The South Korean government has proposed a budget for the publishing sector that exceeds 600 billion won for the first time in 2027.
Minister of Culture, Sports and Tourism Choi Hwi-young announced this at the third meeting of the Cultural Arts Policy Advisory Committee's publishing division, held on September 16 at the National Museum of Modern and Contemporary Art in Seoul.
The budget for the publishing sector is set at 645 billion won, an 18% increase from this year. An additional 5 billion won has been allocated to diversify revenue models in the publishing industry and enhance the diversity of K-content through the utilization and expansion of publishing intellectual property (IP), which is the foundation of K-content.
The plan includes support for the trading of high-quality publishing IP and the secondary adaptation into films, broadcasts, and performances. It also aims to assist students and young creators with initial planning costs for secondary adaptations. In the web novel sector, support will expand beyond translation to include specialized export support such as export consultation meetings and award ceremonies, broadening opportunities for international expansion.
Funding to revitalize local bookstores will increase from 7.5 billion won this year to 13.8 billion won next year, an 84% rise. This will allow the number of participating bookstores in the 'Life Bookstore' and 'Late Night Bookstore' initiatives to grow from 340 to over 470.
New reading culture programs will be launched in collaboration with local bookstores and public and school libraries, with over 700 programs planned nationwide. Additionally, the Ministry of Culture plans to introduce a nationwide certification system for local bookstores and cooperatives through amendments to the 'Publishing Act,' with budget provisions for its implementation. Support for logistics costs for cooperative deliveries to libraries will also be newly established.
Funding for reading campaigns linked to daily life, such as travel and hobbies, will increase from 900 million won this year to 1.9 billion won next year, enhancing outreach through broadcasting programs. The K-Book Global 100 initiative will also double its budget from 1 billion won to 2 billion won, providing comprehensive support for the export of Korean books from translation to marketing.
Since August, the Ministry has allowed the 'Youth Culture and Arts Pass' to be used for book purchases. In celebration of 'Reading Month' in September, the purchase limit for books has been raised to 50,000 won in the metropolitan area and 70,000 won in non-metropolitan areas. Next year, the 'Youth Culture and Arts Pass' will be expanded to the 'Youth Culture Pass,' increasing the eligible age from 19-20 to 19-34.
Minister Choi emphasized, "Since last month, books have been included in the Youth Culture and Arts Pass, and next year the age range will be broadened to 19-34. This is expected to significantly increase demand for book purchases, positively impacting the publishing sector."
According to Yes24, from August 10 to September 8, during the initial support period for book purchases with the Youth Culture and Arts Pass, novels, poetry, and plays accounted for 45% of purchases made by 19-20-year-olds, nearly three times the 15.7% for comics and light novels, followed by humanities at 12.1% and essays at 9.6%.
The Ministry and the publishing industry will continue discussions on key issues such as the introduction of tax deductions for publishing content production costs and the industry's response to changing environments. Participants plan to maintain close communication and collaboration to create a sustainable publishing ecosystem.
Minister Choi stated, "With the government budget for the publishing sector set at a record high for next year, it is essential to carefully design and implement support measures to ensure that the allocated budget effectively benefits the field. We will faithfully reflect on-site opinions in next year's projects and explore additional necessary support."
Additionally, Kim Tae-hun, president of the Korean Publishers Association, and Jeong Jae-wook, CEO of Millie's Library, have joined as new committee members.
* This article has been translated by AI.
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