A web novel is a novel written by writers which are posted online. A light novel is almost always the published physical form of a web novel (there’s a more in-depth explanation of it on wiki probably). Here’s the definition:
Spoiler
A light novel (ライトノベル raito noberu) is a style of Japanese novel primarily targeting high school and middle school students (young adult demographic). "Light novel" is a wasei-eigo, or a Japanese term formed from words in the English language. Light novels are often called ranobe (ラノベ) or, in the West, LN. The average length of a light novel is about 50,000 words, the equivalent size of an American novel, and light novels are usually published in bunkobon size (A6, 10.5 cm × 14.8 cm), often with dense publishing schedules. A distinguishing characteristic of light novels is that they are illustrated with anime and manga art style, often being adapted into such media. They are mainly published in separate book volumes, while some of them have their chapters serialized in anthology magazines before collection in book form, comparable to how manga are published.
A classic Chinese example would be something like “The King’s Avatar” by Butterfly Blue. It’s a story about a famous esports player who was forced to retire from his club and later created his own club in order to participate in the esports tournament. This series originally started as a web novel but became so popular that it has spawned a physical light novel series, an animated ONA series, an OVA and a live action which is coming out soon. There’s also a second season possibly coming out for the animated series too! There’s also a lot of merchandise and last year or the year before, McDonald’s in China had promos and adverts for the animated series as well! They even celebrated the birthday of the main character of the series in a projection on the famous CITI Tower!
Actually, a lot of live action mainland Chinese dramas are based off light novels as well.
As for a classic Japanese example, “That Time I Was Reincarnated As A Slime” or “Tensei Shitara Slime Datta Ken” was also originally a web and light novel before it became a manga and anime series. “Overlord” as well was a light novel before it became an animated series.
What I’m reading are fan-translated versions of the web and light novels. Since they’re originally in Chinese or Japanese, I wouldn’t be able to understand them so some people would post their English translations for these novels online.
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