Saying, "I watch animation" is no longer a preference that needs to be hidden. Japanese animations such as "Demon Slayer," "Jujutsu Kaisen," and "My Favorite Idol" have established themselves as popular content among people in their 10s and 20s, creating a time when those unfamiliar with these contents feel a sense of alienation. Once treated as the exclusive domain of "otaku," animation has now become content that department stores create dedicated theaters for, adorns portal site main pages, and is analyzed in reports by securities firms. At the heart of this change is Korea's leading animation distribution company, ANIPLUS.
◇ 70-80% of new Japanese animations distributed
ANIPLUS recorded sales of 131 billion won and an operating profit of 25.1 billion won last year, achieving the largest results for two consecutive years. NH Investment & Securities noted, "With the domestic box office of 'Demon Slayer: Infinity Train' expected to be high upon its release in August, and since ANIPLUS holds the rights to it, a reevaluation of corporate value is expected."
According to the consensus in the securities sector, ANIPLUS is projected to record sales of 160 billion won and an operating profit of 30 billion won this year. Predictions also suggest that operating profit could reach 50 billion won by 2027. Reflecting expectations for performance growth, the stock price was 4,335 won as of the 13th, up about 81% compared to the low of 2,390 won a year ago. The market capitalization has exceeded 210 billion won, expanding its presence in the content sector.
ANIPLUS originally started under C&Group as Living Economy TV. After the parent company was disbanded, it transitioned to a channel named ANIPLUS in 2009, focusing on animation. At the time, the market was structured mainly around CJ E&M (Tooniverse) and Daewon Media (Champ TV), but ANIPLUS targeted niche markets with a differentiated strategy of importing new works and broadcasting subtitles simultaneously. It quickly expanded its presence through word-of-mouth, centered around a loyal fan base.
Currently, ANIPLUS distributes 70-80% of new Japanese animations in Korea and holds the rights to about 1,400 titles. It has established a vertically integrated content value chain encompassing OTT (over-the-top) distribution, theater distribution, merchandise sales, and exhibition planning. Its OTT platform, Raftel, has established itself as the only profitable anime service in Korea. Notably, in 2023, it acquired its competitor, Animax, boosting its cable channel market share to 85%. Animax contributes to the performance with a staggering operating profit margin of 55%, based on exclusive content like "Demon Slayer" and "Haikyuu!"
The animation business is expanding beyond distribution into production. ANIPLUS has begun producing series animations based on popular webtoons such as "The Red Fox," "Pyramid Game," "Dangerous Convenience Store," and "Tiger Comes In" through its subsidiary, Raftel, with plans to unveil them sequentially this year. Given its experience in animating numerous webtoons such as "Semantic Error," "Four-Week Girlfriend," and "Super Secret," it is praised for its ability to complete the IP value chain from planning to production, distribution, and merchandise.
◇ ANIPLUS hosts AGF, with increasing participation from game companies and annual growth
An industry source in the animation sector stated, "Changes in the content consumption environment are positively impacting the overall animation industry," adding, "OTT expansion has improved content accessibility, and fandom consumption through original comic exhibitions, merchandise purchases, and fan meetings has become commonplace." In fact, at the 'Illustration Star Fest' held last year in Setec, Gangnam, over 9,000 people, exceeding the one-day attendance cap, were present, with booths selling secondary creation merchandise and cosplay performances becoming a festival staple.
Last year, 75 companies, the largest number ever, participated in the AGF (Anime x Game Festival), which ANIPLUS has been hosting annually. AGF is the largest subculture exhibition event in Korea, co-hosted by ANIPLUS, Daewon Media, Sony Music, and D&C MEDIA. Major game companies like Smilegate, Netmarble, NEOWIZ, Lionheart, SHIFT UP, Wemade, and Clover Games are increasingly involved as main sponsors.
An industry source in the gaming sector noted, "Subculture events like AGF are evolving into structures that create added value by connecting character IP worlds and fandom consumption," and added, "While G-Star centers on B2B (business-to-business) and new product promotion, AGF has established itself as an actual secondary content market focused on merchandise, cosplay, and fan meetings."
The government has also begun supporting the animation industry as a strategic content sector. The Ministry of Culture, Sports and Tourism plans to establish an animation-specialized fund worth 150 billion won by 2029 to support the entire process from planning to production and distribution. An incentive clause has also been introduced to refund part of the production cost if a certain domestic production ratio is met. The Ministry aims to broaden its scope from children-centered animation structures to content for all generations, including artificial intelligence (AI) videos and short-form content.