The Emerging Fortune in Hollywood: The Ascendancy of Online Novels
The relationship between literature and cinema has always been intertwined, with numerous successful films originating from books. From iconic classics like "Gone with the Wind" and "The Godfather" to contemporary sensations such as the Harry Potter and Lord of the Rings franchises, literature has consistently proven its ability to generate blockbuster movies.
In recent times, the Harry Potter series, as per Box Office Mojo, accumulated an impressive global revenue of over $7.8 billion, while the Lord of the Rings trilogy bagged over $3 billion globally through box office sales. However, as publishing trends shift rapidly, traditional sources of material with pre-existing fan bases may need to consider expansions beyond conventional channels. This could potentially open doors for up-and-coming sources like web novels.
Untapped Potential: A Brief History
J.K. Rowling's Harry Potter, despite its monumental success, serves as a reminder of the importance of recognizing emerging voices and mediums. Initially, 12 publishers rejected her manuscript due to its perceived length for children's literature and perceived focus on niche fantasy elements.
Today, digital publishing platforms, although met with skepticism, offer new avenues for writers to reach massive audiences without the restraints of traditional gatekeepers. For instance, JKS Manga (Jack Kawin Sherwin) witnessed significant success with "My Vampire System", a web novel that amassed over 400 million views altogether, including audiobook adaptations, and 15 million web novel sales.
Web novels, such as Sherwin's, cater to a burgeoning fantasy subgenre known as "lit RPGs" - a genre that seamlessly integrates gaming elements with traditional storytelling. Looking at top-performing WebNovel titles, at least three of the top five are lit RPGs across all charts (as of December 11, 2024).
History Repeating Itself: Web Novels, YouTube, and Marvel
This level of engagement points to an already-established audience base that could potentially translate to significant viewership. However, web novels are often dismissed as fringe content in traditional Hollywood circles. Sherwin likens the current status of web novels to YouTube's position years ago, which was also often underestimated.
"WebNovel, at the moment, is in the same space YouTube was a long time ago, where no one really knew how much YouTube had made," explains Sherwin. While there's no guarantee that web novel success will translate to box-office success, as demonstrated by Issa Rae and The Misadventures of Awkward Black Girl, the potential is still significant.
The success of "geek culture" properties like Marvel Cinematic Universe should have dispelled the myth that genre content cannot achieve mainstream appeal. Marvel Cinematic Universe holds the title of the highest-grossing film franchise, with its movies collectively earning over $22.5 billion globally.
Fantasy series like Game of Thrones and The Witcher have captured the public imagination, with Game of Thrones reaching 46 million viewers during its final season, demonstrating a growing appetite for fantasy content.
Unique Advantages: Audience Feedback and Genre Blending
Web novels introduce unique benefits as potential source material. Their serialized format allows authors to adjust stories based on feedback from readers, while digital publishing enables rapid iteration and audience testing. This creates a deeply engaged and potentially marketable audience for adaptations.
Moreover, web novels often merge genres in unique ways that cater to modern audiences, as demonstrated by Sherwin's work, which combines vampires, science fiction, and gaming elements.
Considering the exponential growth of video games in recent years, it seems natural that games would influence media formats like literature. This creative flexibility has allowed web novel authors to explore new genres and innovative storytelling approaches, which could create a fresh and intriguing cinematic experience.
A New Frontier for Streaming Services
Some platforms have already acknowledged this potential. Webtoon, a digital comics platform, has successfully adapted several of its properties into Korean dramas and animated series. Platforms like Webtoon and Wattpad are showcasing how digital content can thrive in traditional media, as evidenced by hits like Sweet Home's success on Netflix.
The economics behind this transition are particularly attractive for streaming services, which are increasingly investing in original content. With market giants like Disney reportedly spending up to $230 million on shows like The Acolyte, and Netflix pouring resources into content production, the demand for compelling and cost-effective intellectual properties is stronger than ever. Web novels, having established fan bases and narrative foundations, could be an innovative and financially-sound solution to this need.
As the entertainment industry evolves, so too must the concept of valuable intellectual property. Hollywood's next major blockbuster may not hail from traditional publishing houses but from digital platforms fostering burgeoning audiences and writers. For studios and producers on the lookout for emerging trends, it's time to pay attention to web novels.
Yeah, it's apparent that Marvel's billion-dollar movie empire started from niche content. So, it's not a matter of if web novels will dominate mainstream entertainment, but more like who's going to be the first one to fully leverage this untapped potential.
In the realm of entertainment, Marvel Cinematic Universe serves as a prime example of how niche content can evolve into a billion-dollar movie empire. Similarly, the lit RPG genre in web novels, such as "My Vampire System," has garnered massive popularity, suggesting that web novels might soon follow a similar path to mainstream success in movie franchises.
