Disney and Webtoon have announced a “non-binding term sheet” for the development of a new all-ages digital comics site. The site will be built and operated by Webtoon, and will feature “35,000 comics from Marvel, Star Wars, Disney, Pixar and 20th Century Studios.”
The press release says this is an expansion of Marvel Unlimited, Marvel’s current digital comics platform that is said to already host 30,000 comics, rather than a replacement. It also notes that Disney+ subscribers will have free access to a curated selection of comics through the site. It will include both vertical and traditional formats for archived comics and current comic book runs, as well as original comics.
“By uniting our unparalleled collection of comics across Marvel, Star Wars, Disney, Pixar and 20th Century Studios into a single digital platform, we’re giving fans unprecedented access to the adventures they love – all in one place,” said Josh D’Amaro, Chairman, Disney Experiences. “Through our expanded relationship with Webtoon, the global leader in digital comics, we’re opening doors to new audiences and deepening fan engagement.”
The news follows an announcement from last month, where Webtoon and Disney said that several previously released comic series, including Avengers, Alien and Star Wars, would make their way to the existing Webtoon site. But this week’s announcement is taking it to another level, with Disney outsourcing their system to Webtoon. They also announced that Disney would take a 2% equity interest in the webcomics giant. Again, it is a non-binding term sheet, which means the contract hasn’t been officially signed yet and is subject to both parties “entering into definitive agreements on mutually agreeable terms and customary closing conditions.” The news helped jumpstart Webtoon’s stock yesterday.
“With a new platform that will combine our product and technical expertise with Disney’s full comic catalog, we’re giving new and longtime fans all over the world a new way to discover these legendary characters and stories,” said Junkoo Kim, Founder and CEO, Webtoon Entertainment. “Disney’s extraordinary storytelling legacy is second to none, and we’re honored to work with them to build the future of digital comics. This is a powerful next step for our growing global business, and a strong foundation for even greater collaboration with Disney in the years ahead.”