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Wattpad – the user-generated publishing app providing big-time opportunities to aspiring writers – is set for a huge year, with a purported $600 million buyout almost doubling its community in size.
It’s safe to say seniors at Wattpad aren’t exactly lacking in ambition.
In 2020, the self-publishing company outlined its desire to become the ultimate content feeder for streaming services like Hulu and Netflix, and a steady supplier of blockbuster material to boot. In one memorable public appearance, CEO Allen Lau even dared to dream that Wattpad could become the next Disney.
Through its active community of 90 million monthly writers and readers – of which 90% are millennials and Gen Z – Wattpad has already garnered a reputation as the biggest social network of original writers and readers on the planet. Its stories, written by both established and aspiring writers, regularly being picked up and adapted by multi-media giants like Sony, Netflix, and SYFY.
While the app’s growth since 2007 has been nothing short of astronomical, a purported $600 million takeover in the offing is set to propel the Toronto based start-up to a whole new level for 2021 and beyond.
A new chapter in our story is about to be written, and we're not writing it alone… We’re thrilled to announce our board has approved an agreement to be acquired by Naver, home of @webtoonofficial! Read the exciting news → https://t.co/xgwGtD4nVz pic.twitter.com/fzoIJyTWrp
— Wattpad (@wattpad) January 19, 2021
The buyer in question is Naver Corp, South Korea’s most popular internet services provider, and the deal is set to establish a lucrative partnership between the two companies. Unlike your conventional takeover though, the new owners will allow Wattpad’s co-founders Allen Lau and Ivan Yuen to continue to operate independently out of Toronto, and are only focused on helping the platform to reach its full potential.
Don’t get it twisted though, this is far from just philanthropy. This is seriously good business.
