“I tap the keyboard again today, just to make a living.” (Image created by AI/ChatGPT)
SEOUL, April 17, (Korea Bizwire) — While South Korea’s web novel market continues its meteoric rise, the vast majority of creators are earning far below expectations, according to a government report released Wednesday.
The 2024 Web Novel Industry Report, published by the Ministry of Culture, Sports and Tourism and the Korea Publishing and Culture Industry Promotion Agency, revealed that fewer than 5% of web novelists earned more than 30 million won (approx. $22,000) per book. Only 1% earned over 100 million won ($73,000).
In stark contrast, 70.8% of authors reported earning less than 5 million won ($3,700) per novel, while 12% made under 100,000 won ($74).
Despite modest earnings, authors remain highly dependent on the medium, with web serial publications accounting for an average of 60.3% of their total income. (Image created by AI/ChatGPT)
Despite the low returns, authors are heavily reliant on the medium: income from web serial publications accounted for an average of 60.3% of their total earnings. Many continue to pursue careers in the field, drawn by the market’s growing potential and the dream of a breakout hit.
South Korea’s web novel industry was estimated to reach 1.35 trillion won ($983 million) in 2024, up 310 billion won from 2022. According to the report, 79% of readers have made paid purchases, spending an average of 8,032 won per transaction.
Industry experts note that while only a small percentage of creators see major financial success, the sector’s value lies in its intellectual property (IP) potential. Web novels often serve as the foundation for webtoons, films, and games.
“The web novel industry is becoming a central pillar of the digital content ecosystem through platform revenue and secondary IP adaptation,” the report stated. “It holds significant potential as a source for diverse cross-media storytelling.”
The study surveyed 152 content providers, 10 platforms, 800 creators, and 811 users through online questionnaires, supplemented by in-depth interviews and focus groups to enhance accuracy.
Lina Jang (linajang@koreabizwire.com)
