The MCST and the Korean Publication Industry Promotion Agency join hands to support Korean books in overseas markets

In cooperation with the Korean Publication Industry Promotion Agency (KPIPA), the Ministry of Culture, Sports, and Tourism (Minister Yu In Chon) will invest a total of 7.8 billion won (a 14.7% increase from 2023) this year in various programs designed to support Korean books in overseas markets and strengthen the international competitiveness of the South Korean publishing industry.

Amidst the growing international popularity of Korean content, readers from around the world are now discovering the charms of Korean books. In order to spur this process of discovery, the Ministry is planning a wide range of export support programs, including establishing export strategies customized for different markets; laying a foundation to support export companies; developing markets; and promoting exchanges and cooperation with other countries.

Expanding export items from printed books to other derivative works, web novels, videos, and more

To keep pace with changes in the publishing industry, the government will expand existing printed book-oriented exports to include exports of derivative works and broaden the profit structure of the industry. In response to the growing popularity of Korean stories among overseas audiences, as exemplified by The Squid Game and Parasite, a consultation forum on the exports of intellectual property in the publishing industry will be hosted to help promote exports of derivative works, such as TV dramas, movies, and animations based on existing copyrighted works. In addition, programs to invite overseas buyers to visit the country will be launched to encourage B2B transactions and investments.

The K-Story Market, which will be launched this year, is designed to connect books to filmmakers seeking stories and expand export opportunities for Korean stories. Reflecting the diversification of promotional channels for books, the government will provide support for the production of digital promotion videos for books, such as videos introducing books or authors and online book talk videos.

The government will also introduce measures to support the web-novel sector. Korean web novels are rapidly growing in popularity around the world. Support measures will include training programs for aspiring web novel authors and translators. Given the potentially burdensome translation costs incurred by the long-term serialized nature of web novels, translations of will be provided for publishers and platform companies.

Enhancing the performance of publishing companies by supporting domestic and international B2B transactions

Hosting the first Busan International Children’s Book Fair and Visiting Korean Book Fairs in Spain, Indonesia, and Japan

The government will help enhance the performance of publishing companies by supporting domestic and international B2B transactions. This year, a book fair focused on children’s content will be hosted in Busan for the first time. The fair is designed to support a range of companies working with children’s stories and derivative works, including picture books, animations, webtoons, and educational content. The government is committed to developing this book fair into one of the most prominent in Asia, matching the scale and prominence of the Bologna Children’s Book Fair.

The Visiting Korean Book Fair, the goal of which is to encourage transactions between publishing companies from home and abroad, will be held in Spain, Indonesia, and Japan. Export consultations will also be conducted at other overseas book fairs, including the Frankfurt Book Fair (October) and the Shanghai Children’s Book Fair (November).

Furthermore, the “K-BOOK” integrated export platform will be actively applied to provide information on books and authors, promote domestic and international exchanges, and support export consulting. The government will back up domestic publishing companies as they advance into overseas markets by providing export coordinators for eleven countries (the United States, France, Germany, Spain, Russia, Indonesia, China, Vietnam, Thailand, Taiwan, and Japan). The government will also devise special measures to help small publishers enter overseas markets, such as support for abstract and sample translations, assistance with portfolio production, and capacity-building training for employees.

Expanding international exchanges to broaden the overseas readership of Korean books

Globally competitive Korean picture books will be distributed to major libraries and schools in other countries in order to increase exposure to Korean picture books. Korean authors and books will be recommended for prominent international book awards, including the Hans Christian Andersen Best Writer Award. An archiving project for uploading information on Korean authors of children’s and picture books to international dictionary websites will be launched as well. Regarding the Korea Picture Book Award, which was introduced in 2023, the Minister of Culture, Sports, and Tourism Award will be expanded from two books to five. Winners of the award will be provided a range of benefits related to export support programs.

Furthermore, the Korean Cultural Centers overseas will play a central role in reaching out to potential readers by hosting Korean book exhibitions, Meet the Author events, bookstore events, and more. In particular, Korean book exhibitions and author events are planned at bookstores and libraries across Paris for the 2024 Summer Olympics, as well as at the Korean Cultural Center in Paris, with the goal of paving the way for the Korean publishing industry to enter the European market.

“We are seeing the positive outcomes of the growing interest in Korean content among global audiences,” said Minister Yu. “The government is committed to laying a solid foundation for the export of competitive Korean books. We will also continue to cooperate with publishing organizations on the division of roles between the public and private sectors.”

(Source)

http://www.mcst.go.kr/kor/s_notice/press/pressView.jsp?pSeq=20812