Tapas Media CEO Chang Kim just announced layoffs

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In the past two hours, major webtoon publisher Tapas Media, has informed its employees of a number of impending editorial layoffs at the publisher.

Last year, Korean online giant Kakao Entertainment signed deals to acquire two American storytelling platforms, Tapas Media, Inc and Radish Media, Inc. The acquisitions aim to pave the way for Kakao Entertainment to expand its business original content in North America and other English languages. -language regions. Tapas is known for its mobile comic content and webtoons and has been valued at $150 million. Radish Media, a mobile fiction platform and app, has been valued at $440 million. Kakao Entertainment became a major shareholder of Tapas the previous year and has since been distributing webtoons, such as A business proposal, Space Sweepers, The Uncanny Counter, and Navillera via the Tapas platform, whose sales were multiplied by five last year. They recently hired the former DC Comics editor Michele R. Wells as Chief Content Officer and previously employed Jamie S Rich like IEC.

Tapas, graphic radish: Kakao Entertainment

However, changes have been announced in recent days. Kakao merged some operations between Radis, Tapas, and Wuxiaworld to increase efficiency and reduce redundancy. But that means an increase in layoffs. It is estimated that there have already been layoffs of about 30% of the current company, as well as the departure of the chief financial officer, commercial director, advertising manager and other high-ranking executives last month, mostly from Radish, but now there are more shots to come. When Bleeding Cool contacted Tapas last night, we were asked to save such a story as they contacted staff members to give them the news directly first, including significant numbers from the editorial side of Tapas. This meeting was supposed to start two hours ago, addressed by the CEO of Tapas Chang Kim

Bleeding Cool understands that Chang Kim was elevated to a higher position in the company on Kakao’s side. And that Wonchoi, a new COO for Tapas has been installed to manage this side of the publisher more directly, financially, and on an equal footing with Michele R Wells. As a result, budgets have been cut and more creative solutions are dismissed as too risky and untested. And now there are layoffs. Tapas, like Substack, Netflix, Amazon and other such streaming services are going through a numbers crunch, in an increasingly divided competitive market that has yet to see an upheaval. There will probably be more.

Posted in: Comics | Tagged: chang kim, kakoa, tapas

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