Due to the influence of author Han Kang winning the Nobel Prize in Literature last year, the so-called "Text Hip" (a new term meaning reading is cool) has emerged as a trend, and it appears that the number of users visiting leading reading platforms Millie's Library and Ridibooks has increased. It is expected that the reading craze among the younger generation will continue this year, drawing attention to whether the reading platform industry will seize growth opportunities.
According to Mobile Index on the 2nd, the monthly active user count (MAU) for Millie's Library rose from about 670,000 in January 2023 to 897,109 in January last year, reaching 929,932 last month, an increase of about 37% over two years. In October last year, when author Han Kang was selected as the Nobel Prize in Literature laureate, the MAU reached 1,008,048. Millie's Library recorded revenues and operating profits of 72.5 billion won and 11 billion won, respectively, reflecting increases of 28.3% and 5.7% compared to the previous year. The cumulative user count reached 8.4 million as of January.
For Ridibooks, the monthly user count as of January was 1,744,088, an increase of over 20% compared to the same period last year (1,443,233). In December last year, Ridibooks surpassed 3.6 billion won in daily transactions, achieving its largest performance to date. Users can purchase individually works by author Han Kang, including "The Boy is Coming," "The Vegetarian," "Greek Time," and "Dinner in the Drawer."
Industry experts expect that the "Text Hip" trend will continue this year, leading to more young users seeking out reading platforms. Recently, celebrities have been collaborating with the publishing industry, keeping the reading craze among those aged 10 to 20 alive. The popular group IVE's Jang Won-young mentioned the book "Ultra Translation: Words of the Buddha" on a broadcast, which temporarily surpassed Han Kang's book to become the number one bestseller.
Reading platform companies are accelerating diversification following the e-book sector. Millie's Library is expanding its "audiobook" business utilizing artificial intelligence (AI) Text-To-Speech technology. Audiobooks offer the advantage of allowing users to enjoy reading content when they can't hold a portable device during their daily lives. Millie's Library plans to offer a function to adjust the reading voice to suit individual preferences for appropriate genres. Additionally, it plans to launch the "AI Reading" service, which allows users to read while conversing with an AI chatbot.
In the case of Ridibooks, it is expanding its scope beyond e-books to include "content platforms" comprising webtoons, web novels, and comics. Ridibooks' original novel "Plants, Shop" recently signed copyright export contracts with nine overseas countries including the United States and France. Ridibooks' web novel "Under the Oak Tree" ranked seventh in the New York Times (NYT) bestseller hardcover fiction category just one week after its English paperback release.
A representative from the content industry noted, "It seems that, following last year, the 10 to 20 age group will also frequent reading platforms this year. By targeting middle-aged individuals with audiobooks and expanding its original content into various formats such as webtoons and novels, I believe growth will continue."