South Korea's Naver to Acquire Wattpad for $600 Million

Wattpad, the online social writing and reading platform based in Toronto, has more than five million writers contributing to the site, and reached some 90 million people in 2020. In all, users spent 23 billion minutes a month on the site, which is best known for genre works written by and aimed at young adult audiences. In recent years, Wattpad has inked numerous production deals with Hollywood studios and launched its own young adult publishing imprint, which has released 21 titles to date. The company has a significant international presence, and says that some 1,500 works from the site have been produced as books, films, or television series around the world.