Kidari Studio has a Strategy. And It Seems to be Working.

A quick overview of Kidari Studio's Q3 revenue report along with analysis into what is working (and what isn't).

A Quick Overview

Kidari Studio encompasses a multitude of international webtoon platforms and licenses as well as merchandising, webnovels, and film production. Among their first-party platforms are Bomtoon, BeLtoon (JP), Lezhin Korea, Lezhin Japan, Lezhin ES, Lezhin FR, Lezhin TH, Lezhin TW and Lezhin US.

In terms of content, Kidari Studio operates their own Studio M which focuses on adult content as well as Kidari Studio which focuses on wider genres including all-ages content. Through the Lezhin brand, they also produce and publish webtoons from independent creatives but mostly in the Korean market.

By The Numbers

Kidari Studio reported 52.75 billion KRW in revenue for Q3. This is a 1.9% increase QoQ and 4.9% increase YoY. In terms of profit, the company reported 3.56 billion KRW for Q3 and 5.95 billion KRW in 2025 thus far, making them one of the few webtoon platforms that are actually profitable in 2025.

The webtoon division is responsible for the lion’s share of the revenue with 43.32 billion in revenue for Q3, 30.65 billion KRW coming from the Korean market while the overseas market only accounts for 12.64 billion KRW. Unlike mainstream publishers like Kakao or Naver, the Korean market remains the biggest source of revenue for Kidari Studio and Lezhin Entertainment.

The company operates a webnovel division, but only domestically atributing 3.9 billion KRW in revenue in Q3. This is a 34% decline from 5.95 billion in Q2, but still above the 2.05 billion in revenue recorded from Q1.

The film division recorded 1.28 billion KRW in Q3 which is in cine with their Q2 revenue as well. The real star is the merchandising division which reported 6.84 billion in revenue in Q3. This is a 7.06% decline QoQ, but the overseas merchandising sales increased over 100% to 2.91 billion KRW compared to Q2.

Kidari Sets Their Sights on IP Exploitation