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[TREND / KNOWLEDGE]

The Era of the Metaverse: Will It Allow Authors and the Publishing Industry to Coexist?

Publishing Industry   The Era of the Metaverse:Will It Allow Authors and the Publishing Industry to Coexist?   2022.03.07   * Metaverse: Metaverse is a term consisting of “meta,” meaning “virtual” and “transcendent,” and “universe,” meaning space. It refers to a three-dimensional virtual world where social, economic, and cultural activities take place just like reality. * NFT: Meaning “Non-Fungible Token,” NFT refers to a token that represents rare digital assets.   Transition to an era where we can own a famous writer’s poem   On June 5, 2021, the third poem collection Rat and Oyster (Hyundae Munhak) of writer Bae Soo-Yeon was published in the form of an NFT, sold at 2.94 Ethereum on Opensea, an online NFT marketplace. The momentary currency of 2.94 Ethereum was approximately 9 million won, which today costs about 10 million. If we think that a poem col...
  • VOL.44 / 2022.03
[TREND / KNOWLEDGE]

2022 Overseas Publication Grants

Publishing Policy   2022 Overseas Publication Grants   2022.03.07                           01. Overview of grants   ▶ Qualification Overseas publishers who have imported or are planning to import Korean publication copyrights - Books that have been published or are to be published in local markets, beginning November 1st, 2021 to October 31th, 2022 - Such books must be published in the time period and be submitted to the Publication Industry Promotion Agency of Korea (“KPIPA”) by November 7th, 2022 (Monday).   ▶ Scope of selection Around 40 books will be selected, and grants will be provided in amounts varying by region - Europe and North America: USD3,000 - China and Japan: USD2,500 - Other countries: USD2,000   ▶ Grant-winning work of the 〈Ov...
  • VOL.44 / 2022.03
[TREND / KNOWLEDGE]

Korean Publishing Industry's Crisis and Its Future

Publishing Industry   Korean Publishing Industry's Crisis and Its Future   2022.01.03   The Korean publishing industry seems to be facing one of its biggest crises as the new year 2022 approaches. Last year, Korea's 2nd largest book wholesale distributor, Interpark Songin, proceeded with insolvency, and the 3rd largest bookstore Bandi & Luni's (Seoul Book Center), is to be under corporate rehabilitation. Seoul Book Center was expected to go through the procedure considering its unhealthy financial status. Nevertheless, the expectation being realized brought chaos to many partnered publishing companies. From a macro view, how should we interpret the situation faced by the publishing industry? Before we think about the current situation, let's see how big players Interpark Songin and Seoul Book Center came to crumble.   Interpark Songin and Bandi & Luni's news stirred many publishing companies.   June 2020, Korea's 2nd largest book whole...
  • VOL.42 / 2022.01
[TREND / KNOWLEDGE]

Korean Books Seen From a Foreign Blog’s View

Publishing Policy   Korean Books Seen From a Foreign Blog’s View   2021.12.06   Korean content, or K-content, is making outstanding progress in parts of the world in various fields. Korean books are not an exception. While they are spreading their influence in the international market, blogs in other countries that introduce various Korean books are also actively making posts about them. Foreign blogs that criticize and empathize with Korean books in a different style from the domestic market promote Korean books with fresh insights. They not only spark interest but also provide high-quality interpretation and approach. Following are some of the blogs that contribute to the spread of Korean books’ reputation worldwide by covering a wide range of Korean books.   Warm but keen evaluation of Korean books   A variety of content drives empathy from the generation living in this globalized era transcending time and space. Korea’s various cultures are captivating ...
  • VOL.41 / 2021.12
[TREND / KNOWLEDGE]

Facilitation of Sub-rights and Their Markets

Publishing Industry   Facilitation of Sub-rights and Their Markets Plays, Films, Merchandising Goods, Etc.   2021.09.06   As Korea’s soft power expands, more people in the world are taking an interest in Korean culture. The best leaders of Korea’s soft power are BTS, director Bong Joon-Ho who has presented various movies including “Parasite,” and actress Youn Yuh-Jung’s achievement through the movie “Minari.” The values of Korean pop culture are growing, and many people worldwide are sharing Korean culture. Such a phenomenon implies that the opportunities and spaces for sharing Korean culture worldwide develop simultaneously at a rapid pace. It was, therefore, a natural result that people began to pay more attention to Korean publishing content – the source of the OSMU (once source, multi-use) – in addition to the phenomenon. All this means that it has become a reality that the number of different usage cases of sub-rights based on Korean publication c...
  • VOL.38 / 2021.09
[TREND / KNOWLEDGE]

