Wattpad Webtoon Studios’ David Madden Says Buyers Remain “Skittish” After Market Troubles: “It’s About 60% Back”

deadline.com:

It’s been a nightmare year for the entertainment business, and veteran industry exec David Madden has said it has still got a way to go to find its feet again.

The Global Head of Entertainment for Korean-owned content giant Wattpad Webtoon Studios told a Content London audience that some buyers remain “a little skittish and awkward” about budgets ahead of 2024.

This was due to the combined factors of the writers strikes, the TV ad market downturn and streamers switching to profit-focused business models. “Companies are still reeling from everything that’s been in the news reports over the last year,” said Madden.

The former AMC, Fox and Berlanti Productions content chief pointed to Disney as one buyer that was still “fragile in terms of knowing what to spend,” though some others were “more aggressive.” “It isn’t as doom and gloom as it could have been but [the market] is probably 60% back.