According to data revealed by the Publication Industry Promotion Agency of Korea on Thursday, South Korea’s publishing industry reported revenue of around 7.8 trillion won last year, up 2 percent from the previous year despite declining sales of physical books. (Image: Yonhap)
SEOUL, Apr. 27 (Korea Bizwire) — The publishing industry in South Korea grew in 2016 due to rising ebook sales, new data has revealed.
According to data revealed by the Publication Industry Promotion Agency of Korea on Thursday, South Korea’s publishing industry reported revenue of around 7.8 trillion won last year, up 2 percent from the previous year despite declining sales of physical books.
Sales of physical books are continuing to drop, with publishers releasing physical books estimated to be worth nearly 3.96 trillion won, down 1.6 percent. The number of publishers that released sales results stood at 3,497, also down 5.1 percent year-on-year.
In the meantime, online book stores posted 172.4 billion won in sales, up 37 percent. Ebook publishers also enjoyed a 17.8 jump in sales, for a total of 83.5 billion won.
South Korean ebook publishers released an average of 72.4 books in 2016, up from 41.5 in 2015, while more physical books were released as ebooks.
While online bookstores enjoyed a significant sales jump, sales at offline bookstores increased by just 0.3 percent.
Nearly 1 in 4 books released in 2016 were foreign books translated into Korean.
South Koreans bought 1.8 books on average each time they shopped, spending nearly 28,000 won. They also spent more online, buying 3.4 books for each shopping session
The data was gathered with the help of publishers and book stores between last July and November.
Hyunsu Yim (hyunsu@koreabizwire.com)
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