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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
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K-Book Promotion and Exchange Event

Publishing Policy   K-Book Promotion and Exchange Event   2022.01.03                       The K-Book Promotion and Exchange Event was held in 12 Cultural Centers and 2 Culture and Information Officers to spread the values of Korean books and boost public awareness.   The Korean Cultural Center in Hong Kong ran a Korean booth at the “2021 Hong Kong Book Fair,” the biggest fair in Hong Kong, promoting outstanding Korean books and culture.Also, the Korean Cultural Center in Turkey screened the animation “The Hen Who Dreamed She Could Fly” and hosted a Meet & Greet session with writer Hwang Sun-Mi.The Korean Cultural Center in South Africa held a K-Book Book Fair inside the center.The Korean Cultural Center in Sweden opened an exhibition of picture books, illustrations, and videos, with the theme “Konst för Barn - Art as a form of children’s b...
  • VOL.42 / 2022.01
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Reviews, Review Journals, and the New Review Culture

Publishing Industry   Reviews, Review Journals, and the New Review Culture   2021.12.06   More than 80,000 books are published each year. It means that about 200 books are released in the market every day. Some become bestsellers, and some vanish from the shelves in a few days. People that are "sincere" about reading books lose their way in the piles of new books, trying to figure out which book is good to read. Some people wait for the book column in a newspaper, some listen to book introductions on TV or radio, and some nod their head to the fancy wordplay of book-tubers on YouTube. However, as there is no appropriate or trustable guide, many readers feel as if they are trapped in Daedalus' Maze. Besides, there are voices arguing that there's actually no book to read, for there's no water to drink in a flood.   Recently in Korea, a small seed of hope has sprung up, that the new review culture will arrive, centered around a number of review journals.  ...
  • VOL.41 / 2021.12
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The Current State of Korea’s Libraries and Their Relation to the Publishing Industry

Publishing Industry   The Current State of Korea’s Libraries and TheirRelation to the Publishing Industry   2021.11.01     Libraries have been around for a very long time in Korea, but the same cannot be said for libraries that fall under the modern definition. Pioneers who wanted to establish a new country as the late 19th century Joseon Dynasty passed, followed by the early 20th century Korean Empire, had the goal of establishing libraries under the modern concept. However, due to the arrival of Japanese colonization, they could not achieve the goal, and the concept of libraries changed as they became more of a tool for colonization. Finally, in 1945, colonization was brought to an end, and the country was liberated, but hardship struck with the Korean War that followed soon after. However, with the growth of the economy and the expansion of democracy, libraries have been endlessly changing and advancing to support the growth of citizens, the real...
  • VOL.40 / 2021.11
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Literary Awards of Korea

Publishing Policy   Literary Awards of Korea   2021.11.01                             We introduce the major literary awards and award winners that will become sales points for exporting publication rights abroad.     Adult Literature Awards:   Today’s Writer AwardSince 1977, Today’s Writer Award has been providing a wider range of opportunities to younger writers as it is given to the debut publications of writers of Korean novels. • Recent Award Winners: 2020. You-won by Baek On-Yu (Changbi Publishers) 2019. If We Cannot Move at the Speed of Light by Kim Cho-Yeop (EAST-ASIA Publishing Co.) and Juliana Tokyo by Han Jung-Hyun (swimmingkul)   Daesan Literary AwardThe most significant Korean literary award is given to works of literature published within...
  • VOL.40 / 2021.11
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The Current State of Subscription-Based Services of Korea’s Published Content

Publishing Industry   The Current State of Subscription-Based Services of Korea’s Published Content   2021.10.05   Mobile phones provide convenience as they can be used to write or read while on the move. There have been quite a lot of changes in how books, music, movies, dramas, games, and other content are created and consumed. There has also been an increase in the different types of content distribution models that use a variety of smart devices and social network systems. The major examples of this would be short-form content, which you can use for a short period, and subscriptions for sale, through which you can have unlimited access to content depending on the subscription period. The content industry is quickly transferring from a generation of “owning” to “consuming” worldwide. With the rapid increase of consumers of many contents due to the COVID-19 pandemic, renting content and subscribing to content has successfully settled as popular mass cont...
  • VOL.39 / 2021.10
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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
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Book Funds and Publication

Book Funds and Publication   2021.07.05   From support and cooperation to investment and profit   It is impossible to trace the origin of book funds. They would have existed from the infancy stage of the publishing industry as one of the various ways of publication. Certain stories could be deemed good stories necessary for the world, but for them to be published in the market as a product called books, you need capital. Funds might have been used as a means to raise money. Indeed, the nature of funds in the past would have been closer to support and cooperation (of course, I cannot look into what those fund-raisers had in mind), whereas funds today are more focused on investment and profit-sharing (people might have different thoughts as well but most of the funds I participate in are supportive and cooperative).In the Korean publishing industry, book funds only account for a small proportion, both in terms of attempts and size of investments. It was the early 21st cent...
  • VOL.36 / 2021.07
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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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The Translation Academy of the LTI

The Translation Academy of the LTI   2021.06.07                       The Translation Academy of the Literature Translation Institute of Korea (LTI) was established to foster translation professionals in the next generation!Since its establishment in 2008, 1,100 students have graduated from the Translation Academy as of 2020!A vast majority of them are currently working in the field of Korean literature and cultural content.   CoursesRegular Course - Provides lectures on Korean literature and culture, mainly through Korean literature translation classesSpecial Course - Offers a retraining opportunity for students to become translatorsTranslation Atelier - Provides an opportunity for new translators to obtain knowledge and gain experience to work as professional translatorsAdvanced Course in Cultural Contents Translation - Fosters professional translators of Korean cultural content (films, cartoons (web-...
  • VOL.35 / 2021.06
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