A special edition newspaper featuring the news of President Yoon Suk-yeol’s impeachment motion being passed on December 14 is displayed at Seoul Station. (Yonhap)
SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s newspaper industry has seen a decline in average revenue per outlet and per employee, highlighting challenges in a rapidly shifting media environment, according to the 2024 Newspaper Industry Survey released by the Korea Press Foundation on December 30.
As of the end of 2023, the average revenue per newspaper company stood at 770.1 million won ($524,000), a 2.6% decrease from the previous year.
This figure is based on data from 6,218 newspaper companies, 548 more than in 2022. The average revenue generated per employee also fell by 1.8% to 97.4 million won ($66,300).
Among media types, daily newspapers recorded an average revenue of 14.4 billion won ($9.8 million) per company, a 4.7% decline from the previous year.
Weekly newspapers, however, saw a 6.1% increase to 479.5 million won ($326,000), while internet newspapers experienced substantial growth, with their average revenue rising 27.0% to 244.5 million won ($166,000).
Despite these challenges, total industry revenue rose by 6.4% year-on-year to 4.79 trillion won ($3.26 billion), driven largely by growth in the number of internet-based news outlets and their revenue.
However, the survey revealed that 66.9% of internet newspapers generated less than 100 million won ($68,000) annually, underscoring the prevalence of small-scale operators in the digital news sector.
The report reflects the continuing transformation of South Korea’s media landscape, with digital outlets driving growth but facing sustainability challenges due to limited resources.
* Note to editor: The KRW-to-USD exchange rate referenced in the article is based on the rate applicable on the date of publication.
Ashley Song (ashley@koreabizwire.com)
