Korea’s Naver invests in US transmedia animation outfit Baobab Studios

Maureen Fan

Naver Corporation, the South Korean conglomerate that owns Webtoon Entertainment, has made an undisclosed investment in California-based transmedia animation studio Baobab Studios.

The Korean company is making the deal through its US-based investment arm, Naver Ventures, joining existing backers in Baobab Studios that include Disney and Comcast. Other non-US investors in the studio include Horizons, Shanghai Media Group and HTC.

Led by CEO Maureen Fan, Baobab Studios operates across animation, games, publishing and merchandising.

With the Naver investment, Baobab is developing a new slate of properties. The first to be announced is Shine (working title), a fantasy adventure story co-created by filmmaker Erick Oh (Opera, Namoo) and web comic author Madeleine Rosca (Rise From Ashes).

Baobab and Webtoon are developing the property as a digital webcomic, with Baobab also retaining the film, TV, streaming and gaming rights.

“When the balance between the human and spirit worlds is shattered, a half-human girl must bridge the divide to save a futuristic Korea,” reads a logline for the project.

“What attracted us to Baobab is the rare combination of exceptional creative talent and a truly multi-platform approach to building IP,” said Naver Ventures general partner Yong Jung Park.

“The most enduring entertainment franchises create value well beyond a single format, building audiences across animation, gaming, publishing, and interactive experiences. Baobab’s depth of experience across these disciplines gives the company a distinctive foundation to build global franchises at scale.”

Baobab’s Fan said that the investment “represents a true convergence of East and West by fusing Naver’s deep technology, content and distribution footprint across Asia with our Hollywood animation storytelling.”

She added: “Korean narrative culture has captured a passionate international fanbase, and by bridging these worlds, Baobab is able to build a magical, multi-platform universe crafted specifically for the next generation of Gen Z and Gen Alpha audiences on the page, the screen, and beyond.”