David Neil's questions to Webtoon Entertainment Inc (WBTN) leadership • Q2 2025
Question
David Neil, asking for Doug Anmuth, questioned the drivers behind the strong Q3 revenue growth acceleration and its sustainability. He also sought more detail on the Disney collaboration, asking about exclusivity and the relative importance of new original series versus reformatted content.
Answer
CFO & COO David Lee clarified that the Q3 guidance does not include any impact from the Disney deal and that the acceleration is partly due to the timing of revenue recognition for IP adaptations. He noted the adjusted EBITDA guidance reflects a deliberate investment in marketing to support user growth. Regarding Disney, Lee stated they are excited about both new originals and reformatted titles, noting that new original series will take more time to develop over the multi-year agreement.