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Large bookstores seek new revenue streams

Posted April. 25, 2023 07:58,   

Updated April. 25, 2023 07:58


Online bookstore Aladdin opened a new service called “Print Shop for Your One and Only Book” which has become flooded with orders since its launch on March 28. The service produces out-of-print books and delivers them to readers. Books that are out of stock are produced upon approval from the author and publisher. As the service allows readers to collect out-of-print books that are not easily found in libraries, it has received as many as 5,000 orders in less than a month since its launch. “There’s a lot of interest from readers who want to purchase used books but either can’t find them or have to pay exorbitant prices for them,” said Choi Seon-ah, head of the Aladdin Book 2 Team.

With fewer people buying paper books, large bookstores are seeking new revenue streams. On April 1, Kyobo Bookstore offered a voluntary retirement program for the first time since its founding in 1980. These challenging conditions for the publishing industry are fueling the shift.

Booksellers are now focusing on providing unique and differentiated content. On April 17, online bookstore Yes24 launched a service called “Yes24 Original,” which offers new works by popular authors earlier than other stores. This is similar to the strategy of the e-book platform “Miilie’s Book,” which attempted to attract print-book readers by releasing Kim Hoon’s novel “A Horse Running Over the Moon” and Kim Young-ha’s novel “Farewell.” “We noticed that young readers are attentive to the release of new works by their favorite authors and don’t hesitate to buy from various bookstores,” said Park Soo-ho, head of the Book 2 Team of Yes24.

Kyobo Books launched the online platform “Weather of Creation” in May last year, which allows anyone to publish a series of works, to directly discover content.

Youngpoong Bookstore also held an event offering free shipping for book purchases over 7,500 won from Oct. 10 to 18. The company took advantage of the fact that major bookstores have recently raised the threshold for free shipping to 15,000 won due to rising logistics and labor costs. Even after the event concluded, Youngpoong Bookstore continued to offer free shipping on books costing more than 10,000 won.