Kakao Entertainment acquires web novel service company Wuxiaworld to grab N. American readers

SEOUL — In a strategy to expand its global presence based on rapid growth in some Asian countries such as Japan and Thailand, Kakao Entertainment, a content and entertainment subsidiary of South Korea’s web service company Kakao, acquired Wuxiaworld, a U.S.-based Asian fantasy web novel platform, which maintains a strong base of male fantasy readers, to grab North American readers. 

Wuxiaworld, founded in 2014 by former U.S. diplomat Lai Jingping who goes by his pen name Ren Woxing was acquired through Radish Media, a U.S.-based web novel platform absorbed by Kakao Entertainment in May 2021 for $440 million. There would be no change in its current management, Wuxiaworld said, adding that Kakao Entertainment and Radish have guaranteed a massive marketing budget to reinforce Wuxiaworld’s long-term viability and…