Current Status of the Korean Standard Publishing Distribution Data Hub System (BookNet Korea)

Publishing Industry   Current Status of the Korean Standard Publishing Distribution Data Hub System (BookNet Korea) Start-Challenge-Change-Global   2021.08.02   In terms of the market volume, Korea is the 6th largest publishing powerhouse in the world, following the United States, China, Japan, Germany, and Great Britain, who are leaders of the global publishing market, publishing more than 65 thousand titles each year. Various excellent K-books have been recently mesmerizing international readers alongside K-pop, K-drama, and K-movies as well.   Start   However, let’s look into the environment surrounding the distribution of publications in Korea. Information exchanges among publishers, distributors, and local bookstores are not active, hampering systematic marketing activities. The reality in the distribution part is failing to catch up with the advancement of the publishing market. Also, as publishers, distributors, bookstores, and libraries set up their ow...
  • VOL.37 / 2021.08
[TREND / KNOWLEDGE]

The Rise of Literary Agencies

The Rise of Literary Agencies   2021.06.07   There are not many literary agencies in Korea. Most of the publishers prefer working directly with authors over cooperating with agencies. It was common for publishers to think that it is safer to pay more of an advance to overseas writers who have already finished writing their manuscript or are expected to finish them soon rather than domestic writers who have not yet completed their manuscript.The most significant characteristic of the Korean publishing industry would be “diversity.” The system in which up to 6 thousand small- and medium-sized publishers make more than 80 thousand physical titles each year has greatly diversified the types of books published in Korea, but the limited average sales of each title was an expected outcome. In such an environment, it is difficult to invest a sufficient amount of development fee for each title. Hence, even though the literary agent succeeded in discovering fine manuscripts or o...
  • VOL.35 / 2021.06
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Audiobooks in Korea: Users and Service Providers

Audiobooks in Korea: Users and Service Providers Service and Content Providers in Busy Days with Market’s Growing Interest in Audiobooks   2021.04.05     In the previous March edition, we talked about the audiobook industry's current status in Korea and its prospects in 2021. Consumers and service providers play a pivotal role in expanding the market and business opportunities. Furthermore, it is meaningful to witness how they interact with each other in the audiobook ecosystem contributes to the industry’s healthy growth and maturity. In this April’s edition, let’s find what behaviors audiobook consumers have shown to the market.   Recently-made audio content enabling interaction among provider and users, providing a new-level of “experience”.   As the pandemic is not showing any signs of abating, more people are enjoying audiobooks at home instead of going to bookstores or libraries. In the previous edition, we introduced how “Wela...
  • VOL.33 / 2021.04
[TREND / KNOWLEDGE]

Korea’s Audiobook Industry Ready to Fly in 2021

Korea’s Audiobook Industry Ready to Fly in 2021 The ongoing rapid evolution and development of the audiobook industry in Korea   2021.03.08     The most striking news in the new year was Influential, the operating company of an audiobook service platform ‘welaaa’, succeeding in winning 25 billion won worth of Series C sole investment from UTC Investment. This is after another mega-investment in 2020, where it attracted 13.5 billion won worth of Series B investment. Such a fast and massive investment implies that the future of the audiobook industry in Korea is rosy indeed. The domestic e-book industry says that the audiobook market's size has reached 30 billion won in 2020 and is likely to hit 60 billion won in 2021, which is nearly double the size. The audiobook market in Korea was formed in the early 2000s, but its size was trivial, with 10 billion won worth volume even until 2018. Given that situation, it is worth paying attention to the movement th...
  • VOL.32 / 2021.03
[TREND / KNOWLEDGE]

Korea’s Training Programs for Publishers Today and Tomorrow

Korea’s Training Programs for Publishers Today and Tomorrow   2021.02.08     1. The early establishment of educational organizations for cultivating talented publishers   The paradigm surrounding planning, editing, producing, and marketing in the publishing market is changing with the rapid transformation of the publishing environment. With the coexistence of the old and modern trends in the market (e-books & paper books or audiobooks, analog & digital, and traditional media & smart media), “publishing” has become a key medium for developing and bridging new content. As we are living in the era of a cultural economy based on knowledge-intensive industries that create original content for the cultural content industry, cultivating talented publishers that are capable of understanding the attributes of content and consumers’ desires has become a key factor in developing the publishing industry. Considering this trend, the importance of train...
  • VOL.31 / 2021.02
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