Korea's Kakao Merges U.S.-Based Subsidiaries

Korean pop culture content giant Kakao Entertainment will merge its North American mobile webcomics and prose subsidiaries Tapas and Radish to create an as-yet-unnamed single online storytelling platform with over 100,000 creators.

The newly created platform comprising Tapas and Radish (both acquired by Kakao in 2021) will also include Wuxiaworld, an Asian Fantasy Fiction platform. Tapas Founder and CEO Chang Kim has been named CEO of the new company, in addition to continuing his duties as global strategy officer at Kakao Entertainment.

Kim said he was “very excited by the challenge presented by the super competitive global entertainment market.” He emphasized that “this merger positions us well with the momentum we need to solidify all our capabilities and maintain our competitive edge as a content IP powerhouse. We look forward to continuing our innovative journey in storytelling and reaching new audiences with compelling stories across multiple categories.”

According to the announcement, the merger of the three distinctive storytelling platforms under unified leadership will help drive Kakao’s global growth. The three content units will continue to operate independently after the merger, and the company will look to develop original content for the U.S. market.

“Tapas, Radish, and Wuxiaworld each bring a huge lineup of content IPs to the table,” Kakao CEO Jinsoo Lee added in a statement. “When we put them under one banner with Kakao Entertainment’s proven ability to generate and monetize original stories, it will pave the way for unparalleled growth and generate more success stories.”