Korea Soft Culture Hit Will Be Webtoons
- GVA Asset bets on unlisted Korean online cartoon firm Kenaz
- Interest in webtoons rising along with K-pop, drama, BI says
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Following the success of K-pop bands like BTS and dramas including “Squid Game,” one fund manager is betting that “webtoons” will be the next Korean cultural phenomenon to take the world by storm.
GVA Asset Management Co., which manages about $600 million in assets, believes Americans and Europeans will soon catch onto Korea’s online comics, following the lead of consumers at home and in Japan. It put $15 million into unlisted webtoon producer Kenaz this year, becoming its largest shareholder.