with a commitment of $100 million for development and production financing — aiming to produce a broad new slate of fan-driven entertainment on a global basis.
“We’re bringing a new era of diverse voices and incredible IP to audiences and an industry looking for both,” Levitz said in a statement. “Businesses are spending billions of dollars to capture the last 100 years of IP. We’re looking to the future, with hundreds of millions of new stories to power the next 100 years of hits on screens and bookshelves.
Previously, Wattpad worked with Netflix on the movie adaptation of “The Kissing Booth,” based on the story Beth Reekles first wrote on Wattpad. “After,” a story by Anna Todd, accumulated more than 1.5 billion reads on Wattpad before becoming a best-selling novel from Simon & Schuster and film from Voltage Pictures and Wattpad Studios in 2019.
“Wattpad Webtoon Studios is here to knock down every remaining border in entertainment,” Webtoon founder and CEO Jun Koo Kim said in a statement. “The team at Wattpad Webtoon Studios is developing IP across formats, building franchises, and nurturing the fandoms that power them.”
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