Kakao Piccoma withdraws from Europe due to slow market growth and persistent popularity of comic books - South Korean report

Kakao Piccoma, a webtoon service under the umbrella of the IT giant Kakao, recently announced that it is withdrawing from the French market.
Unlike other markets, the growth rate of the market is slow, and after considering various aspects, we decided to aim for concentration and selection. Prior to this, Kakao Piccoma established a European subsidiary in September 2021.
The service was officially launched in March 202. At the time, the company judged that it had a high chance of success, given that the digital manga market was growing rapidly, especially in France.
France is said to be one of the top three manga-consuming countries in the world, but print comic books still enjoy strong popularity.
The company decided to withdraw from the European market because the growth rate of the market was slower than expected. Kakao Piccoma said, "Based on our experience in expanding into the European market, we will continue to make efforts to further expand Piccoma."
We will continue to build up this knowledge,'' he said.